Case details for HARBANS SINGH TOOR



Date of Birth: 15 / 6 / 1965

Date Order Starts: 29 / 7 / 2019

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 03911870


Conduct: On 16 February 2017, five weeks prior to liquidation, Mr Harbans Singh Toor (“Mr Toor”) breached his fiduciary duties as a director of Toor Wholesale Limited (“TWL”) by causing the transfer of seven of TWL’s properties to another company of which he was also a director, for no consideration. It is estimated these properties had equity of at least £570,363. At the time of the transfers he knew, or ought to have known, the transfer of TWL’s main assets would result in the company’s insolvency.

  • TWL owned seven properties. The last set of prepared accounts dated 31 March 2016, signed by him on 31 January 2017, showed the total value of the properties being £1,727,550, with secured debts of £1,262,896 in the way of debentures in favour of a bank and unsecured liabilities of £995,296 as such without the properties TWL would have been balance sheet insolvent;
  • On or around the 10 February 2017, approximately five weeks prior to the appointment of Liquidators, seven properties were transferred from TWL to a company that Mr Moor was a director of. The Land Registry forms effecting the transfers show they were for no monetary value.
  • On 16 February 2017 applications were submitted in respect the seven properties to register the transfers with the connected company and to register charges in favour of another bank. The applications indicated that the properties had a combined value of £1,250,000.
  • The total amount of equity available after secured charges totalling £679,637 had been paid in full, totalled £570,363;
  • No monies for the transfer of the properties were received in to TWL’s bank account;
  • The Liquidator is pursuing recovery of the equity;
  • As at the date of Liquidation the total amount owing to creditors totalled £1,045,702. 

    This information is correct as at 9 / 7 / 2019

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