From Classic Cars to Catastrophe: The Shocking Fall of a Businessman

In a striking case of corporate misconduct, Kulbarg Singh, a 62-year-old businessman, has been banned from serving as a director for six years after a questionable sale of seven classic cars worth over £100,000 for the paltry sum of £1. Singh, who was directing Aldridge Construction Engineering Ltd, orchestrated the transfer of all the company’s assets to another company he controlled, Ace Earth Solutions Ltd, before Aldridge entered liquidation in 2022.

The Insolvency Service reported that Singh’s actions resulted in a staggering loss of more than £1 million for the company, ultimately leaving it insolvent. This controversial transaction involved classic vehicles, including two Daimlers from 1936 and 1965, two Jaguars from 1969 and 1978, and three Rolls Royce from the 1970s, collectively valued at around £465,000, significantly lower than their market worth.

Kevin Read, the chief investigator at the Insolvency Service, condemned Singh’s actions for diverting funds that rightfully belonged to creditors. He emphasized the seriousness of such misconduct, stating, “Directors who abuse their position will face serious consequences.”

The severe financial mismanagement left Aldridge Construction Engineering Ltd, which had been operational since 2015 and primarily engaged in road resurfacing and gas installation, owing over £1.5 million to HM Revenue and Customs and other creditors at the time of liquidation. Singh’s disqualification came into effect on July 24, preventing him from managing or forming any companies without prior court approval.