News

16th November 2016

Director banned after firm closes with £1.3m of debt

A Director has been handed a six year ban from being a Director after his company was forced to close amid masses of unpaid debts.

The business went into Administration in 2014 and were liquidated this year. The director was found guilty of wrongful conduct in his role which included training whilst insolvent. He also failed to pay nearly £8000,000. He withheld approx £37,000 in PAYE, £491,000 in VAT and £260,000 in National Insurance deductions.

The Director was found to have failed to file annual returns for four years within the required time frames and also failed to submit company accounts.

His ban will run from 25th September 2016, ending on the 25th September 2022.

The robust action was brought against him by the Department for the Economy after his unfit conduct had been reported by Administrators.

All Insolvency Companies are required to report inappropriate conduct by company directors, to the Insolvency service which is part of the Economy Department.

The maximum disqualification for Directors ranges from 2 years to a maximum of 15 years under current legislation.

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