Case details for JOSEPH MENG LOONG LEE



Date of Birth: 4 / 9 / 1974

Date Order Starts: 30 / 10 / 2018

Disqualification Length: 6 Years 0 Month(s)

CRO Number: SC440696

Last Known Address: 74 HIGH STREET, ROLVENDEN, , , CRANBROOK, TN17 4LW

Conduct: 1. Between 25 August 2015 and 10 September 2015 Mr Joseph Meng Loong Lee (“Mr Lee”) caused CC York Place Limited (“CCYP”) to make payments totalling £1,139,785 to himself and companies connected with CCYP which were to the risk and ultimate detriment of CCYP and its creditors, in that: 1.1. The sole purpose of CCYP’s trading was to develop a property into a 127-room hotel. The customer and principal funder for this project was a pension fund (‘the pension fund’) and CCYP engaged a contractor (“the Contractor”) to carry out construction work. 1.2. CCYP’s agreement with the pension fund stipulated that CCYP would use funds obtained from the pension fund to meet costs and expenses properly incurred by CCYP during the development of the property. Financial Positon 1.3. On 24 August 2015 the pension fund paid £1,041,905 to CCYP in respect of a drawdown request issued to the pension fund by CCYP. In the drawdown request, CCYP provided the pension fund with invoices for £1,034,796 from the Contractor and £5,924 due to a project manager. 1.4. As at 25 August 2015, CCYP had liabilities of £3,719,454. 1.5. On 25 August 2015 CCYP had credit balance on its bank account of £1,198,154 and an anticipated balancing profit payment due from the pension fund at completion of the contract of £1,518,755. Therefore CCYP had an anticipated shortfall in regards to its creditors of £1,002,545. Payments made by CCYP 1.6. On 25 August 2015, CCYP paid the sums of £694,345 and £239,417 to two companies connected to CCYP in part payment of amounts due. 1.7. On 25 August 2015, CCYP paid £45,000 to him and paid £18,144 to a firm of solicitors, in respect of a debt due to a company of which he was a director. Another payment to him of £2,879 was made on 28 August 2015. 1.8. CCYP failed to make any payments towards the £1,034,796 due to the Contractor on or after 25 August 2015 and on 9 September 2015 the Contractor gave notice to CCYP that it was to cease works on CCYP’s sole project due to the non-payment. 1.9. On 10 September 2015 CCYP paid the sums of £87,350 and £33,150 to the companies connected to CCYP and a further £19,500 was paid to him. 1.10. These payments were to the risk and ultimate detriment of CCYP’s creditors and to the benefit of him and companies connected to CCYP. 1.11. CCYP entered Administration on 01 December 2015 with a deficiency to creditors of £945,922. 

This information is correct as at 8 / 11 / 2018

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