Directors beware – failing to keep up-to-date with your paperwork can lead to Disqualification!

Director Disqualified for failing to keep adequate financial records: In successfully disqualifying a director for 8 years, The Insolvency Service has reconfirmed the often overlooked director’s duty to make sure that their companies maintain proper accounting records, and, following insolvency, deliver those records to the Insolvency Practitioner, in the interests of fairness and transparency.

The sole director of Shropshire Treated Timbers Limited, a timber merchant, was disqualified from acting as a company director for 8 years by Wrexham County Court for failing to ensure that his company kept proper books and records and complied with statutory obligations relating to filing of returns and making required payments to HMRC.

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