Alexis Stone, proprietor of a motorcycle insurance comparison website that went bust in August 2011, has been disqualified from holding UK directorships until 2021 following an Insolvency Service investigation.
During the eight weeks prior to Merseyside-based Bike Insurer Services Ltd going into liquidation, Stone took £500,000 out of the company, including £100,000 on the morning that it actually folded. These funds were transferred to another company that he owned in the USA. The business failed with debts of £281,569. Investigators discovered that Stone had decided to put the company into liquidation in May 2011 but delayed this to give him time to convert company assets worth £150,000 into cash
Stone, 39, now reportedly lives in Los Angeles and runs a business called Feed and Go which sells an automated pet feeder
“The disqualification undertaking agreed in this case sends a clear message to other directors that if they act in a way that is detrimental to the company’s creditors then they will be investigated by the Insolvency Service and removed from the business environment,” said Insolvency Service spokesman Robert Clarke.