[UK] Payroll director disqualified after transferring funds to Montenegro while owing HMRC £32m

In the UK, the director of a payroll company has signed a seven-year director disqualification undertaking for transferring €4.8 million to a bank account in Montenegro when his insolvent business owed more than £32 million to HMRC, GOV.UK reports.

Paul Bresnihan (49) from Loughborough was the director of  CJS Engagement 2 Ltd, a payroll company based in Leicester. 

The company was reportedly informed that it had not paid sufficient VAT to HMRC in March 2023, and full payment was demanded. No payments were made. 

In June 2023, HMRC presented a petition to wind up the company, claiming an outstanding debt of £32,427,882. CJS Engagement 2 Ltd was subsequently wound up in August 2023.  

An Insolvency Service investigation into the conduct of Mr Bresnihan discovered that, between June and July 2023, he had transferred €4.8 million from CJS Engagement 2 Ltd to a company bank account in Montenegro.   

Mr Bresnihan reportedly failed to explain the money transfers to the Montenegro bank account, and has not co-operated with the Insolvency Practitioner’s attempts to retrieve the funds.  

He signed an undertaking disqualifying him as a director for seven years, which commenced on January 27, 2026.   

Kevin Read - Insolvency Service Chief Investigator - 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.”

Source: GOV.UK

(Quotes via original reporting)

In the UK, the director of a payroll company has signed a seven-year director disqualification undertaking for transferring €4.8 million to a bank account in Montenegro when his insolvent business owed more than £32 million to HMRC, GOV.UK reports.

Paul Bresnihan (49) from Loughborough was the director of  CJS Engagement 2 Ltd, a payroll company based in Leicester. 

The company was reportedly informed that it had not paid sufficient VAT to HMRC in March 2023, and full payment was demanded. No payments were made. 

In June 2023, HMRC presented a petition to wind up the company, claiming an outstanding debt of £32,427,882. CJS Engagement 2 Ltd was subsequently wound up in August 2023.  

An Insolvency Service investigation into the conduct of Mr Bresnihan discovered that, between June and July 2023, he had transferred €4.8 million from CJS Engagement 2 Ltd to a company bank account in Montenegro.   

Mr Bresnihan reportedly failed to explain the money transfers to the Montenegro bank account, and has not co-operated with the Insolvency Practitioner’s attempts to retrieve the funds.  

He signed an undertaking disqualifying him as a director for seven years, which commenced on January 27, 2026.   

Kevin Read - Insolvency Service Chief Investigator - 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.”

Source: GOV.UK

(Quotes via original reporting)