The director of fishing tackle business Hooked (UK) Limited has been banned from acting as a director of a limited company for five years.
Ronald Francis Jackson, director of the equipment store, was disqualified for failing to keep proper accounts following an investigation by the Insolvency Service.
Mark Bruce, chief examiner at the Insolvency Service, said: “Company directors must maintain sufficient accounting records that show and explain the company’s transactions, which Mr Jackson failed to do.”
Hooked (UK) Limited, incorporated on 21 July 2009, went into liquidation on 5 May 2011 owing £80,694 to creditors.
The Insolvency Service’s investigation encountered a number of difficulties due to the company’s lack of accounting records.
It was unable to establish what had happened to cash withdrawals totalling £22,282, identify recipients of cheques totalling £16,775 and explain why £41,823 was paid out for non-business expenditure.
The investigation was also unable to establish the true position of the company’s stock at the date of liquidation.
Mark Bruce said: “The volume of unexplained transactions over the company’s trading lifetime no doubt contributed to a higher value of debt to creditors.”
Jackson, 35, of Benfleet, Essex has given an undertaking that he will not act as a director of a limited company from 26 April 2013 until April 2018.