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Paul Bresnihan was the director of CJS Engagement 2 Ltd, a payroll business.
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He transferred 4.8 million Euros to a bank account in Montenegro, at a time when the company was insolvent owing HMRC more than £32million.
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His seven-year director disqualification began on 27 January 2026.
A Loughborough director of a payroll company has signed a seven-year director disqualification undertaking for transferring 4.8 million Euros to a bank account in Montenegro when his insolvent business owed more than £32 million to HM Revenue and Customs (HMRC).
Paul Bresnihan, aged 49 – of Castledine Avenue, Quorn – was the director of CJS Engagement 2 Ltd, a payroll company based in Leicester.
In March 2023, the company was informed it had not paid sufficient VAT to HMRC and full payment was demanded.
No payments were made and in June 2023 HMRC presented a petition to wind up the company, claiming an outstanding debt of £32,427,882.
The company was subsequently wound up in August 2023.
An Insolvency Service investigation into the conduct of Paul Bresnihan found that, between June and July 2023, he had transferred 4.8 million Euros from CJS Engagement 2 Ltd to a company bank account in Montenegro.
He did not provide an explanation for the money transfers to the Montenegro bank account, and he has not co-operated with the Insolvency Practitioner’s attempts to retrieve the funds.
Mr Bresnihan signed an undertaking disqualifying him as a director for seven years, which commenced from 27 January 2026.
Insolvency Service Chief Investigator Kevin Read said
Paul Bresnihan seemingly ignored the debts his company owed while continuing to transfer money abroad.
This seven-year disqualification will ensure he is unable to be a director or be involved in the running of a company for a significant time.
In signing the undertaking, he has admitted his errors and now every effort will be made to recover the funds.