Brothers disqualified from acting as directors
 
Tue, 18th November 2014
 
 

Brothers disqualified from acting as directors

Two brothers who were directors of a Cardiff plant hire business have been banned from running a company for five-and-a-half years each for their non-cooperation with administrators.

Llyr Thomas, 44, and Bedwyr Thomas, 42, who managed Ascus Concrete Pumping Ltd, failed to supply company records to the administrator handling the insolvency.

The disqualifications follow an investigation by the Insolvency Service and prevent the brothers from directly or indirectly becoming involved in the "promotion, formation or management" of a company for the duration of the term.

In giving their undertakings, the pair did not dispute that their failure to cooperate with the administrator had made it "impossible" to trace the movement of assets, including equipment valued at £1.8m.

David Brooks, group leader at the Insolvency Service, said: "Directors of an insolvent company have a duty to co-operate with company administrators. In this instance, company assets of a very material value could not be accounted for.

"These disqualifications show, in no uncertain terms, the likely sanctions for preventing a lawful investigation by an administrator into disposal of assets."

The brothers' ban follows that of their mother, Gwenlais Yvonne Thomas, effective from 17 March 2014 for a period of six-and-a-half years for causing associated company Ascus Plant Ltd to dispose of a valuable asset which was subject to finance and cause further assets to be transferred to connected parties for no consideration.

Ascus Plant Ltd followed Ascus Concrete Pumping Ltd into administration on 13 July 2010.

 
 
category Wales  |  source Insider Media