The sole director of GJES London, an electrical contracting company, has received a seven year ban from running companies after failing to explain nearly £1m of expenses from the company bank account.
The Surrey-based firm was incorporated in October 2011, with Marcin Jarnot becoming the sole director on its formation.
After seven years of trading the company entered voluntary liquidation as it was unable to pay its debts, therefore leading to an investigation by the Insolvency Service.
The investigators found that between November 2017 and April 2019 over £952,000 had been paid into the company’s bank account, with £958,000 transferred the other way.
Lawrence Zussman, deputy director at the Insolvency Service, said: “Jarnot’s conduct as a director was unacceptable. Records show that close to £1m was deposited into and paid out from the company bank account.
“Jarnot failed to explain the source of the funds, who payments were made to and whether it was legitimate business spending. He also failed to ensure the company paid its tax obligations.”
Also revealed was that in the 15 months before its insolvency, £810,000 had been paid out of the firm’s bank account and no tax was paid.
As a result the tax authorities have claimed over £255,000 in the liquidation, and Jarnot has been “removed from the business environment” for seven years.