Three directors from London-based ALG Management Ltd disqualified for a combined 16 years.
Three directors of a London-based company service provider have been disqualified for a combined 16 years for failing to keep records and, in one case, acting as a director when already disqualified.
Lisa Anne Mary Hamilton-Smith and Mangal Kapoor, directors of ALG Management Ltd (?ALG?) and Jonathan Andrew Henry Nuttall acting as director of ALG, a company service provider based in London have been disqualified as directors for 3, 5 and 8 years respectively, after given undertakings to the Secretary of State for Business, Innovation & Skills.
The disqualifications are due to the Official Receiver being unable to determine the purpose of various receipts into and payments out of ALG?s bank account.
The disqualification regime exists to protect the public. The effect of the disqualification undertakings is that the Ms Hamilton-Smith, Mr Kapoor and Mr Nuttall cannot promote, manage, or be a director of a limited company until the end of their period of disqualification.
Mr Nuttall signed a further undertaking stating, amongst other things, that he had acted as a director of ALG when he was restricted from doing so, initially through being a disqualified director and subsequently because of his status as an undischarged bankrupt.
This disqualification follows investigation by the Official Receiver at Public Interest Unit, a specialist team of the Insolvency Service, whose involvement commenced with the winding up of the company in the public interest following an investigation by Company Investigations into the affairs of the company.
The Official Receiver?s investigation uncovered that ALG had failed to keep, preserve and/or deliver up adequate accounting records to explain the purpose of cashed cheques totalling in excess of ?128,000, cash receipts of ?10,000, cash withdrawals of ?8,500 and to establish what work was conducted in respect of fee notes totalling ?994,997.
Commenting on this case Anthony Hannon, Official Receiver in the Public Interest Unit, said:
?Directors of companies are required to keep sufficient records to show and explain its transactions for a specified period of time. Those directors who fail to adhere to Companies Act legislation in respect of keeping proper records should expect to be banned from being a director.?
?Director disqualifications and bankruptcy restrictions are there to protect the public and ensure that trading partners can deal confidently with the registered directors of a company. Those who knowingly breach such provisions do so at significant risk and will be rigorously pursued by the Insolvency Service.?