The director of a construction company has been banned from acting as a company director for seven years for failing to submit company books and records to liquidators and failing to pay tax.
Gerald Channing of Trenchright Civils Limited was disqualified following an investigation by The Insolvency Service.
Mark Bruce, chief examiner at The Insolvency Service, said: “This investigation found that very significant assets were missing and there were expenses that could not be explained adequately to the liquidators.
“This prevented the liquidators from doing their job properly for the creditors. The taxpayers have also lost out from the director’s failure to pay taxes.”
Trenchright Civils went into liquidation on 4 February 2011 owing over £500,000 to creditors.
The investigation found that Channing had failed to keep proper records from 1 September 2008 until the time of the company’s liquidation.
Neither were there records to account for over £1m in cash withdrawals from the company between September 2008 and February 2011.
The lack of proper records has made it difficult for liquidators to recover funds to repay the company’s creditors.
The Investigation also found that Trenchright Civils had unpaid taxes dating back to April 2009 and had not paid any tax at all since February 2010.
At the time of liquidation, the company owed £424,189 to HMRC.
Channing has given an undertaking that he will not act as a director of a limited company from 6 June 2013 until June 2020.