14 year ban for dishonest property boss

14 year ban for dishonest property boss

A property development director has been disqualified for 14 years after his company, Towers Property Development, sold overvalued land by making misleading statements and failing to provide complete information to customers.

An investigation by the Insolvency Service found that Carlos Alesandro Paul Amaya-Torres caused or allowed the company, by its employees or agents, to cause customers to purchase land at an overvalue.

Mr Amaya-Torres was the sole director of the company from 29 January 2007 until it ceased trading, going into Liquidation on 5 December 2013, with an estimated deficiency of £2,167,388.

Following an investigation by the Insolvency Service, Mr Amaya-Torres has accepted a disqualification undertaking on 8 January 19, 2016, for a period of 14 years, which is due to commence on 1 February 2016.


The investigation found misleading statements were made by Towers’ sales agents on the phone and in a variety of written marketing materials. Customers were led to believe that the parcels of land sold by Towers would soon obtain planning permission, when in reality there was little prospect of this. Towers also failed to inform customers of vital information, such as the risks of making an investment, the planning history in relation to the land, and the planning restrictions that applied at the time of the sale. The land was sold for up to 23 times what it had cost Towers to buy.

In 2011 Towers was subject to enforcement action by Trading Standards and the company eventually agreed to include prominent warnings in their promotional literature. However, buyers who had purchased land prior to December 2011 told the Insolvency Service that they would not have done so if Towers had provided them with all the relevant information.

The Liquidator of Towers has received claims totaling £2,046,488 from customers who purchased land.

Anthea Simpson, Head of Company Investigations at the Insolvency Service, said: "Directors of companies that mislead customers into making risky ‘investments’ can expect their actions to be vigorously investigated by the Insolvency Service once the company enters liquidation. The length of the disqualification sends a clear message to others of how seriously such misconduct is considered by the Secretary of State and that it will be firmly dealt with."

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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property guru
property guru 11 Jul 2016

Surprise suprise

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CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

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Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

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DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

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DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

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DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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