A businessman who ran a string of now defunct fundraising companies will repay approximately £77,000 to one of his former firms.
Third Sector revealed in June that Chris Stoddard, who ran CS Incentive and at least eight other now defunct fundraising-related companies, had signed an undertaking with the Insolvency Service that disqualified him from acting as a company director for nine and a half years.
A liquidators' statement of receipts and payments, published on the Companies House website last month, says Stoddard had come to an agreement with the liquidator for CS Incentive after previously being pursued for more than £226,000.
Stoddard was originally asked by the liquidator to repay £171,449 relating to an overdrawn director’s loan account and £54,937 in "unexplained legal and professional fees", a previous statement from the liquidator said.
The liquidator then submitted a claim for £226,386 through an individual voluntary arrangement accounting for the overdrawn DLA and the "unexplained legal and professional fees".
CS Incentive, which went into voluntary liquidation on 3 July 2012, the statement says, has been joined by the liquidators for fellow former Stoddard firms Cleardata Direct Media Limited and CS Fundraising Limited in making claims in Stoddard’s IVA.
The liquidator’s statement for CS Incentive says that the total amount claimed from creditors in Stoddard’s IVA was £571,276.
A variation in the IVA was then approved, allowing Stoddard to repay creditors at 34.5p in the pound, with the arrangement extended to June 2019 to allow time for the sale of a property.
CS Incentive received £52,083.27 in June this year, the statement says, and a further payment of £25,000 is expected by June 2019.
The statement says that CS Incentive has received three claims from creditors totalling £379,372, but there are insufficient funds at present to declare a dividend.
Stoddard has been director and/or major shareholder in nine companies that have gone into insolvency since June 2010, including CS Fundraising, CSDM Fundraising, Inspire Fundraising, Cleardata Direct Media and CS Incentive.