The director of a contractor company has been disqualified from acting as a director for seven years after failing to account for company money…

Victor Ronald Bilkey, 51, of Benfleet, Essex, was the director of Relay Carpets UK Limited ((Company number 07410184) when an investigation by the Insolvency Service was carried out.

Relay Carpets UK Limited traded as flooring contractors before becoming insolvent in November 2013 owing money to HMRC.

The Insolvency Service found that without proper accounting records for the company, it was not possible to establish the reason for payments out of the company bank account, including cash withdrawals of £538,078.

Also unaccounted for was the true level of assets and liabilities of the company as well as international payments of £25,000 and payments of £170,628 which appeared to be for personal benefit or to associated parties.

Mark Bruce, Chief Investigator of the Insolvency Service, stated: “The period of disqualification contained in the undertaking signed by Mr Bilkey sends a clear message to him and to other company directors.”

“If your company becomes insolvent and you have failed to maintain proper records that explain sufficient all the transactions of the business you run the risk of being removed from the business environment.”