Case details for Reinhardt Watson Van Der Westhuizen

Name: Reinhardt Watson Van Der Westhuizen


Date of Birth: 4 / 7 / 1983

Date Order Starts: 18 / 10 / 2023

Disqualification Length: 12 Years 0 Month(s)

CRO Number: 07569519

Last Known Address: UNKNOWN, , , , ,

Conduct: From 29 October 2018, onwards, Reinhardt Watson Van Der Westhuizen also known as Ray Watson (“RW”) caused Savvy Deals Limited (“SDL”) to provide false information to SDL’s bank (“B1”) which did not show the true value of the financial position of SDL and resulted in B1 extending credit to SDL that it would not otherwise have extended. The provision of false information resulted in B1 being unaware of the true value of its security held by way of fixed and floating charge over SDL’s assets and exposed B1 to unreasonable risk. B1 was owed £717,445 at administration. In that: 1. On 29 October 2018, RW provided financial information to B1 in order to secure a £1million overdraft facility. The information included large amounts of assets with which B1 used to make its decision in offering the overdraft facility. 2. SDL used this same financial information in order to secure awards, namely; Tech Track 100 (rank 9 in 2018 and rank 2 in 2019). These awards further satisfied B1 that the financial information was legitimate. 3. Upon receipt of the overdraft facility, £500k was immediately drawn down (50k to RW, and £450k to a connected company). The overdraft was subsequently drawn down to £1million and kept at the drawn balance, as opposed to being repaid and redrawn in line with currency flows as was initially agreed with B1. 4. £100k was repaid by RW in August 2019 and after concerns noted by B1, the facility limit was reduced to £920k. 5. Bank statements were requested by B1 from RW for SDL accounts with a second banking institution (“B2”) in July 2019 to evidence large cash balances shown on the balance sheet. RW refused to provide these to B1 citing privacy concerns for clients. This was in breach of SDL’s agreement with B1 which gave them the right to ask for reasonable information to support the facility. 6. RW logged in to this account in front of B1 to satisfy them that the funds existed, however post administration, B2 confirmed that no account had been held with them in the name of “Savvy Deals Ltd” – which contradicts the evidence that RW had provided, also in the form of a screenshot of his account. 7. RW forwarded an email of confirmation that funds were being released to B1 from a third banking institution (“B3”). No funds ever made it to B1’s account. 8. The director has failed to deliver up any such books and records that were adequately maintained which would confirm or deny the veracity of the company’s trading activity nor its subsequent accounts filed at Companies House which were also relied on by B1. 9. At administration, £717,445 remained outstanding to B1. 

This information is correct as at 22 / 11 / 2023

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