The director of an Ixworth building firm has been disqualified from being a company director for eight years by the County Court.
Stephen Paul Martin, 59, was the director of S P Martin Builders Limited, trading from Scott Road, Ixworth, from May 25, 2005 until it went into liquidation on March 20, 2015 owing creditors £82,801.
Mr Martin failed to attend court in Bury St Edmunds last week or respond to the Secretary of State for Business, Energy and Industrial Strategy’s application for the Disqualification Order. The disqualification, effective 21 days from the date of the order, follows an investigation by the Insolvency Service.
The Insolvency Service said Mr Martin’s failure to maintain or deliver up the company’s accounts means that it has not been possible to establish that all money paid out by his firm was related to genuine company expenses.
It adds that it has also not been possible to verify the company’s true level of sales income or the reason for bank payments totalling £72,420.
The Insolvency Service’s investigation also found that Mr Martin caused the company to fail to file the required annual accounts and returns with Companies House from 2010 to 2015.
In addition, he also failed to submit the necessary returns and payments in respect of taxes over a five year period from 2010 to 2015 resulting in £81,226 outstanding to HMRC in the liquidation.
Robert Clarke, Investigations Group Leader at the Insolvency Service said: “Directors of limited companies have a clear, statutory obligation to make sure that they maintain full and accurate records.
”Without these it is impossible to verify what has happened to company funds, account for its assets or establish whether directors have acted properly.
“Directors cannot cloak their actions through a lack of records, or seek to gain an unfair competitive advantage through non-payment of taxes, and the Insolvency Service will take robust action against those who fail to maintain the standards required.”