Case details for George LAMBERT

Name: George LAMBERT

Name: Chemipetro Limited

Date of Birth: 7 / 8 / 1967

Date Order Starts: 18 / 7 / 2019

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 02941539

Last Known Address: 5 Coker Road,, , , , CANVEY ISLAND,, SS8 0NJ

Conduct: On 26 June 2015 George Lambert (“Mr Lambert”) breached his fiduciary duty as a director of Chemipetro by causing Chemipetro to waive a loan debtor of £725,000 and to replace the loan with a loan for the same amount from Chemipetro’s holding company, incorporated 9 days earlier. This transaction was to the detriment of Chemipetro’s creditors in general. In that:

  • On 17 June 2015 he incorporated a new company Chem Enginering Ltd.
  • On 26 June 2015 he through Chem Engineering, acquired the entire share capital of Chemipetro.
  • On the same day Chemipetro entered into an agreement whereby a loan debtor balance of £725,000, due from a previously connected company, was waived in part payment of consideration due from Chem Engineering for the purchase of Chemipetro.
  • As part of the same transaction, he executed a loan agreement whereby Chemipetro loaned Chem Engineering the sum of £725,000.
  • On 31 August 2015 he concluded that the loan to Chem Engineering was irrecoverable.
  • At the date of liquidation on 13 January 2017, Chemipetro had an estimated deficiency to creditors of £1,376,614.46. 

    This information is correct as at 28 / 6 / 2019

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