Director banned after Insolvency Investigation

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ADRIAN Antonie Parson, director of Quantum Solutions (Kent) Limited, a payroll company in Grays, has been banned from acting as a director for six years for failing to keep proper accounts, following an investigation by The Insolvency Service.

Mr Parson, 40, has given an undertaking to the Secretary of State for Business, Innovation and Skills that he will not act as a director of a limited company from 24 April 2013 to April 2019.

Quantum Solutions (Kent) Limited went into voluntary liquidation in September 2011. Between 24 November 2010 and 29 September 2011, payments totalling almost £1 million were made from the company’s bank account, of which £45,500 was withdrawn in cash.

The lack of proper accounts meant The Insolvency Service could not verify whether any of these payments were for genuine company expenditure.
Furthermore, there was no paper trail to prove:

the company’s income;
whether all amounts due to the company had been paid in full, whether the company was charging VAT and had incurred a VAT liability,the employment status of the company’s workforce or the terms in which the company traded at a loss and whether it had any prospect of meeting its obligations to HM Revenue & Customs.

Commenting on the disqualifications, Mark Bruce, a Chief Examiner at The Insolvency Service said:

“Company directors are required by the law to maintain sufficient accounting records that show and explain the company’s transactions. This director failed to do either and the volume of unexplained transactions over the company’s trading period was highly suspicious. The Insolvency Service will take action against directors who fail to meet these obligations.”

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