Name: Karen Lilwyn Mortimer

Name: GPA KLM LTD

Date of Birth: 22 / 6 / 1958

Date Order Starts: 21 / 10 / 2025

Disqualification Length: 7 Years  Month(s)

CRO Number: 14830247

Last Known Address: Casa La Sabina, Carmino Mocan 20,, , , , San Miguel De Abona,, Tenerife, 38620,

Conduct: Karen Lilwyn Mortimer (“Ms Mortimer”) breached her fiduciary duties and caused GPA KLM Ltd (“GPA KLM”) to operate with a lack of commercial probity by facilitating a scheme that sought to subvert and undermine the insolvency regime and legislation (“the Scheme”) and put the creditors of 138 companies (the “Distressed Companies”), acquired via referral from Atherton Corporate (UK) Ltd or Atherton Corporate Rescue Limited (“Atherton”), at risk of fraud, in that: The Scheme • Atherton operated a corporate rescue scheme whereby directors of Distressed Companies were encouraged to sell their businesses as an “alternative” to entering formal insolvency proceedings • Between 06 June 2023 and 24 June 2024, GPA KLM acquired 138 Distressed Companies via referral from Atherton • The Distressed Companies were presented to GPA KLM by Atherton, its director and the former directors of the Distressed Companies as being insolvent and holding no assets • As the sole director of GPA KLM, Ms Mortimer signed a share purchase agreement (SPA) on behalf of GPA KLM and subsequently became the sole director of each of the Distressed Companies • Atherton paid a fee to a limited company of which Ms Mortimer’s relative was the sole director and shareholder • Only after signing the SPAs did Ms Mortimer arrange for an email to be sent to the former directors, requesting confirmation that the Distressed Companies were insolvent, held no assets, and asking for their books and records • Once acquired, the 138 Distressed Companies did not trade and Ms Mortimer waited for them to be struck off, or for a creditor to petition for their liquidation or administration Breach of fiduciary duties • In causing GPA KLM to facilitate the Scheme, Ms Mortimer breached her fiduciary duties to GPA KLM, in that: I. Prior to GPA KLM acquiring the Distressed Companies, Ms Mortimer failed to independently verify the true financial position of each II. Ms Mortimer relied wholly upon representations made by Atherton, its director, her relative and former directors of the Distressed Companies, thereby not exercising independent judgement III. Absent any independent checks, Ms Mortimer displayed insufficient care, skill, and due diligence in signing the SPAs on behalf of GPA KLM and acquiring the Distressed Companies referred via Atherton IV. Upon acquisition, no assets were transferred to GPA KLM despite filed year end accounts for the Distressed Companies detailing assets totalling £42,999,082 and thereafter, Ms Mortimer failed to carry out any independent investigations to identify whether the Distressed Companies still held such assets, or how they had otherwise been disposed of by the Distressed Companies prior to their acquisition V. The acquisition of the Distressed Companies, which purportedly held no assets, had combined debts of at least £67,838,153, and were not traded post-acquisition, failed to promote the success of, and provided no tangible commercial benefit to GPA KLM VI. GPA KLM’s participation in the Scheme resulted in it being wound up in the public interest upon 27 August 2024 upon petition of the Secretary of State Frustration of the insolvency regime and legislation • In causing GPA KLM to facilitate the Scheme, GPA KLM frustrated the insolvency regime and legislation, in that: I. The last filed accounts for the Distressed Companies showed that prior to acquisition, 59 were balance sheet insolvent, 66 were balance sheet solvent, one was dormant and 12 had not filed accounts II. 21 of the Distressed Companies acquired by GPA KLM have since entered liquidation (“the 21 Companies”) III. The longest period between acquisition and a Distressed Company entering liquidation was 352 days IV. The combined value of assets held by the 21 Companies had reduced by £18,592,230 upon formal insolvency, from £18,823,413 according to their last set of filed accounts prior to acquisition by GPA KLM, to £231,183 at liquidation V. To date, the liquidators of the 21 Companies have been able to realise assets totalling approximately £415 for the benefits of creditors, whose combined claims total at least £46,747,319 

This information is correct as at 3 / 10 / 2025

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