The entrepreneur who is the mastermind of a failed project in Liverpool, Shazan Qureshi, 43, has been asked to pay 25 percent for every pound he earns in his new office as a property consultant. This was revealed by liquidators’ documents. This order is to go on for a period of 13 years, during which he is disqualified from serving as a director of any company.
He is behind a business support consultancy called Rejuvenate Your Business, which was under liquidation in 2014 because it owed its creditors over £780,000. This consultancy had done some work with Liverpool City Council at Albert Dock on the enterprise village project, before its financial difficulties attracted the attention of insolvency practitioners Manchester as well as those in Liverpool.
Qureshi, who calls himself an ’Alphapreneur’ on both his email accounts and business cards, was banned from serving as a director for 13 years by the Insolvency Service after an investigation found him guilty of mismanaging funds entrusted to him by investors. He used these monies to fund his personal business.
He also borrowed about £550,000 from a surgeon, who was the client of the company, on claims that the money will be used for Rejuvenate Your Business. This left the surgeon with an unpaid debt when the company went into liquidation. Another allegation levied on him was that he persuaded a woman to give funds to Rejuvenate Your Business, but again, the funds were used for something else, leaving the woman with a debt of £125,000.
The head of insolvent investigators north at Insolvency Service, Robert Clarke called this “a clear case of abuse of trust, which has led to financial loss and distress to all who gave Mr. Qureshi sums of money.” Due to his reported dealings, Qureshi has come off as not only untrustworthy, but he also lacks transparency and truthfulness in his dealings. That is why the Insolvency Service has acted swiftly to remove him from the marketplace to maintain its reputation of being a trusted and transparent entity.
Based on recent reports, Qureshi had agreed to pay the outstanding loan of about £200,000 – a payment which will last for 18 months. Failure to do this will mean he goes bankrupt. Although he had paid £1,000 previously, his personal circumstances did not allow him make a meaningful settlement offer.
Qureshi was active on social media, until 2016. He regularly tweeted from his business account, ShazanIQ. But his Twitter account is no longer active. The last time he updated his website was in November of 2016. According to his listing, he stays in Bury and his legal name is Shazan Issiq Qureshi.
His Facebook account has his picture on it, and he goes by the name Issac Qureshi. He claims to be employed at Ogilvy & Haart, which is a strategic wealth management advisor based in London. He goes by the same name on Linkedin and also claims to be employed by the same company. He has a Twitter account with the name Issac Qureshi which he tweets regularly on business related issues.
In 2008, Anna-Louise Gilhooley formed Rejuvenate Your Business, and appointed Qureshi in January 2013 to serve as director. She sacked him in June 2014 after she found out about his financial mismanagement. Following the company’s collapse in May this year, she agreed to a disqualification of four years.