The investigation related to payments Loggenberg made to himself instead of his creditors when he was sole director of electronics distribution firm Mocor.

Thirty-seven-year-old Loggenberg, who The Insolvency Service understands is now living in his native South Africa, acquired the electronics business in September 2010 just two weeks after Clowes had fallen into administration. In 2009 the entrepreneur bought Manchester-based Clowes and Maincolour in Macclesfield claiming he wanted to build a print network in the North West, however both failed, with Glossop Cartons ultimately rescuing Clowes and its 18 staff.

Loggenberg then acquired Yorkshire-base Mocor on 24 September 2010 for £326,862 but put the company into voluntary liquidation on 30 June 2011 directly after discovering that his landlord was planning to apply for compulsory liquidation against him due to rent arrears.

The company was liquidated owing creditors nearly £280,000.

The Insolvency Service investigation revealed that after placing Mocor into voluntary liquidation, Loggenberg then immediately asked his solicitors to pay £82,000 into his bank account out of the company’s account, with a further £10,000 drawn out to pay off his own personal debts.

It also found that despite frequent payment demands and legal proceedings being started, he had failed to pay his landlord rent arrears of £298,126 and business rates arrears of £119,077. Additionally on the date of purchase, Loggenberg paid himself £121,240.

Loggenberg claimed that the payments he made to himself were for expenses and consultancy fees, but he was unable to produce documentary evidence in support of this claim, according to The Insolvency Service.

As a legal requirement Loggenberg, who won prizes for entrepreneurship from the UK Institute of Directors and the Shell RBS Entrepreneur of the Year awards in 2000, has presented a legal undertaking to government, preventing him from acting as a company director in the UK from 9 August 2013 until 2024.

Breaching the disqualification undertaking would be considered a criminal offence that could result in imprisonment, the Insolvency Service said.

The Insolvency Service director of investigation and enforcement services, Vicky Bagnall, said: “The Insolvency Service will rigorously pursue company directors who seek to benefit themselves ahead of their creditors by extracting company funds when others are not being paid.

“Limited liability protection is only be available to those who comply with their obligations as company directors. If those obligations are ignored, that protection will be withdrawn.”