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Pryde before a fall for banned directors 21 May 2013

A husband and wife that managed a children’s playgroup have both been disqualified from acting as directors for six years after failing to keep proper records.

Stuart Pryde and Lisa Pryde of The Firehouse Play Centres Limited in Essex have been disqualified following an investigation by the Insolvency Service.

Mark Bruce, chief examiner at the Insolvency Service, said: “The maintenance of a company’s financial records is a vital responsibility for a director, especially when that company is experiencing financial difficulties.

“This investigation uncovered very significant assets and expenses that could not be explained adequately to the liquidator which prevented him from doing his job properly for the creditors.

“Directors who do not take their responsibilities seriously when dealing with records of a company must understand that they face a significant ban.”

The Firehouse Play Centres Limited was established in March 2008 and went into liquidation on 4 May 2011, owing £342,912 to creditors.

The last annual accounts filed for the company related to the year ending 31 August 2009 – both Mr and Mrs Pryde failed to maintain proper records for the company’s trading between September 2009 and September 2011.

This meant that the liquidator was unable to verify the company’s expenses for this period, which were almost £300,000, or the company’s assets, which were valued in the last accounts at £130,655.

Mr and Mrs Pryde gave their undertakings on 10 April 2013 and 10 May 2013 respectively to the Secretary of State not to be directors for six years. Their disqualification commences on 4 June 2013.

 

 

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