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Howard Grossman, hailing from Bushey, Hertfordshire, and serving as the Director of 1st Land Ltd, was entrusted with the significant task of redeveloping Northampton Town FC, funded generously by Northampton County Council.
In the period from December 2013 to July 2014, the company reportedly received upwards of £6,000,000.00 in stage payments intended for the development cost. However, come January 2015, the company unexpectedly entered administration following a creditor’s petition, eventually descending into Creditors Voluntary Liquidation (CVL) by December 2015.
Given the enormous public interest, the curious nature of the administration, and the considerable six-figure sums at stake, a joint investigation was promptly launched by the Northamptonshire Police and the Insolvency Service. The focus: to unravel the reasons behind the company’s collapse and to scrutinise Mr. Grossman’s conduct.
Intriguingly, it surfaced that Mr. Grossman had glaringly failed to ensure that the company maintained satisfactory accounting records. This lapse made it impossible for investigators to understand the details of more than £5,000,000.00 worth of transactions made to multiple parties from the company.
On 29th January 2019, Mr. Grossman was slapped with a substantial 10-year ban. Today, he bears the brunt of his neglectful directorial duties, with creditors, the public, and dedicated fans of the club facing severe repercussions.
To delve deeper, explore the complete Insolvency Report here.
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