Company director imprisoned
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.'


Newsletter Signup

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

» Sign up for the newsletter
» Login

Newsfeed Search


Accreditation

ICAEW White

xeroplat

Brighton

19 New Road
Brighton
East Sussex
BN1 1UF

Tel: 01273 321526
Fax: 01273 321565
[email protected]

Rustington

2-4 Ash Lane
Rustington
Sussex
BN16 3BZ

Tel: 01903 772244
Fax: 01903 771071
[email protected]