Search News


 

Lloyd and Co

Lloyd & Co
Chartered Accountants

103-105 Brighton Road
Coulsdon
Surrey, CR5 2NG
020 8668 0500
This email address is being protected from spambots. You need JavaScript enabled to view it.

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

Child Benefit penalties under review
06/11/2018 - 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
06/11/2018 - 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
06/11/2018 - More...
The Chancellor announced a number of measures to help many failing high streets up and down the country, as they face a