Marc John McKibbin was a director of W.A. Construction Management Ltd and Warwick Avenue Ltd.
The disqualification by the High Court follows an investigation by the Insolvency Service and prevents him from becoming directly or indirectly involved in the promotion, formation or management of a company.
Sue Macleod, Chief Investigator at The Insolvency Service, said: “Directors occupy a position in which they are expected to safeguard and act in the best financial interests of a company. Company assets should be handled in an appropriate manner.
“Directors who abuse their position will find themselves investigated by the Insolvency Service and could face a lengthy ban.”
The investigation found that between 26 April 2009 and 26 September 2011, Marc John McKibbin misappropriated monies totalling £830,534 from W.A. Construction Management Ltd (WACM) and Warwick Avenue Ltd (WAL) of which at least £498,317 was to Mr McKibbin’s benefit, in that:-
- Between 26 April 2009 and 19 September 2011 35 payments totalling £327,596 were paid to a third party (“party A”). According to WACM and WAL’s accounting records, no goods or services were provided by this party. Party A has stated they passed 85% of this to another third party, who in turn retained 15% prior to passing the remaining 70% to McKibbin.
- Between 8 December 2009 and 26 September 2011 payments totalling £401,641 were made to a third party (“party B”). According to WACM and WAL accounting records, no goods or services were provided by this party. Party B has stated they provided services as a provision for cash facility and of these monies received, at least £269,000 was paid to McKibbin as cash.
- Between 19 May 2009 and 26 July 2011 at least 20 payments totalling £101,297 were paid to a third party (party C). According to WACM and WAL accounting records, no goods or services were provided by this party.
- 3 key employees of WACM/WAL state they were not aware of any commercial dealings between the companies and party A,B or C.
The court also ordered McKibbin to pay costs of £3, 894.93.
