David Leslie Saxby, the sole director of David Saxby Ltd, bespoke tailors based in Fulham in London who specialised in sportingtweed and formal wear, has been disqualified from acting as a director for 10 years in the High Court for failure to maintain proper accounting records.
The disqualification, which started on 9 October 2013 following an investigation by the Insolvency Service, means that Mr Saxby, (64), is banned from acting as a director or in any way managing or controlling a company until October 2023.
Investigations found that Mr Saxby failed to ensure that David Saxby Ltd maintained and delivered up adequate accounting records to its liquidator, after the firm became insolvent in September 2011.
As a consequence it was not possible to ascertain that sales revenue of 623,037 paid into the bank account had been spent on genuine company expenditure, or what happened to Debit & Credit Card takings of 1,700,470 paid into his social partners bank account between 1 September 2009 and 6 September 2011.
Mr Saxby also failed to ensure that David Saxby Ltd accounted for VAT collected in sales, or that it made payments to Her Majestys Revenue & Customs for its entire trading period.
Commenting on the disqualification, Mark Bruce, a Chief Investigator at The Insolvency Service said:
Directors of companies experiencing financial difficulties have a duty to act in the best interests of its creditors including keeping proper records of the companys trading activities.
Directors like Mr Saxby who disregard such basic duties must expect to have their ability to be a director removed for a significant period. The Insolvency Service will use its powers to protect the business world in this way.