A SECOND report on the boss of the company running Watchet Marina has been sent to a Government Department under the Company Directors Disqualification Act 1986.
Administrators of Port Dinorwic Marina Ltd, in Wales, have confirmed they prepared the report on the company’s sole director Christopher Odling-Smee.
Last month, Burry Port Marina administrators also wrote to the Department for Business, Energy, and Industrial Strategy about Mr Odling-Smee under the same legislation, as they were required to do by law.
Mr Odling-Smee is also sole director of the Marine and Property Group (MPG), which is the parent company of Watchet Marina and four marinas in Wales, including Burry Port and Port Dinorwic.
All except Watchet have been placed into administration, but Somerset Council is continuing to negotiate with Mr Odling-Smee for a 200-year lease agreement on the West Somerset marina.
Mr Odling-Smee has told the Free Press he no longer wants to be approached for comment on news articles.
However, he previously said a report under the Company Directors Disqualification Act 1986 was ‘standard of any administration process’.
Port Dinorwic joint administrator Simon David Monks told creditors in a six-monthly update he could confirm he had submitted a report on the conduct of the company’s director but as it was confidential he was unable to disclose the contents.
Mr Monks said 10 offers to buy the business had been received and the best offer was now at an advanced due diligence stage with completion anticipated before May.
He was continuing to trade the marina until the sale was completed because there was a ‘viable underlying business’ which would bring a financial benefit to creditors, whereas if trading ceased, their loss would increase.
Mr Monks said Port Dinorwic Marina was owed £72,275 by another of Mr Odling-Smee’s companies, Bayscape Ltd, which was in a compulsory insolvent liquidation and being dealt with by the Official Receiver.
He said the prospects of recovering the funds appeared unlikely but he would continue to monitor the recovery prospects.