Building boss banned over £500k debts

Grant Prior 12 years ago
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The director of a Manchester contractor has been barred from running a company for six years following the collapse of his firm with debts of more than £500,000.

Daniel Teahan, the former director of Alkrington Middleton based DCT Building and Civils Limited,  has been disqualified for six years for failure to pay taxes.

Teahan gave an undertaking to the Secretary of State for Business, Innovation and Skills not to manage, control or be a director of a company until 2018.

He was the director of DCT Building and Civils Limited, which was placed into liquidation on 16 February 2010, with an estimated £506,507 debt.

The charges against Teahan stated that he:

failed to ensure that the company maintained or preserved adequate accounting records and it was not possible to verify the company’s VAT and the Construction Industry Scheme tax returns.

could not prove that a £188,100 cash withdrawal was used to pay insurers, nor explain why the company paid £101,990 more than invoiced by a supplier,

used company assets to pay off the company’s £49,220 overdraft thus releasing himself from his personal guarantee to the bank.

Claire Entwistle, Director of Company Investigations North at the Insolvency Service, said: – “Directors who seek to benefit ahead of creditors in insolvent companies will be pursued by The Insolvency Service.

“Failure to keep up-to-date records will only aggravate matters as financial transactions cannot be verified.

“The public should be assured that The Insolvency Service will seek to disqualify the directors of companies that do not pay their taxes.”

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