0191 257 0355

71 Howard Street, North Shields
Tyne & Wear, NE30 1AF


Company director imprisoned

Source: HM Government | | 10/10/2018

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.'

 

Latest News

  • Tenth anniversary of first Debt Relief Order

    16/04/2019 - More...

    Debt Relief Orders (DROs) were first introduced in April 2009. The DROs assist people who have small levels of assets and insufficient surplus income to deal with debts under

  • Estate Agents targeted

    16/04/2019 - More...

    HMRC has launched an unannounced crackdown on money laundering regulation non-compliance by estate agents. This clampdown resulted in over 50 visits by HMRC staff to estate agents

  • Job related expenses you can claim against your tax

    16/04/2019 - More...

    If you are an employee and use your own money to buy things that you need for your job, you may be able to claim tax relief for the associated costs. It is usually only possible to

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

Copyright © 2019 - Read Milburn