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Gary Wright, director of a watch and jewellery wholesaler, has been banned from acting as a director for six years.
The sole registered director of AS Diamonds Limited in Arlington Court, Stevenage, has been disqualified from acting as a company director for six years after failing to provide adequate company records, whilst also treating the HMRC “detrimentally”.
The secretary of state for business, energy and industrial strategy accepted an undertaking from Wright effective from 11 October 2017.
Although Wright provided some accounting records to the liquidator they were said to be inadequate. It was also not possible to verify the purpose of payments to himself of over £160,000, as well as cash withdrawals of £40,000 and the validity of a supplier invoice to the value of £33,000.
Although AS Diamonds charged VAT on its sales invoices, no VAT returns were ever submitted causing HMRC to issue assessments totaling £123,922.
An analysis of the company’s bank account revealed that in excess of £490,000 was paid out, of which nothing was paid to HMRC
Additionally, during the period 11 December to 22 December 2014, £49,967 was transferred to Wright’s personal bank account.
David Brooks, a chief investigator with the Insolvency Service said: “The period of this disqualification contained within the undertaking signed by Gary Wright sends a clear message to other company directors.
“Further, much of the public service is funded by the correct amount of taxes being paid. By not declaring and paying the correct amount of taxes, Gary Wright has ultimately deprived the public services and the public from receiving the services it deserves.
“The Insolvency Service therefore will not hesitate to remove them from the business environment in order to protect the public.”