Boss handed eight year ban after £1m book-keeping black hole
PUBLISHED: 15:57 14 December 2012
A company boss from Wapping has been handed an eight year ban from directing a company after investigators discovered a £1m black hole in its books.
Thomas James Brown’s bad book-keeping when he was director of Buckinghamshire construction firm JKS Brickwork Contractors saw the company’s creditors lose out on more than £1m when the company went into liquidation in 2010.
Following an investigation by the Insolvency Service, Mr Brown, 38, has given an undertaking to the government not to act as a company director until December 2020.
Mark Bruce, chief examiner at the Insolvency Service’s company investigations team, said: “The maintenance of a company’s financial records is a crucial responsibility for a director, especially when that company is experiencing financial difficulties.
“Directors who do not take their responsibilities seriously when dealing with records of a company must understand that they face a significant ban as the Insolvency Service are hot on their heels.”
The £1m black hole in the firm’s books meant liquidators were left with no means of knowing which creditors were left out of pocket.