Ryan Maginess, director of Camereye Contracts Limited, has been disqualified from acting as a director of a limited company for ten*years.
Ryan Maginess (28) was the sole director of Camereye Contracts Limited, which had a registered office at Lochside Place, Edinburgh.
The disqualification followed an investigation by the Insolvency Service, and was ordered at Edinburgh Sheriff?s Court. The disqualification began on 11 January 2018.
The investigation found that the company had entered into an invoice finance facility with a bank and in contravention of the terms, Ryan Maginess submitted invoices for which the company had already been paid. In good faith, the bank made funds available to the company against the invoices submitted under the agreement.
Ryan Maginess withdrew funds totalling ?105,500 from the facility and used the funds for his own benefit, including the purchase residential properties in his own name, leaving the bank with an irrecoverable loss.
From 2010, the company provided security personnel and CCTV facilities primarily to the construction industry. The company ceased trading on 15 October 2015 when it was placed into administration with an eventual deficiency to creditors of ?109,767.
Commenting on the disqualification, Robert Clarke, Investigations Group Leader at the Insolvency Service, said:
Directors who put their own personal financial interests above those of customers and creditors, especially in such a blatant manner as this was done, damage the confidence of those who want to do business in the UK and cause significant damage to the health of the local economy.
This ten year ban given at Edinburgh Sheriff Court sends a clear message and should serve as a warning to other directors tempted to follow a similar course of action and help themselves first; you have a duty to your creditors and if you neglect this duty you could be investigated by the Insolvency Service and lose the privilege of limited liability trading.