Andrew Drury, who ran Diamond Technique Limited (Diamond) a diamond drilling business based in Aylestone Road, Leicester, has been disqualified from acting as a director for six years for making payments to himself and other parties while other creditors went unpaid, following an investigation by The Insolvency Service.
Mr Drury, 49, of Lutterworth, Leicestershire, has given an undertaking to the Secretary of State for Business, Innovation and Skills (BIS), not to act as a director of a limited company from 27 February 2013 until February 2019.
Diamond went into administration on 22 December 2010 owing creditors 160,596. The Insolvency Service investigation found that prior to administration Mr Drury made payments of more than 100,000, including 60,000 to himself from the company account, rather than paying debts due to other creditors.
Mr Drury met an insolvency practitioner in August 2010 in connection with Diamonds trading and financial position and received advice on measures to save Diamond from immediate administration.
Following this meeting, in the period from 28 September 2010 up to administration, Mr Drury made the following payments:
* 60,000 to himself, on top of his regular salary;
* 46,750 to another individual;
* 6,000 to a relative.
This was despite Diamond owing trade creditors at least 25,492 by 30 September 2010, and at least a further 13,850 by 30 November 2010, that remained unpaid at administration. The company also failed to pay any of its tax due to HMRC after September 2010.
Commenting on the disqualification, Claire Entwistle, Director of Company Investigations North said:
Andrew Drury ran a diamond drilling company but he was no diamond geezer to his companys creditors.
Mr Drurys six-year ban sends a clear message to other company directors; if you ignore the duties you owe to your companys customers or creditors, you will be in our sights. The Insolvency Service will seek to remove you from the business environment.