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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Spencer Fortag
Spencer Fortag 25 Aug 2016

The funny thing is, I mentioned the brick issue in my blog back in April: http://medwayproperty.blogspot.co.uk/2016/04/the-medway-property-market-and-lack-of.html

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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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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