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Directors washed up by Insolvency Service 17 May 2013

Two directors of a laundry business have been disqualified from acting as company directors for six years following an investigation by the Insolvency Service.

Mark Kean and Paul Bagguley of Towerfield Services Ltd, which traded as Britannia Laundry from Stockport, were banned for failing to pay taxes or keep proper records and books.

Robert Clarke, head of company investigations Birmingham at the Insolvency Service, said: “Keeping proper records is a vital duty for directors and there is no place in the business environment for those who neglect their responsibilities in these areas.

“The lack of proper records in this case made it impossible to determine whether there was other, more serious, misconduct at Towerfield.”

Towerfield Services Ltd traded for just over five months after it started trading in August 2010. In that time, the company ran up debts of at least £116,737, most of which were owed to HMRC.

What did exist of the company’s records showed unexplained expenditures of over £316,000 across a nine month period, with £128,000 spent after the company allegedly ceased to trade.

The investigation was also unable to trace the assets that were bought and sold by the company or the sale proceeds.

Towerfield Services Ltd was incorporated on 1 July 2010, ceased trading on 19 January 2011 and entered voluntary liquidation on 26 May 2011.

Kean, 51, and Bagguley, 28, have both given voluntary undertakings not to manage or control a limited company until 2019.

 

 

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