An Edinburgh construction agency director has been disqualified from directing a company for six years.
Stephen Mason breached legal obligations by failing to maintain adequate accounting records which were requested when suspicions arose after liquidation.
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The 45-year-old directed the short lived company, Angel Contracting Limited, which was a recruitment agency that specialised in providing contractors to companies in the construction industry.
The company went into liquidation in 2019, only two years after incorporation, which is when the Insolvency Practitioner made requests for the company's accounts and records.
The Practitioner needed these accounts to determine the reasoning for the company’s debts and if this was due to misconduct by the director.
Accounts had not been properly kept for Angel Contracting Ltd and nearly £5.5 million from the company’s bank account could not be confirmed as legitimate business spending.
The Secretary of State for Business, Energy and Industrial Strategy approved the disqualification of Stephen Mason for reasons of failing to maintain or preserve adequate accounting records.
This disqualification prevents Mason from directly, or indirectly, becoming involved in the promotion, formation or management of a company, without permission from the court.
Rob Clarke, Chief Investigator at The Insolvency Service said:
"Companies are under a legal duty to account for their income and expenditure and fulfilling that duty is a key component of the role of a director; there is no place in the corporate arena for those who neglect their responsibilities in this area.
“All too often the lack of records to explain transactions is used to cover up other, more serious misconduct and we cannot determine whether that was the case at Angel Contracting, a fact which is reflected in the lengthy ban now in place.”
