Two directors from Macclesfield were banned from acting as company Directors for six years following an Insolvency Service Investigation.
Mr Edwin Connor and Mrs Elisa Maria Connor have been banned from being company directors for failing to maintain or deliver up the books and records of E Connor of Cheshire Limited.
They both gave undertakings to the Secretary of State for Business, Innovation and Skills which prevents them from acting as company directors from 29 June 2016 to 28 June 2022. Mr Connor and Mrs Connor became directors of E Connor of Cheshire Limited in May 2011 and the company went into Creditors Voluntary Liquidation on 28 August 2014 owing creditors nearly 255,000.
In giving their undertakings, Mr Connor and Mrs Connor did not dispute that from 27 February 2014 to the date of liquidation on 28 August 2013, they failed to maintain and/or preserve adequate accounting records or deliver up to the Liquidator such records as were maintained.
As a consequence, it has not been possible to explain the whole of the companys expenditure and establish that all expenditure related to genuine company expenses. During the period, debits from the bank account totalled 483, 486 of which 103,000 relating to transfers made to a connected bank accounts could not be explained from the records delivered up.
Commenting on these disqualifications, Martin Gitner, Deputy Head of Investigation and Enforcement Services at the Insolvency Service said:
Directors who operate businesses have to maintain sufficient records to explain how monies have been expended and following insolvency, make sure that such records are delivered up for scrutiny by the relevant bodies. By failing to do this the public can not be sure that all funds received by the company were used for legitimate purposes.
The Insolvency Service will take action against directors who do not take their obligations seriously and abuse their position of trust.