Stephen-Rievaulx Wilson, the director of a company that duped customers into purchasing solar panels by offering a bogus cash back scheme has been disqualified for 13 years following an investigation by the Insolvency Service.
Stephen-Rievaulx Wilson (“Mr Wilson”), 51, of Liverpool has given an undertaking to the Secretary of State for Business, Innovation and Skills (BIS) not to promote, manage or be a director of a limited company until December 2026.
Solar Energy Savings Ltd (“Solar”) was wound up by the Court in the Public Interest on 26 July 2012 owing creditors and shareholders £13,833,694.
Commenting on the disqualification, Ken Beasley, Official Receiver of the Insolvency Service’s Public Interest Unit, said:
“Many unsuspecting members of the public were misled by Solar and decisions to purchase costly solar panels were based on money back guarantees. Mr Wilson provided these customers with literature and glossy brochures falsely representing the cash back scheme to induce them to enter into contracts.
“Mr Wilson’s disqualification demonstrates that the Insolvency Service investigates serious director misconduct and exercises its enforcement powers to remove dishonest and unscrupulous directors from the market place”
The investigation found that as an inducement to install solar panels, customers were offered a “cash back guarantee” that they would be repaid 100% of the cost in five to seven years. Solar misled customers by issuing certificates falsely claiming that the guarantee was backed by a large financial institution. In fact Solar had no scheme in place to enable it to make the promised payments to customers and contract was in place with any institution to safe guard the monies owed.
Claims totaling £11,847,589 have been received from 1,014 customers who had entered the cash back scheme.