The former director of a North West-based security group has been banned from acting as director of a limited company for eight years.
Christopher Gerald Bacon ran CNN Security Limited which traded in Manchester and surrounding areas but was banned following an investigation by The Insolvency Service.
CNN Security Limited had failed to maintain or preserve proper accounts or deliver up adequate records to the Insolvency Practitioner.
Vicky Bagnall, investigations and enforcement director at The Insolvency Service, said: “The lack of accounts at CNN meant hundreds of thousands of pounds of cash withdrawals went unexplained.
“It was also impossible for investigators to establish how much the company owed in tax.”
Mr Bacon admitted that, while a director of CNN Security Limited, his company claimed back £130,188 in VAT on purchase invoices that were not eligible for such rebates.
Furthermore, between 5 November 2009 and 10 May 2011, cash withdrawals of almost £700,000 were made from CNN’s bank account, but inadequate company records meant it was not possible to determine the reason for these withdrawals.
CNN Security Limited was incorporated on 23 October 2008 and entered liquidation on 10 May 2011. Bacon’s disqualification will commence on 16 April 2013.