Motor racing entrepreneur handed 12-year ban

YORKSHIRE businessman and former proprietor of the Embassy Racing motor racing team Jonathan Dean France has been handed a 12-year bankruptcy restriction for failing to disclose to his trustee in bankruptcy property including paintings and jewellery worth more than £1m.

Following an investigation by the Insolvency Service, Mr France, of Huddersfield, West Yorkshire, gave a bankruptcy restriction undertaking to business secretary Vince Cable not to manage or control a company until 2025 without leave of the court.

The investigations found that following his bankruptcy in November 2008, Mr France failed to disclose property – including paintings and jewellery valued by him at £260,365 – and that he continued to conceal his assets by making false statements to his trustee in bankruptcy.

In addition, Mr France failed to comply with his statutory obligations as an undischarged bankrupt by failing to disclose the receipt of a bonus payment of £850,000 from his employer in January 2011, rental income of £31,254 and other assets including Rolex watches and Aston Martin cars.

Mr France is already subject to a 14-year director disqualification undertaking given in 2004 for his conduct as a director of the Wakefield based company Eric France and Son (Metals).

Ken Beasley of the Insolvency Service’s public interest unit, said: “Mr France sought to prevent assets being recovered for the benefit of his creditors. His failure to disclose assets of over £1m to the Official Receiver and to his trustees, as well as his subsequent attempts to conceal assets by making false statements were a clear and dishonest attempt to pervert the insolvency regime.

“I am grateful for the assistance of the Trustees in Bankruptcy, Chris Nutting and David Standish of KPMG and their solicitors, Eversheds in assisting our investigations.

“The bankruptcy restriction protects the public against any future misconduct by Mr France and sends a clear message that the Insolvency Service will take steps to uphold the integrity of the insolvency regime and protect the interests of creditors.”