Shazan Qureshi, the entrepreneur behind the failed Project EV enterprise village in Liverpool who was subsequently disqualified from being a company director for 13 years, is having to pay 25p for every £1 he earns in his new role as a property consultant, liquidators’ documents have revealed.
Qureshi was behind Rejuvenate Your Business, a business support consultancy, which was put into liquidation in 2014 owing its creditors more than £780,000.
The consultancy had worked with Liverpool City Council on the enterprise village project at Albert Dock, a project championed by Mayor Joe Anderson. Insolvency practitioner Bell Advisory was appointed as liquidator in June 2014 after the company was hit with a winding up petition and was unable to repay its liabilities.
Qureshi, who described himself as an “alphapreneur” on his business cards and email accounts, was subsequently banned from being a director by the Insolvency Service for 13 years, which argued he had “misused monies entrusted to him by unsuspecting investors” and “acted with a lack of probity”.
In the latest update from Rejuvenate Your Business’ liquidators, it was revealed Qureshi had entered into an Individual Voluntary Arrangement to repay an outstanding loan, said to be around £202,000, although Qureshi disputes this figure.
The IVA was finalised at a sum of £196,804 and agreed in December 2017. It is scheduled to last for 18 months, during which time Qureshi will be required to pay a minimum of 25p in the pound, based on his earnings from his current role as a property consultant, although his role is not specified.
If this is not achieved, then the supervisor for the IVA is required to petition for Qureshi’s bankruptcy.
Qureshi previously paid back £1,000 but according to the liquidator “consistently advised that his personal circumstances were such that he was unable to make a meaningful settlement offer in relation to his loan”, before agreeing the IVA.
Until 2016, Qureshi had an active social media profile, tweeting regularly from his ShazanIQ business consultancy account, and listed current positions at ShazanIQ and Knight Wolffe, a tax planning business. However, his Twitter profile is no longer active, nor is his LinkedIn.
ShazanIQ’s website has not been updated since November 2016, but is still active. The website states: “No matter where he’s worked, Shazan Qureshi has left behind a legacy of achieving effective results through optimal budgeting and acutely observing potential financial risks.” Attempts to contact Qureshi through the website were unsuccessful.
Qureshi’s Facebook account, bearing his picture, is listed under the name Issac Qureshi, and claims he works at Ogilvy & Haart, a London-based strategic wealth management advisor. A LinkedIn profile under the name Issac Qureshi also claims a role as director of client services at Ogilvy & Haart, although it lists no previous employment. Ogilvy & Haart was contacted to confirm whether Qureshi is an employee.
A Twitter account is also active under the name Issac Qureshi and tweets regularly about business issues.
According to Qureshi’s listing on Companies House, he lives in Bury and his full name is Shazan Issiq Qureshi. He is banned from being a company director until 23 October 2029.
Rejuvenate Your Business was formed in 2008 by Anna-Louise Gilhooley, who in May 2016 gave a disqualification undertaking for four years in connection with the failure of the company. Qureshi was appointed director of the company in January 2013 but was dismissed by Gilhooley in June 2014.
The liquidator also found Gilhooley had an outstanding loan of £12,281, a figure which she disputed.
However, the liquidator said no payments had been received, and added “attempts to locate Ms Gilhooley have proven unsuccessful”.
“Investigations suggest that Ms Gilhooley is no longer resident in the UK and my enquiries in this regard remain ongoing.”
She is understood to be based in Adelaide, Australia, where she runs a blog called Mummy Adventures Adelaide.
In 2016, the Insolvency Service’s investigation found that Qureshi used the company and monies entrusted to it to fund his personal business dealings, which included the buying and renovating of properties in partnership with others in a joint venture.
The investigation revealed that Qureshi blatantly disregarded his obligations under the joint venture agreement and misused funds entrusted to RYB by his joint venture partners.
He only made good the loss by borrowing monies from one of the company’s clients, stating that the loan was for the benefit of RYB. The loan was intended to be secured by means of a fixed and floating charge over RYB’s assets, however, no such charge was created.
Qureshi also pledged security for the loan through assets he did not own. The lender was left with an unpaid unsecured debt of £545,346 when RYB entered liquidation.
The investigation further revealed that Qureshi persuaded an “unsuspecting young woman” to entrust monies to RYB, supposedly for the purpose of buying a residential property. She was left with an unpaid unsecured debt of £125,500 when the company went into liquidation.