Cornelius Anthony OGrady, the director of Polar Scaffolding (Bristol) Ltd (Polar), which traded as a scaffolding provider in Birmingham, has been disqualified from acting as a company director for 6 years, for failing to ensure the company preserved or delivered up adequate accounting records.
Following an investigation by the Insolvency Service, Mr OGrady (51) gave an undertaking to the Secretary of State for Business, Innovation & Skills in which he did not dispute that he failed to ensure the company preserved or delivered up adequate accounting records.
Mr O Gradys disqualification from 13 February 2015 means that he cannot promote, manage, or be a director of a limited company until 2021.
Neither Polars Liquidator nor the Insolvency Service were able to verify what had become of over 150,000 in assets of the company or whether Mr OGrady was repaid over 70,000 the company allegedly owed him between the last accounts and Liquidation.
Robert Clarke, Head of Insolvent Investigations North at the Insolvency Service, said:
Directors have a duty to ensure that their companies maintain proper accounting records, and, following insolvency, deliver them to the office-holder in the interests of fairness and transparency. Without a full account of transactions it is impossible to determine whether a director has discharged his duties properly, or is using a lack of documentation as a cloak for impropriety.
This director has paid the price for failing to do that, as he cannot now carry on in business other than at his own risk.