Daniel Teahan was director of Middleton-based DCT Building and Civils Ltd, which went into liquidation on 16 February 2010, with an estimated £506,507 debt.
Mr Teahan has been disqualified for six years for failure to pay taxes following an investigation by The Insolvency Service’s company investigations team in Manchester.
The charges against Mr Teahan stated that he:
failed to ensure that the company maintained or preserved adequate accounting records and it was not possible to verify the company’s VAT and the Construction Industry Scheme tax returns.
could not prove that a £188,100 cash withdrawal was used to pay insurers, nor explain why the company paid £101,990 more than invoiced by a supplier,
used company assets to pay off the company’s £49,220 overdraft thus releasing himself from his personal guarantee to the bank.
Insolvency Service director Claire Entwistle said: “Directors who seek to benefit ahead of creditors in insolvent companies will be pursued by The Insolvency Service. Failure to keep up-to-date records will only aggravate matters as financial transactions cannot be verified. The public should be assured that The Insolvency Service will seek to disqualify the directors of companies that do not pay their taxes.”
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