Cardiff-based Gwenlais Thomas, 70, was banned after she sold a concrete pump truck which was under a hire purchase agreement and transferred other equipment to associates, causing the hirer to fail.

An investigation by the Insolvency Service showed that Thomas sold the concrete pump abroad for £74,000 without the knowledge of the lender.

As a director of Ascus Plant, she also transferred further assets to her husband and an associated firm for free.

Ascus Plant traded from Longships Road in Cardiff hiring out concrete pump machines.

Thomas was appointed sole director in February 2008 and the firm fell into administration in July 2010.

Ascus Plant records show sales invoices for the transfer of eight items of plant for £101,500 annotated “paid in full” but with no corresponding credit entry in the firm’s bank account, or paperwork verifying receipt of the money.

Three of the items were identified as sold for £13,000 to Thomas’ husband in August 2008. The remaining items were sold for £88,500 to an associated company.

The machines sold to the associated company were each the subject of two separate invoices on two different dates.

In each case the second invoice differed from the first in that there was no mention of Value Added Tax, however all invoices were annotated ‘paid in full’

The hire purchase lender has issued a claim for £221,816, which includes an outstanding amount in respect of the vehicle.

David Brooks, a chief investigator at the Insolvency Service, said: “Directors should know any equipment belonging to the company or on lease or hire from third parties should not be sold for personal gain or given away as it is part of the overall assets for distribution to creditors, yet Mrs Thomas ignored this.

“This disqualification should serve as a message that it is unacceptable for directors to put themselves above their financial obligations to the company and its creditors.”