With no evidence to prove if a BBL was used for the good of a business or not, the Company Director named in the following case has been given a 6 year ban.
Mr Gilbert Williams (“Mr Williams”) failed to ensure that Green Tribe Holistic Nutrition Limited (“Green”) maintained or preserved adequate accounting records from 01 January 2020 to 09 July 2021 or in the alternative failed to deliver up such records as were maintained and/or preserved to the Liquidator.
As a consequence, it has not been possible to determine the following:
The nature of Green’s trading and its methods of operation.
On 19 August 2020, £45,000 of the £50,000 BBL credited to Green’s bank account on 13 August 2020 was transferred to a bank account in Mr Williams’ name at another bank.
Between 07 October 2020 and 29 December 2020, £16,867 of the £45,000 transferred to a bank account in Mr William’s name at another bank was paid back into Green’s bank account from the account in Mr William’s name which left £28,133 unexplained & unevidenced if it was utilised for the economic benefit of the business as per BBL loan terms and conditions.
Between 08 January 2020 to 31 December 2020 the bank statements showed £72,729 was paid in and £70,215 was paid out.
Without any of company’s accounting records and/or documents it is unclear if any of the receipts and payments shown were for legitimate company transactions.
The statement of affairs filed in the liquidation showed there was no assets and liabilities of £52,250 of which £50,000 was owed in respect of the BBL loan owed to the bank.
