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<\/a><\/div>\n<\/div>\nThe football club in-turn received the funds from Northampton Borough Council.<\/p>\n
In January 2015 1ST Land entered into administration following the petition of a creditor before entering into Creditors Voluntarily Liquidation in December 2015.<\/p>\n
Northamptonshire Police and the Insolvency Service carried out an investigation into the collapse of 1ST Land and Grossman\u2019s conduct while a director.<\/p>\n
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<\/a><\/div>\n<\/div>\nInvestigators discovered that Grossman failed to ensure the company maintained adequate accounting records or deliver a sufficient amount of records to the administrators.<\/p>\n
As a result, it has been not possible to determine the exact nature of more than \u00a35.6m worth of payments made to various parties from 1ST Land\u2019s accounts.<\/p>\n
The Secretary of State has now accepted a 10-year disqualification undertaking from Grossman.<\/p>\n
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<\/a><\/div>\n<\/div>\nSue MacLeod, Chief Investigator for the Insolvency Service, said: “Howard Grossman, like all directors, had specific duties as a company director but he blatantly disregarded them.<\/p>\n
“The company\u2019s insufficiencies when it came to record keeping means that we are unable to determine the exact nature of payments worth millions of pounds of tax-payers money, who along with supporters of the football club are the real victims here.<\/p>\n
“We have been able to secure a substantial ban for Howard Grossman and if he breaches his disqualification, he risks being sent to prison.<\/p>\n