Monday 8th February, 2021
A director has been disqualified for 10 years after submitting false invoices to claim more than £185,000 from lenders.
In August 2010 he became director of Leicestershire based signs and displays manufacturing firm Pure Point. Pure Point experienced difficulties collecting payments from its clients and began to use a factoring company to secure finance in April 2016.
In August 2018, he forwarded two emails to the factoring company advising them to collect £185,000 from one of Pure Point’s clients.
The factoring company paid £185,000 in advance to Pure Point but when they attempted to claim funds from the client, the debts were disputed and the factoring company was unable to collect money owed to them.
The company went into liquidation in March 2019 before an investigation was launched by the Insolvency Service.
Robert Clarke, Chief Investigator at the Insolvency Service, said,"Submitting false documents to dishonestly obtain funds is a serious matter. As director it was Russell Murch’s sole responsibility to ensure this didn’t happen, whether that was him or another employee".
Investigators uncovered that the emails claiming Pure Point was owed £185,000 had been falsified. He claimed to have received emails from the customer which he forwarded to the factoring company to receive the funds, but the email addresses used did not exist.
He told the Insolvency Service that he informed the factoring company that due to ill health, the company’s sales manager had taken control of the company and that this employee was inflating sales.