Dundee director who falsified bank documents banned for more than a decade

The bankrupt former PressureFab managing director Hermann Twickler may now face a criminal investigation after Insolvency Service officers found the German-born businessman invoiced Lloyds Bank Commercial Finance for £426,600 under an agreement with the lender which allowed money to be released to PressureFab, an oil and gas industry equipment supplier, for general cash flow purposes ahead of a customer settling a bill.

A payment of £250,000 was made on June 15 2016.

However, investigators found that two days later Mr Twickler withdrew £78,000 from the lump sum “for his own benefit”, while the remainder of the cash was used to “prop up his other associated companies”.

PressureFab collapsed into administration the following month with debts of £1.15 million.

The firm’s demise marked a fall from grace for Mr Twickler who was lauded by the business community after he used his life savings to launch Pressure-Fab in 2010 before quickly turning it into a success story.

He was subsequently named Emerging Entrepreneur of the Year in 2012 after the firm raced to a £6 million annual turnover and a skilled workforce of 90.

He has now been disqualified from acting as a company director until 2029.

The Insolvency Service’s investigation report read: “Investigation by the Insolvency Service found that the company had a Receivables Finance Agreement with a bank.

“On 14 June 2016, Hermann Twickler caused or allowed PressureFab Limited to submit details of a false invoice in the sum of £426,600 under the Receivables Finance Agreement.

“The company submitted a false invoice totalling £426,600 to the bank and in good faith the bank made funds available to the company. “On 15 June 2016 the company drew down £250,000 from the finance provider following submission of the details of the false invoice. “On 17 June 2016 Hermann Twickler withdrew £78,000 from the company bank account for his own benefit, the rest being used to prop up his other associated companies. No funds have been recovered by the finance provider.”

According to reports, the Insolvency Service is now considering passing on the findings of their investigation to Police Scotland.