Leicester-based director of Asylum Design and Build Ltd, Mark Searson, was disqualified for eight years from 12 April 2014 for failing to keep proper accounting records and for trading without proper financial security following an investigation by the Insolvency Service.
Mr Searson gave a disqualification undertaking to the Secretary of State for Business, Innovation and Skills not to control or manage a company for the duration of the term without leave of the court.
Commenting on the disqualification, Sue Macleod, a Chief Investigator at the Insolvency Service said:-
Mr Searson showed disregard for his duties as a company director by failing to keep proper accounts or putting in place financial security as required by law.
The severity of the sanction imposed in this case shows that there are serious consequences for those who fail to fulfil their obligations as directors. Mr Shearson has paid the price, as he cannot now carry on in business other than at his own risk.
The Insolvency Service found that Mr Searson (49) had failed to ensure that Asylum Design and Build Ltd maintained proper accounting records between 1 June 2010 and 8 November 2011 when the company went into liquidation, making it impossible to account for bank payments of 279,969. It was not also possible to recover recorded debts of around 24,000, or determine the source of income totalling 421,781.
Mr Searson did not dispute that he caused the company to trade without the necessary security required by HM Revenue & Customs on 18 March 2011 and it was not possible to determine the companys VAT liability as there were no tax returns.