The director of London-based Cbridge Limited, a company that provided financial consultancy services to clients primarily in the aviation industry, has been disqualified from acting as a director for a period of five years for failing to pay tax. The disqualification follows an investigation by The Insolvency Service.
Petur Einarsson, 48, an Icelandic national, has given an undertaking to the Secretary of State for Business, Innovation and Skills that he will not act as a director of a limited company from 15 February 2013 to 2018.
Cbridge Limited was registered in Central London but traded from the directors home in Fulham, South West London. The company provided financial consultancy services and brokered aircraft sales. It went into voluntary liquidation in June 2010, owing close to 200,000 in unpaid corporation tax to HM Revenue & Customs (HMRC).
Over the two years prior to liquidation, Mr Einarsson paid himself more than 100,000 out of the company profits to fund his own lifestyle but he made no attempt to pay the mounting corporation taxes owed by the company.
When Cbridge finally collapsed in 2010, it owed 192,312 in tax.
Commenting on the disqualifications, Mark Bruce, a Chief Examiner at The Insolvency Service said:
Directors who fail to pay taxes on the profits that their companies make should not expect to get away with it, particularly when the abuse is motivated by the need to maintain their own lifestyle.
This disqualification sends out a clear message; if you run a business in a way that is detrimental to your customers or to your creditors we will target you and remove you from the business environment.