Two directors of a failed investment scheme which took £14m from investors for holiday chalets that were never built have been banned by the Insolvency Service for six years each.
Harlow-based brothers James Moir and William Moir were appointed directors of Walsham Chalet Park Limited in 2017, alongside their father Simon Moir.
The company was incorporated in 1966 and managed eight holiday parks across several locations in England.
The company ran an investment scheme where people could invest in part or an entire holiday chalet and would receive returns based on the holiday rental income.
However, investigations following Walsham Chalet Park’s insolvency in September 2019 found that 161 people had paid the company £14.2m to invest in chalets which were never built.
In addition, 30 of these investors had paid a further £1.8m to invest in chalets at a site in Gloucestershire that Walsham Chalet Park did not own.
According to the Insolvency Service false accounts had also been sent to the company’s bank.
Sue MacLeod, chief investigator at the Insolvency Service, said: “Millions of pounds were taken from investors for holiday chalets from James and William Moir’s company, despite Walsham Chalet Park not owning one site and the chalets never being built.
“As a result of this financial mismanagement, investors have lost substantial amounts of money and it is only right that these brothers are removed from being company directors for this significant period.”
In March 2021, the Secretary of State accepted disqualification undertakings from James and William Moir after they did not dispute they had breached their duties as directors of the company.
They have now been banned from acting as directors for six years each which means they cannot, directly or indirectly, become involved, without the permission of the court, in the promotion, formation or management of a company.
The directors’ father, Simon Moir, already received a 14-year ban in September 2020 for his role in the failed investment scheme.
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