TOUGH PENALTY FOR ONLINE GAMBLING DIRECTOR
22nd May, 2013 at 03:14:14
Glazing company director with a taste for online gambling banned from directing firms until 2019
Andrew Tate, the sole director of a Leeds, UK glazing company that has since gone into liquidation, has been hit with a tough penalty as a result of his obsession with online gambling; he may not manage or in any way control a company until May 2019 following a disqualification order by the UK Insolvency Service.
Tate admitted delving into the coffers of Tate Windows Limited to meet personal expenses that included a predilection for online gambling, and for failing to keep proper accounting records.
In June 2011 Tate Windows entered liquidation owing creditors £ 100,542. The Insolvency Service investigation found that, between 1 May 2009 and 31 October 2010, Tate had withdrawn money from his company for personal use and made payments from Tate Windows' bank account to gambling websites
, all at a time when Tate Windows was failing to make payments to its outstanding creditors.
This resulted in Tate running up a debt to Tate Windows of at least £ 85,949, which he was unable to repay.
In addition, Tate failed to make available Tate Windows' accounting records for the last eight months of trading which meant investigators could not verify aspects of the company's trading or to establish the company's financial position at liquidation.
Tate has signed a disqualification undertaking agreeing not to manage or in any way control a company until May 2019.
Claire Entwistle, lead investigator of investigation and enforcement services division of The Insolvency Service, said: "The Insolvency Service will rigorously pursue company directors who seek to benefit themselves ahead of their creditors. Fair treatment of creditors is essential for business confidence which is, in turn, essential for economic growth."
Related News Tags: none