The Director of a failed contractor firm has been handed a seven year ban after failing to explain company cash withdrawals amounting to £272,345.

From 20th October this year, Daniel Mark Holloway, 32, of Holloways Contract Services Limited, Romford, Essex, is forbidden from being a Director of a company, or being involved in the management of a company in any way without leave of the court for seven years.

In regards to the liquidated firm, Mr Holloway, did not dispute that the company’s records included certain invoices which did not adequately explain cash withdrawals of £272,345 during the period of 7th October 2011 to 20th December 2011.

Commenting on the disqualification, Mark Bruce, a Chief Investigator with the Insolvency Service said: “The undertaking signed by Mr Holloway sends a clear message to other company directors: If you fail to comply with statutory legislation in that company records are not maintained sufficiently enough to explain all transactions especially cash and you have not taken your responsibilities as a director seriously, the Insolvency Service will investigate you and you could be removed from the business environment.”

From 2004, Holloways Contract Services Limited acted as building contractors in the commercial sector. Then in July 2012, the company went into liquidation with a deficiency in excess of £1 million.

Following the investigation conducted by the Insolvency Service, Mr Holloway has given an undertaking to adhere to the ban to the Secretary of State for Business.