Joseph Allen Munro, the director of Allen Munro Commercials Limited (AMC), a specialist vehicles dealer based in Ormskirk, Lancashire, has been disqualified for 10 years, following an investigation by The Insolvency Services Company Investigation Team in Manchester.
Mr Munro, 58, gave an undertaking to the Secretary of State for Business Innovation and Skills (BIS) not to manage or in any way control a company or act a director until 2022.
The Insolvency Services investigation found that during the last three years of trading, the company obtained money from four different finance houses for vehicles and machinery which it either didnt purchase, didnt own, didnt exist, or which was subsequently sold without knowledge of the financiers.
AMC was placed into administration on 27 January 2011 with a deficiency to creditors of 1,716,268. The finance companies alone were owed at least 261,084 in the administration.
The investigation also found that from 2009 onwards, the company also failed to pay tax to HM Revenue and Customs and owed 245,147 in unpaid PAYE and National Insurance Contribution at the date of administration.
Claire Entwistle, Director of Company Investigations North said:
Falsely raising finance on assets is a very serious matter. As the sole director of the company responsibility for this rests with Mr Munro.
The Insolvency Service will thoroughly investigate all such allegations and pursuing offenders vigorously.