Letting Agent Banned for Failing to Protect Deposits
By |Published On: 13th February 2020|

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Letting Agent Banned for Failing to Protect Deposits

By |Published On: 13th February 2020|

This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.

A letting agent who failed to protect £28,000 worth of deposits and rent has been banned from the business for five years after her lettings agency went into liquidation.

Jane Hipkin Russell, the sole director of Jonathan Waters Estate Agents was first investigated in August 2018 after the business went into liquidation. The investigation found that Russell had contributed to the business’ collapse by failing to comply with legislation requiring tenancy deposits to be placed in a recognised scheme.

It was revealed that there was no record of 11 tenants’ deposits, totalling around £12,000 and a further £20,000 worth had not been paid into a government-backed deposit scheme.

In addition, the business had failed to transfer a further £7,000 worth of rent payments to their respective landlords and had instead used the cash to fund the running of the business. 

Effective as of Friday 14th February, Russell will be disqualified from acting as a director or directly, or indirectly being involved in the promotion, formation or management of a company.

Rob Sheils, senior investigator for the Insolvency Service, commented: 

“A fundamental part of Jane Russell’s role was being responsible for safeguarding money on behalf of her tenants and landlords, something she failed to do prior to the company falling into liquidation.

“This disqualification should serve as a deterrent to other directors who safeguard money from doing likewise.”

About the Author: Em Morley (she/they)

Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources. When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.

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