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Crime Solicitors

Director disqualified for keeping inadequate records (5 February 2016)

Date: 05/02/2016
Duncan Lewis, Crime Solicitors, Director disqualified for keeping inadequate records

The director of a fabric and furniture retailer has been disqualified as a director for six years, after failing to maintain adequate company records.

Paul Anthony Georgeson – director of The Bankrupt Shop Limited – traded from seven locations across the country, retailing in fabric and furniture.

The company went into Administration on 16 December 2013, with an estimated deficiency of £158,589.

An investigation by the Insolvency Service found expenditure of £256,870 remained unexplained, including almost £48,000 spent while Mr Georgeson was in Spain.

Transactions with a connected company were also unexplained, as was the financial position at liquidation regarding debtors.

The Bankrupt Shop Limited was incorporated on 27 February 1997 and
Mr Georgeson was a director from 25 April 1997 to 16 December 2013.

On 27 November 2015, the Secretary of State accepted a disqualification undertaking from Mr Georgeson, effective from 18 December 2015 for six years.

Chief Investigator at the Insolvency Service, Sue MacLeod, said:

“Company directors should note from this enforcement result that any failure to maintain or deliver up adequate accounting records is likely to lead to serious censure.

“In this particular case, Mr. Georgeson was aware of the requirement to maintain or deliver up the company’s accounting records, yet failed to do so – with the result that transactions amounting to several thousand pounds could not be explained.

“This disqualification is a reminder to others tempted to do the same that the Insolvency Service will rigorously pursue enforcement action – and seek to remove from them the privilege of trading with limited liability, to protect the public for a lengthy period.”

A disqualification order has the effect that, without specific permission from the court, a person with a disqualification cannot act as a director of a company – or take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership.

A disqualified director is also not able to be a receiver of a company’s property – and cannot act as an insolvency practitioner, among other restrictions placed on disqualified directors by other regulations.

Duncan Lewis Business Crime Solicitors

Duncan Lewis business crime solicitors can advise at any stage of an investigation into or allegation of business crimes, including false accounting, keeping inadequate records, tax and VAT evasion, embezzlement, misrepresentation and white collar crime.

There are Duncan Lewis offices nationwide and a business crime solicitor can attend interviews with investigating and prosecuting authorities such as the Insolvency Service, BIS, SFO, FCA, HMRC and City of London Police.

For expert legal advice on all business crimes, call Duncan Lewis business crime solicitors on 0333 772 0409.

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