STORY
Liverpool businessman Lawrence Kenwright has been banned from acting as a company director for five years after an Insolvency Service investigation into Signature Works Gold Limited. The company distributed false and misleading marketing material to investors, who suffered losses of more than £4.8 million. The Insolvency Service said Kenwright is not accused of direct fraud.
Signature Works Gold sold desk space to investors in three Liverpool city centre properties, with rental income intended to fund investor returns. Marketing material stated or implied that investors would acquire a legal interest in the properties which would be registered at HM Land Registry. Investigators found that Signature Works Gold did not own a registered freehold or leasehold interest in any of the three buildings and investor returns stopped after September 2019.
The company was wound up in the public interest in December 2022. At the time of its winding up it had assets of less than £100,000 and liabilities of £4,848,654. Kenwright signed a disqualification undertaking before a planned trial and the ban took effect on 18 August. It prevents him from being involved in the promotion, formation or management of a company without permission from the court.