Joshua Bernard Charled Taylor, a director of UK Flood Control Limited, has been banned as a director for seven years by Birmingham County Court for failing to keep proper books and records and being unable to account for over 303,000.

The disqualification, which started on 5 August 2013, follows investigations by the Insolvency Service.

UK Flood Control Ltd was the sole supplier of an American brand of flood barriers in the UK. In 2007, the company was called in by the Government to assist the army and the fire service to tackle the floods at the Tewkesbury Water Treatment Centre.

Mr Taylor failed to ensure that the company maintained proper records and could not account for around 303,000 in assets and money. This included flood barriers worth around $250,000 US dollars (approx 161,290), vehicles worth nearly 50,000 and cash and cheque withdrawals of more than 92,000.

UK Flood Control Limited went into liquidation on 25 March 2010, owing 93,000 to creditors, including over 33,000 to employees.

Commenting on the disqualification, Robert Clarke, Head of Company Investigations at the Insolvency Service in Birmingham, said:
Keeping proper records is a vital duty for directors and there is no place in the business environment for those who neglect their responsibilities in this area.

The lack of records in this case made it impossible to determine what happened to valuable assets, which could have been used to fund payments to creditors, or to establish the purpose of substantial payments from the company account."

The disqualification should serve as a reminder to any directors tempted to do the same: the Insolvency Service will vigorously investigate you and seek to remove you from the marketplace.


Source: http://insolvency.presscentre.com/