Demolition bosses banned for 17 years
Three directors from the now defunct Scottish demolition contractor George Hunter have been barred for a total of 17 years after the company was found to have left creditors with a bill of £1.75m.
Directors George Beattie Snr and George Beattie Jnr were both disqualified from acting as company directors for seven years by order of the Glasgow Sheriff’s Court, while Michelle Beattie was disqualified for three-and-a-half years following an investigation from the Insolvency Service.
The Glasgow-based firm went into liquidation on 20 April 2015 owing £1,755,782 to its creditors.
An investigation by the Insolvency Service found that the directors had continued to trade for their own benefit and incur further liabilities to the detriment of its creditors, despite a winding-up petition being presented to the Glasgow Sheriff Court in January 2015.
Despite knowing this, the directors made net payments of at least £155,310.45 to the benefit of connected parties and further offset liabilities due to the company from the directors and connected companies of at least £457,395.72 against unverified charges to the detriment of creditors as liabilities increased by at least £359,097.33.
Rob Clarke, head of insolvent investigations north, part of the Insolvency Service, said: “This was a cynical attempt by the directors, in the clear knowledge that their company was insolvent, to extract money that should have been paid to other creditors.
“The Insolvency Service will take robust action against this sort of misconduct which is a clear abuse of limited liability.”