A businessman from Stirling has been banned for nine years for abusing a company’s assets by transferring them to help clear debts, after the company was wound up for non-payment of taxes
Euan Snowie was the sole director of Ochil Services Ltd which was incorporated in June 2008. The company was involved in haulage, transportation and vehicle repair but was wound up in March 2016 due to unpaid taxes.
Despite knowing that Ochil Services was in liquidation, on 27 March 2016 Snowie transferred just over £161,000 worth of assets to Euan Snowie Farms to help reduce outstanding debts it owed to the partnership.
Following an investigation by the Insolvency Service, the Secretary of State obtained an order against Snowie on 30 November 2018 for transferring assets to an associated party to reduce an outstanding debt after the company had entered liquidation. He has now been banned for nine years.
Rob Clarke, chief investigator for the Insolvency Service, said: ‘Euan Snowie is a well-known local businessman and our investigations showed that he put his own personal financial interests above his creditors, which substantially damages business confidence and the health of the local economy.
‘Nine years is a significant ban and this should serve as a warning to other directors that you will be investigated and could lose the privilege of limited liability trading if you are found to neglect your duty to your creditors.’
Report by Pat Sweet