Get involved! Send your photos, video, news & views by texting BA NEWS to 80360 or e-mail us
Businessman handed five year ban after paying himself £500,000
12:50pm Thursday 28th February 2013 in News
A DROITWICH businessman has been banned from being a company director for five years after repaying himself £500,000 shortly before his firm went into liquidation.
Roger Dyson, director of Roger Dyson (U.K.) Limited, which was involved in the construction of recovery vehicles, appeared at the High Court in Birmingham following an investigation by the Insolvency Service.
The disqualification means Mr Dyson, aged 62, of Earls Common, Droitwich, cannot act as a director, control or manage a company until 2018.
The court was told that in July 2008 he made an unsecured loan to the company of £500,000.
On December 1, 2008, he repaid himself ahead of other creditors, thereby increasing the company’s overdraft to nearly £1 million.
Roger Dyson (UK) Limited, of Berry Hill, Droitwich, ceased to trade in January 2009 and went into voluntary liquidation the following month with losses of more than £1.3 million.
Robert Clarke, head of company investigations in Birmingham, said: “Directors who put themselves ahead of other creditors when it’s clear their company is about to fail, show total disregard for suppliers and the business community generally.
"The disqualification order made in this case sends a clear message to other company directors that if they run a business in a way that is detrimental to either its customers or its creditors, they will be investigated by the Insolvency Service and removed from the business environment for a long time.”
Comments are closed on this article.