The Courier & Advertiser (Angus and Dundee)
Businessman Twickler banned as a UK director
Insolvency Service hits former Pressurefab boss with 11-year order
An award-winning Dundee businessman who created a false invoice for more than £425,000 as his firm was going bust has been banned from running a company for 11 years.
Hermann Twickler was lauded by the business community after he used his life savings to launch Pressurefab, an oil and gas industry equipment supplier, and quickly turned it into a success story.
The German-born tycoon launched the firm in 2008 and was named Emerging Entrepreneur of the Year in 2012 after the company raced to a £6 million annual turnover and a skilled workforce of 90.
Pressurefab designed and produced specialist rig topside and subsea equipment and was considered Scotland’s largest offshore container manufacturer.
In 2013 Mr Twickler, 48, was named Business Leader of the Year, and the company reported a near £1m profit.
However the downturn in the oil and gas industry led to orders drying up and the company was put into administration in July, 2016, with its remaining 42 employees made redundant.
The Insolvency Service launched an investigation and discovered that a month before the administration Mr Twickler submitted a false invoice for £426,600 to the group’s bank.
He had an agreement in place to provide finance to help with cash flow while awaiting payment of invoices.
The probe discovered Pressurefab was given a payment of £250,000 from the lender and Mr Twickler personally received £78,000 of the sum.
The businessman, who lived in the west end of Dundee but has since left the city, has now been disqualified from acting as a company director until 2029.
The Insolvency Service’s investigation report reads: “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.”
It is understood the Insolvency Service is considering passing its findings to Police Scotland.
The probe found Pressurefab owed more than £1.1m to creditors after going bust.
Five other companies owned by Mr Twickler were also placed into administration in July 2016.
He was declared bankrupt last year with debts of more than £500,000.
Mr Twickler, who trained in Germany as a master manufacturer and was a former executive at the shipbuilder VT, ploughed £500,000 into the Scottish start-up.
After initially setting up in Forfar he moved Pressurefab into larger premises at Wright Avenue in Dundee.
Prior to its collapse, the firm was operating from a 200,000 sq ft former Tesco warehousing unit on Baird Avenue.
Attempts by The Courier to contact Mr Twickler were unsuccessful.