A DIRECTOR of a management and executive recruitment consultancy business which failed with debts estimated at almost £250,000 has given an undertaking not to hold directorships or take part in company management for five years.
The case against David Jefferies of Spinners Walk, Marlow, was dealt with under the new provisions of the Insolvency Act, which allows for disqualification without involving the courts.
His undertaking, accepted by the Secretary of State for Trade and Industry on February 1, 2002 to refrain from acting as a director, arose from the failure of D J Associates, of Moyleen Rise, Marlow, who went into liquidation on February 7, 2001. Mr Jefferies did not dispute that:
He allowed D J Associates to provide him with excessive amounts of financial benefits and dividends causing the company to trade to the detriment of the Inland Revenue
As early as May 1995 the initial turnover generated by the company was being used to help reduce his personal tax liabilities rather than the company's.
The Insolvency Service is an executive agency of the Department of Trade & Industry.
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