Cardiff-based Gwenlais Yvonne Thomas, a director of Ascus Plant Ltd, has been disqualified for six-and-a-half years for selling a 74,000 concrete pump which was under a hire purchase agreement and transferring other company assets to associates, causing the company to fail.
The disqualification undertaking, which begins on 17 March 2014, prevents Mrs Thomas (70) from directly or indirectly becoming involved in the promotion, formation or management of a company for the duration of the term.
Commenting on the disqualification, David Brooks, a Chief Investigator at the Insolvency Service, said:
Directors should know any equipment belonging to the company or on lease or hire from third parties should not be sold for personal gain or given away as it is part of the overall assets for distribution to creditors, yet Mrs Thomas ignored this.
This disqualification should serve as a message that it is unacceptable for directors to put themselves above their financial obligations to the company and its creditors.
An investigation by the Insolvency Service showed that Mrs Thomas, as a director of Ascus Plant Ltd:
Sold a concrete pump abroad for 74,000 without the consent or knowledge of the provider of finance secured to the asset and used the company for general trading purposes.
Transferred further assets totalling 101,500 to her husband and an associated company for free.