Two directors of a Lancaster animal husbandry and livestock business have been disqualified from acting as company directors for six years.
An investgation found that Nathan Brown and Carole Brown, the directors of C&N Shearing Limited (Shearing), failed to maintain or deliver the company’s accounts.
C&N Shearing Limited, based at Deep Clough, Littledale, Lancaster, entered administration on February 12 2015 with assets of £32,243 and liabilities of £751,727.
The investigation found it was not possible to determine Shearing’s income and expenditure during its final trading period or establish that all money paid out was for the benefit of the company.
It was also not possible to determine what stock belonged to the company, what book debts were due to the company, verify what happened to assets valued at £123,440 in the 2013 annual accounts or verify how much was owed to creditors.
Carole Brown, 48, from Carnforth, was disqualified effective from December 27 2016. This means she cannot promote, manage or be a director of a limited company until 2022.
Nathan Brown, 45, of Lancaster, was disqualified effective from January 2 2017. This means he cannot promote, manage or be a director of a limited company until 2023.
Robert Clarke, Head of Insolvent Investigations North at government agency the Insolvency Service, said: “Directors have a duty to ensure that their companies maintain proper accounting records, and, following insolvency, deliver them to the office-holder in the interests of fairness and transparency.”
Without specific permission of a court, a person with a disqualification cannot act as a director of a company, take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership, or be a receiver of a company’s property.
The Insolvency Service, an executive agency sponsored by the Department for Business, Energy and Industrial Strategy (BEIS), administers the insolvency regime, and aims to deliver and promote a range of investigation and enforcement activities to support fair and open markets.