Security systems boss jailed for defrauding creditors
Director of a company that manufactured security systems receives a two year prison sentence for defrauding his creditors to the tune of £600,000.
Peter Druzyc appeared at Coventry Crown Court on Monday 1 October after he was found guilty of two counts of fraudulent trading and one count of fraudulently removing property in anticipation of winding up.
Incorporated in 1988, Secure Systems Limited (SSL) designed and manufactured electronic security systems. Peter Druzyc (58) of Kenilworth, Warwickshire, was appointed a director in January 1999 before becoming the sole director of SSL in August 2005
However, between 2009 and 2011 SSL entered into financial difficulties and as a result was placed into administration, before being liquidated in August 2013.
Investigators from the Insolvency Service looked into the conduct of Peter Druzyc while boss of SFF and concluded he was fully aware the company was performing poorly and could not meet its liabilities, yet continued to conduct business and avoided paying his creditors on purpose.
He owed between £400,000 and £436,000, as well as more than £45,000 to other creditors. Peter Druzyc also paid out £43,500 across several payments from SSL’s bank account to other accounts he controlled, with the last payment taking place only 7 days prior to the company entering into administration in February 2012.
In addition to the sentence, Peter Druzyc previously agreed to an eight year directorship disqualification and at court was ordered to pay costs.
Peter Druzyc’s disqualification means that he is banned from directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
Glenn Wicks, lead investigating officer for the Insolvency Service, said:
This man systematically ripped off two companies with no intention of paying either his creditors or his tax liabilities and took every opportunity to dishonestly maximise his income and personal finances prior to SSL’s liquidation.
The courts have shown that they will always consider imprisonment for this type of offence and we are pleased with the final result.
Notes to editors
Peter Druzyc is from Kenilworth, Warwickshire, and his date of birth is August 1960.
Secure Systems Limited (Company Number: 02251448).
Peter Druzyc agreed to an eight year disqualification undertaking in February 2014.
A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot:
- act as a director of a company
- take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership
- be a receiver of a company’s property
Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings.
Persons subject to a disqualification order are bound by a range of other restrictions.
Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.
Contact Press Office
Media enquiries for this press release – 020 7674 6910 or 020 7596 6187
The Insolvency Service
4 Abbey Orchard Street
Media Manager 020 7596 6187
This service is for journalists only. For any other queries, please contact the Insolvency Enquiry line on 0300 678 0015.
For all media enquiries outside normal working hours, please contact the Department for Business, Energy and Industrial Strategy Press Office on 020 7215 1000.
You can also follow the Insolvency Service on:
Latest News from
30-year sentence for solar panel fraudsters12/10/2018 09:10:00
Six men have been sentenced for a total of just over 30 years for their part in a £17 million solar panel fraud scheme.
£4 million of false invoices lands financing boss 10-year ban08/10/2018 16:05:00
Boss of a financing company receives ten year ban after heading false invoice scheme to secure £4 million of illegitimate funds.
Insolvency Service celebrates customer services excellence03/10/2018 09:10:00
As part of National Customer Service Week, the Insolvency Service is celebrating the hard work of staff delivering excellent customer service to the public.
Ban for payroll company boss who failed to keep proper records25/09/2018 16:28:00
The director of a payroll processing company has been disqualified for 7 years after failing to ensure the company kept proper books and records.
Waste boss banned for failing to explain £500k of cash withdrawals and bank transfers25/09/2018 15:10:00
Former waste disposal boss has been disqualified for 7 years after failing to deliver company records that may have explained £500,000 worth of suspicious bank transfers and cash withdrawals.
Health supplement company closed for taking advantage of customers11/09/2018 09:43:00
Healthcare supplement company ordered into liquidation in the High Court after it was found to have taken advantage of elderly and vulnerable customers.
Debt management boss joins husband on disqualified director list10/09/2018 09:20:00
Court orders debt management boss to join husband on disqualified director list for failing to properly manage clients’ funds.
7-year ban for director of disability ramp company07/09/2018 15:10:00
Director of a company that installed disability ramps across South Wales has been disqualified for providing inaccurate information to HMRC.