Disgraced financier Gary Hexley – who left more than 200 creditors out of pocket by more than £2 million – was handed a free car by liquidators picking over the ruins of his company.
Mr Hexley, arrested last November on suspicion of duping his clients, sold the vehicle for £2,400 and later saw the debt written off by Birmingham-based Dains.
The sale left him the only individual so far to profit from the demise of his Sutton Coldfield investment firm, Greenfield International.
Creditor Bill Shackleford, from Tamworth, who has been fighting for nearly two years to recoup losses of £32,728, said: “This is an absolute disgrace. It beggars belief. It just shows how incompetent Dains have been over this liquidation process.
“I am still waiting for my compensation of over £32,000 while Hexley gets a car and sells it for £2,400. I am absolutely furious.”
Dains would not discuss the controversy over the car so it was unclear whether the vehicle – which carried a personalised numberplate M4 HEX – was already in the hands of the Hexleys when Greenfield collapsed.
But the firm later agreed to sell it to Hexley’s wife, who defaulted on the agreement.
Joint liquidator Martin Smith said in his report on the car deal: “Since my last report further efforts have been made to obtain the payment of £5,000 for the vehicle; however, to date no funds have been received.
“Following a meeting between Mr Hexley and my assistant Curtis Roberts, I have been informed that Mr Hexley has now sold the vehicle for £2,400. I have not received any funds in relation to this sale.
“I have consulted a solicitor on whether a right of action exists against Mrs Hexley for recovery of the £5,000 owed.
“Given that there are no funds available and the vehicle has now been sold, it is not commercially viable to pursue this further.”
Mr Hexley, who is under investigation by the Financial Services Authority, could not be contacted.
He was declared bankrupt in May 2010 with liabilities of £979,820. He was later banned and censured by the FSA.
Dains would not comment.