The company was set up in August 2008. Vintage used an accommodation address in Canary Wharf as well as high pressure sales tactics including cold calls. Clients were also substantially over-charged for their investments wines, so even those investors who received their wines are likely to have made a substantial loss. High initial prices compounded by a falling fine wine market.
'Mr Ofosuhene Ofori-Duah, the director of Vintage International Limited (“Vintage”), a company incorporated to provide wine investment services to clients, has been disqualified from acting as a director for a period of 9 years for causing Vintage to trade with undue risk to its clients.
The disqualification follows an investigation by the Insolvency Service’s Company Investigations Team in London.
Mr Ofosuhene Ofori-Duah, has given an undertaking to the Secretary of State for Business, Innovation and Skills that he will not act as a director of a limited company for nine years from 30 July 2014.
Vintage went into voluntary liquidation in October 2012 owing its clients £1,063,424 in respect of unfulfilled wine orders. Total assets available at the date of liquidation were estimated to realise £21,789 and the total shortfall including trade and other creditors was estimated to be £1,121,546.
Commenting on the disqualifications, Mark Bruce, a Chief Investigator at The Insolvency Service said:
“The director in Vintage failed to ensure proper corporate governance was in place to clearly monitor client orders and the financial position of the company.
The Insolvency Service investigation found that at 30 June 2011 Vintage had unfulfilled client orders of at least £293,056, over half of which had been placed at least six months earlier. At this time, Vintage was insolvent and had insufficient funds available to purchase the necessary stock to meet those outstanding client orders.
Despite its insolvency, Vintage continued to take new client orders and between 1 July 2011 and the date of liquidation it took a further £917,410 from clients for wine purchases. By liquidation only £148,917 of these new client orders had been fulfilled.
Notes to Editors
Ofosuhene Ofori-Duah, also known as Ofo Duah, 35, of Greenwich, South East London gave an undertaking on 8 July 2014 to the Secretary of State not to be a director for 9 years. The disqualification commences on 30 July 2014. His date of birth is 18 May 1979.
A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot;
In addition many other restrictions are placed on disqualified directors by other regulations.
Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings.
Further information on director disqualifications and restrictions can be found at: https://www.gov.uk/government/collections/information-about-company-director-disqualification'