Directors disqualified
The firm went into liquidation in December 2010 with estimated total assets available for preferential creditors of £12,665, liabilities to preferential creditors of £4,920, liabilities to unsecured creditors of £324,308, and an estimated deficiency as regards creditors of £316,563. After taking into account the losses incurred by the shareholders the total estimated deficiency was £316,565. The Department accepted the disqualification undertakings on 15 August 2013 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed: causing and permitting the Company to retain a total of £89,416 of monies due to HM Revenue and Customs consisting of £6,047 in respect of PAYE and £27,394 in respect of NIC for the years 2009/10 and 2010/11; and £55,975 in respect of VAT for the years 2008/09 to 2010/11 thereby funding substantially the company’s period of insolvent trading with the revenues so retained; allowing the Company to make a dividend distribution when there were not sufficient distributable reserves to do so. Additional matters alleged in relation to Ivan James Dunlop were: submitting a materially inaccurate Statement of Affairs; causing and permitting the Company to misuse a bank account by tendering 33 cheques with a total value of £61,240 without due regard to their being honoured on presentation in the period 14 October 2008 to 4 November 2010; and by providing insufficient funds to honour 24 standing orders and 19 direct debits with a combined total of £39,677 which were returned in the period 17 November 2008 to 22 October 2010.