Company director imprisoned

Source: HM Government | | 11/10/2018

A director of a company that manufactured security systems has been found guilty of two counts of fraudulent trading and one count of fraudulently removing property in anticipation of winding up. He was sentenced to two years in prison after defrauding his creditors to the tune of £600,000. The man has also been banned from directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company under an eight year directorship disqualification.

Between 2009 and 2011 the company in question began having financial difficulties and was later placed into administration before being liquidated in August 2013. Investigators from the Insolvency Service looked into the conduct of the company’s sole director and found that he was fully aware the company was performing poorly and could not meet its liabilities. However, he continued to conduct business and avoided paying his creditors.

Glenn Wicks, lead investigating officer for the Insolvency Service, said:

'This man systematically ripped off two companies with no intention of paying either his creditors or his tax liabilities and took every opportunity to dishonestly maximise his income and personal finances prior to his company's liquidation. The courts have shown that they will always consider imprisonment for this type of offence and we are pleased with the final result.'



Contact Us

8-10 Queen Street
Seaton
Devon
EX12 2NY
Tel: 01297 624188

Also in Exeter

13 West Street
Exeter
Devon
EX1 1BB
Tel: 01392 823999

 

Cookie Policy

Latest News

Child Benefit penalties under review
07/11/2018 - More...
The High Income Child Benefit Charge (HICBC) came into force in January 2013. It applies to taxpayers whose income

VAT reverse charge construction industry
07/11/2018 - More...
A change to the VAT rules first announced at Budget 2018 will come into effect from 1 October 2019. This change will

Business rates support for the High Street
07/11/2018 - More...
The Chancellor announced a number of measures to help many failing high streets up and down the country, as they face a

News Search


Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login