Case details for Darren Dean VARDEN

Name: Darren Dean VARDEN

Name: VARDEN NUTTALL LIMITED

Date of Birth: 25 / 6 / 1965

Date Order Starts: 11 / 4 / 2019

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 04669168

Last Known Address: 4 Willow Close, Unsworth, , , BURY, BL9 8NU

Conduct: 1. Darren Dean Varden (“Mr Varden”) failed to take reasonable steps to safeguard estate monies of Individual Voluntary Arrangement and Protected Trust Deed clients held by Varden Nuttall Ltd (“Varden Nuttall”) and adequately supervise the administration of the insolvency estate bank accounts in which those monies were held, and thereby caused or permitted payments to be made from the estate monies to Varden Nuttall resulting in a shortfall in those estate monies which Mr Varden’s co-director, a Licenced Insolvency Practitioner, accepted during a hearing in Open Court appeared, according to his own records, to be £1.3m. On conclusion of that hearing it was found by Order of the Court that the shortfall was £7,674,480. 2. In the knowledge that on 28 August 2015 his co-director of Varden Nuttall and Release Money Group (RMG) Limited (“RMG”), a Licenced Insolvency Practitioner, had identified and notified his professional body of a discrepancy identified as a shortfall estimated at £6,643,839 in the main insolvency estate bank account administered by Varden Nuttall, Mr Varden and his co-director removed assets from RMG totalling at least £1,635,872 and benefited personally, at the risk and to the ultimate detriment of the creditors of RMG and Varden Nuttall, and the debtor clients of Varden Nuttall and their creditors;

  • Mr Varden knew on 23 July 2015 at the latest that there was potentially a substantial discrepancy in the main insolvency estate bank account
  • Mr Varden knew that his co-director had reported that unquantified potential discrepancy to his professional body on 25 August 2015, which, by 28 August 2015, was estimated as a shortfall of £6,643,839.
  • RMG received a total of £4,000,000 in dividends from Varden Nuttall as Varden Nuttall’s sole shareholder for periods ended 29 March 2014 and 30 March 2015, as authorised by Mr Varden as a director of Varden Nuttall;
  • RMG’s assets were then removed by means of a remuneration trust structure, personal management companies and the recycling of funds between RMG and those other entities, which were employed together to eliminate Mr Varden’s and his co-director’s respective liabilities to RMG of £817,936 each between 31 March 2015 and the date of Administration
  • Neither Varden Nuttall nor RMG had adequate assets to eliminate the discrepancy on Varden Nuttall’s main client bank account;
  • The remuneration trust structure and transactions were not in the best interests of Varden Nuttall or RMG, nor provided any commercial benefit to those companies, but instead were at the risk and to the ultimate detriment of the creditors of RMG and Varden Nuttall, and the debtor clients of Varden Nuttall and their creditors. 

    This information is correct as at 21 / 3 / 2019


    Name: PHILIP ANDREW NUTTALL

    Name: VARDEN NUTTALL LIMITED & Release Money Group Limited

    Date of Birth: 3 / 2 / 1961

    Date Order Starts: 17 / 7 / 2019

    Disqualification Length: 9 Years 0 Month(s)

    CRO Number: 04669168 & 07154076

    Last Known Address: 1 Broomfields, somerford, , , Congleton, CW12 4SG

    Conduct: 1. Philip Andrew Nuttall (“Mr Nuttall”) failed to take reasonable steps to safeguard estate monies of Individual Voluntary Arrangement and Protected Trust Deed clients held by Varden Nuttall Ltd (“Varden Nuttall”) and adequately supervise the administration of the insolvency estate bank accounts in which those monies were held, and thereby caused or permitted payments to be made from the estate monies to Varden Nuttall resulting in a shortfall in those estate monies which he accepted during a hearing in Open Court appeared, according to his own records, to be £1.3m. On conclusion of that hearing it was found by Order of the Court that the shortfall was £7,674,480 2. In the knowledge that by 25 August 2015 he had identified a potential discrepancy in the main insolvency estate bank account administered by Varden Nuttall, and by 28 August 2015 the discrepancy was identified as a shortfall estimated at £6,643,839, Mr Nuttall and his co-director of Release Money Group (RMG) Limited (“RMG”) removed assets from RMG of at least £1,635,872 and benefited personally, at the risk and to the ultimate detriment of the creditors of RMG and Varden Nuttall, and the debtor clients of Varden Nuttall and their creditors;

  • He knew on 23 July 2015 at the latest that there was potentially a substantial discrepancy in the main insolvency estate bank account
  • He had reported that unquantified potential discrepancy to his professional body on 25 August 2015, which, by 28 August 2015, he estimated as a shortfall of £6,643,839.
  • RMG received a total of £4,000,000 in dividends from Varden Nuttall as Varden Nuttall’s sole shareholder for periods ended 29 March 2014 and 30 March 2015, as authorised by him as a director of Varden Nuttall;
  • RMG’s assets were then removed by means of a remuneration trust structure, personal management companies and the recycling of funds between RMG and those other entities, which were employed together to eliminate him and his co-director, Mr Varden’s respective liabilities to RMG of £817,936 each between 31 March 2015 and the date of Administration
  • Neither Varden Nuttall nor RMG had adequate assets to eliminate the discrepancy on Varden Nuttall’s main client bank account;
  • The remuneration trust structure and transactions were not in the best interests of Varden Nuttall or RMG, nor provided any commercial benefit to those companies, but instead were at the risk and to the ultimate detriment of the creditors of RMG and Varden Nuttall, and the debtor clients of Varden Nuttall and their creditors. 

    This information is correct as at 27 / 6 / 2019



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