Timber supplier disqualified for accounting records failings

The boss of a timber company has been disqualified as a company director for eight years after an Insolvency Service investigation found he had failed to keep proper accounting records or pay the correct amount of tax owed for over five years

Robert Wynne was sole director of Shropshire Treated Timbers Ltd, which was set up in 2007 and went into liquidation at the end of 2011.

The Insolvency Service investigation found that Wynne failed to maintain, preserve and deliver up adequate accounting records and as a result it was not possible to fully account for the company’s income and expenditure, reconcile the asset position and director’s loan account from the last accounts to the date of liquidation or verify liabilities at that date.

Wynne was also found to have failed to ensure the company complied with its statutory obligations to file VAT, Corporations Tax and PAYE returns to HMRC and make the requisite payments from at least April 2009 onwards.

Robert Clarke, head of insolvent investigations North at the Insolvency Service, said: ‘Directors have a duty to make sure that their companies maintain proper accounting records, and, following insolvency, deliver them to the Insolvency Practitioner, in the interests of fairness and transparency.

‘Without a full account of transactions it is impossible to determine whether a director has discharged his duties properly, or is using a lack of documentation as a cloak for impropriety.’

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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