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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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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NathanGreen
NathanGreen 16 Jun 2016

Seeing that the tenants are quite satisfied with their landlords and the properties is indeed great. I wonder, though, what is the situation in London alone? The tenants face sky-high rent levels in the...

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AndiMur
AndiMur 15 Jun 2016

TheGuardian published the same forecast. But on the other hand, professional brokers express different opinions. According totranio.com, an exit from the EU would not affect the demand/supply imbalance...

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Gary Holmes
Gary Holmes 14 Jun 2016

Having a professionally completed inventory at check-in and check-out is clearly (to me at least) of minor value. Tenants make un-authorised modifications and/or walk off with items that belong to the

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Violet Gibson
Violet Gibson 14 Jun 2016

Cautious people think buying off-plan is reckless, but over the past few years investors have literally made fortunes.Pre-release prices have obvious benefits for the developer, who gets instant finance...

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Kate Windleton
Kate Windleton 14 Jun 2016

An interesting research indeed. I guess that is in complete contrast with the United States where people often move from one coast to another. It will be interesting to hear the trends for people moving...

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NathanGreen
NathanGreen 14 Jun 2016

I think it all depends on the market conditions and how well your company is doing. You will agree that you can't demand more when you're killing yourself just to hang in there. Sometimes you need all

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ChristinaReedUK
ChristinaReedUK 13 Jun 2016

What does "detecting a bad vibe" mean actually. I've had certain vibes like these and yet have always found a reason , if there's any, why I don't like a certain property. The property maintenance might...

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keybanks estates
keybanks estates 08 Jun 2016

Great News for first time buyers, about time two!

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