The Insolvency Service has issued a six-year ban for Hagit and Gary Fieldman who ran a double glazing firm and spent £2.4m before the company fell into liquidation.
The couple were directors of First For Windows Lt which traded as Dalmatian Windows and provided the manufacture and installation of double glazing, doors and conservatories.
In 2017, however, the directors were unable to meet their tax obligations and a petition to wind up the company was presented by the tax authorities in June 2019.
Following an investigation, it was found that £2.4m had been spent from the company bank accounts. The liquidator, however, was not able to “verify any of the payments or estimates” because both directors had failed to “preserve or deliver up” adequate accounting records.
Further enquiries also uncovered that the Fieldmans had failed to file accounts for First For Windows Ltd since after 2017 and the lack of records meant that the trading of the company and various payments “could not be determined”.
On 28 April 2021, the Secretary of State accepted disqualification undertakings from the directors.
Both bans will last for six years meaning they cannot, “directly or indirectly”, become involved, without the permission of the court, in the “promotion, formation or management” of a company.
Rob Clarke, chief investigator at the Insolvency Service, said: “Hagit Fieldman and Gary Fieldman traded this company successfully for a number of years and so should have known what was expected of them as directors.
“Directors must meet their obligations, including keeping accounting records throughout the life of their companies, and we will take action against those who do not do so.”