David Low, Scottish investment advisor/commentator and Celtic fan, has been delivering guidance of late on the oldco Rangers administration and ongoing liquidation. Well Mr Low should be able to call on his own experience as a director of a company that went into liquidation and sunk while he jumped or was thrown off.
Having a look at his directorships the following statement to the London Stock Exchange was discovered relating to Mr Low’s appointment as Director of Coral Products PLC in 2014:
The sentence to note is:
David Low was a shareholder and director of The Goat Leisure Company Limited until March 2010. In July 2011, the company was put into Creditors Voluntary Liquidation with debts of £20,000.
Under AIM rules, Schedule 2(g) Coral Products had to declare that Mr Low was a director of a company that suffered a Creditors’ Voluntary Liquidation either at the time or within 12 months preceding, see point (v) below:
In the Coral Products notice above it sounds like Mr Low was gone over a year before the company went into trouble but that’s not the case. Let’s look at the notices timeline:
On the 10th March 2010, David Low submits his notice of termination and then, 2 months later, on the 13th May 2010, there is an Extraordinary resolution to wind up the company.
Looking at the company notices in The Gazette gives a better idea of timing after his resignation.
As you can see, just over a month from his resignation notice on 20 April 2010 there was a Meetings of Creditors:
Then on the 7th May 2010 there was an Extraordinary General Meeting of the company to put Resolutions for Winding-up:
Then on the 7th May 2010 the Creditors agreed the Appointment of Liquidators:
Finally on the 25th January 2011 after all the dust settled the Final Meetings were held:
Liquidators Final Statement of Account on Winding-up
Then on the 31st March the Liquidator gives his final statement:
Mr Low left his fellow directors to carry the can, deal with Administrators/Liquidators and Creditors to lose £20,000. It really looks like Mr Low was thrown off while he tried to ride The Goat into the ground.
p.s. To understand the joke about Mr Low falling off The Goat re-direct questions to a SFA referee.