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Friday, 16 March 2012

Director disqualified for not keeping adequate records

Paul William Sharpley, a director of Property 360 Limited in Suffolk, has been disqualified from acting as a company director or controlling a company for 7 years after an investigation by The Insolvency Service.  The firm provided Home Information Packs and other marketing services for estate agents.  The director's disqualification was for the company not having adequate accounting records.

This was principally because Property 360 operated through Mr Sharpley’s personal and other bank accounts, and without proper records it was not possible to ascertain the financial position, income and expenditure or the use of company funds at any point during its trading.  At one point  the computerised bank report showed £76,098 as being in the bank at 2 March 2010 when in fact the balance was £22.  It was also not possible to establish how much VAT or PAYE was owed.  Although at liquidation it was estimated to be at least £59k.

Claire Entwistle, Director of Company Investigations North, said: “Failure to adhere to the basic requirements of business practice by keeping full records, ensuring company funds can be clearly accounted for and properly complying with taxation liabilities will be severely dealt with by The Insolvency Service.

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