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The director of a failed brickwork contractor has been banned as a director for eight years after failing to keep proper trading records, depriving his creditors of £1m.
JKS Brickwork in Beaconsfield went into liquidation in 2010 owing more than £1m to suppliers.
The Insolvency Service found that director Thomas Brown traded for 11 months after the latest set of accounts had been submitted, but that there were no trading records from December 2009 to the liquidation.
This meant that the liquidators could verify neither JKS Brickwork’s expenses during this time, nor the amount owed to the brickwork firm by its clients
As a result accountants could not trace cash owed to JKS Brickwork’s creditors and pay its debts.
Mark Bruce, a chief examiner at Company Investigations (South) in London, said: “Bad book-keeping causes clear harm to creditors, damages business confidence and threatens economic growth.”
