Graham Mark Buller has been disqualified as a director for six years for causing his company to breach its duties as a corporate trustee, by allowing the company to misuse funds held in trust following the death of a previous director.
Mr Buller (47) has given an undertaking to the Secretary of State for Business, Innovation & Skills which prevents him from directly or indirectly becoming involved in the promotion, formation or management of a company from 19 March for the duration of his ban.
Mr Bullers disqualification follows an investigation by the Insolvency Service.
The Company, Ford Bros Services Ltd (FBSL) was the corporate trustee of a death in service scheme. Under this scheme, beneficiaries of the former director should have received 300,000.
Commenting on the disqualification, Sue MacLeod, Chief Investigator at the Insolvency Service, said:
This case highlights that directors have a responsibility to avoid conflicts of interests.
Mr Buller had no legal right to dispose of those funds without the agreement of the beneficiaries. He therefore breached the fiduciary duties the Company had as trustee.
The investigation found that between July and August 2011, Mr Buller caused the trust fund money to be paid into FBSLs bank account and used all of it to meet company expenditure rather than for the benefit of the trust beneficiaries. In doing so, this breached FBLSs duties as trustee.