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Monday, 20 September 2010

Director disqualified for repaying loan whilst business was insolvent

Gordon Richardson, the director of the Beanscene coffee house chain, has been banned from being a company director after an inquiry following the firms collapse. The two-year investigation was launched after Beanscene failed in July 2008 with debts of £3.7 million. Beanscene at its peak had 15 Cafes throughout Scotland and planned to open another 45.

The disqualification comes as the result of an investigation by the Insolvency Service which found the Beanscene director had taken £189,000 from the company to pay back a loan while it was technically insolvent. Richardson, from Pollokshields, Glasgow, has now been told he cannot take part in the running or formation of a company unti l September 2016.

The married father-of-two also has to resign his directorships of other companies.

An Insolvency Service spokesman said: "The disqualification of Gordon Richardson should offer the public reassurance. The Insolvency Service will not hesitate to use its powers to remove dishonest and reckless people from the business environment."

The message here is clear!

Even if the company owes you money you must not create a potential preference for any creditor. If the company is technically insolvent then you must act reasonably and treat all creditors equally, even if your are a creditor yourself. For more details on how to find out if you are technically insolvent and avoid an action for wrongful trading please read our extensive guides on our website

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