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London tailor stitched up by Insolvency Service 22 October 2013

The director of a Fulham-based bespoke tailor has been disqualified from acting as a company director for 10 years for failing to maintain proper accounting records.

David Saxby, director of David Saxby Ltd which specialised in sporting-tweed and formal wear, was disqualified in the High Court following an investigation by The Insolvency Service.

Mark Bruce, chief investigator at The Insolvency Service said: “Directors of companies experiencing financial difficulties have a duty to act in the best interests of its creditors including keeping proper records of the company’s trading activities.

“Directors like Saxby who disregard such basic duties must expect to have their ability to be a director removed for a significant period. The Insolvency Service will use its powers to protect the business world in this way.”

The investigation found Saxby failed to maintain and deliver adequate accounting records to its liquidator following the company becoming insolvent in September 2011.

As a result, it was “not possible to ascertain that sales revenue of £623,037 paid into the bank account had been spent on genuine company expenditure”.

It was unclear what happened to debit and credit card takings of £1,700,470 paid into Saxby’s social partner’s bank account between 1 September 2009 and 6 September 2011.

Saxby also failed to ensure that David Saxby Ltd accounted for VAT collected in sales, or that it made payments to Her Majesty’s Revenue & Customs for its entire trading period.

 

 

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