His disqualification from acting as a company director or from managing or in any way controlling a company , with effect from 5 April 2011, follows an investigation by The Insolvency Service that was heard at Bedford County Court.
The investigation found that Mr Gaffney failed to comply with his statutory duty as a director to ensure that all the companies kept adequate financial records. He was therefore unable to explain to the Official Receiver how the companies between them disposed of £1.4m between 2004 and 2008.
As a consequence of his failure to keep adequate financial records and for failing to properly account for monies that went out of the companies’ accounts Mr Gaffney, 38, of Beeston, Beds was banned from the world of business for his involvement in the failure of three Sandy Bedfordshire-based companies (First Active Maintenance Ltd, Redstar Maintenance Heating Ltd and Arena Maintenance Ltd). Each company offered emergency call-out services for gas, electrical, plumbing works; and another company (Sandy Conservatory Village Ltd) that supplied and installed conservatories.
The companies were wound up in 2007 and 2008 with total debts of nearly £1.3m, including more than £1m owed to HM Revenue & Excise.
The investigation also found that Mr Gaffney failed to ensure that one of the companies, Sandy Conservatory Village Ltd provided services for which customers had paid at least £35,000; and had allowed First Active Maintenance Ltd to use false documentation to delay winding-up proceedings thereby enabling successive companies to trade.
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