Mr Lloyd’s was prosecuted by the Department for Business, Innovation & Skills (BIS) after an investigation by The Insolvency Service.
He was the sole director of Quality Building Developments Ltd, an electrical and heating installation company based in Ilford, Essex. He pleaded guilty to failing to keep books and records, including failure to explain withdrawals of over £1.1m from the company.
Snaresbrook Crown Court heard that Quality Building was wound up on 23 September 2009 on the petition of HM Revenue & Customs (HMRC) with trade and tax debts totalling of £269,612. Mr Lloyd had provided the official receiver with five boxes of books and records but these failed to include:
- Any Construction Industry Scheme records;
- Any details of what wages were paid to subcontractors; and
- Any records at all to cover the three years between March 2004, when the company was incorporated, and April 2007.
BIS deputy chief investigation officer Ian West said: “Company directors should take note that it is a criminal offence to fail to keep adequate accounting records and be in no doubt that the Department of Business will prosecute those that ignore this warning.”
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