News
18 Jun 2014 11:50am

ICAEW member ran up debts of £0.75m

Manchester-based ICAEW member Andrew Campbell has been banned from acting as a company director for three years after his accountancy practice ran up huge debts

He has been given an undertaking that will see him barred from managing or controlling a company until June 2017.

Campbell Woolley was forced to call in the administrators in December 2010 after just four years of trading, with debts of £772,656 and assets of just £29,624.

An investigation later revealed that the firm had not paid either VAT due or tax owed on wages and salaries over a period of 18 months before it collapsed. According to Insolvency Service estimates, total tax debts the firm owed were £370,000 and there was another £193,000 owed by a service company that had previously employed the practice staff.

Robert Clarke, head of Insolvency Investigations North, welcomed the ban. “Campbell’s undertaking sends a clear message to company directors, the business community and the public: if you run a company ignoring the interests of creditors and tax rules, you will be in our sights and we will investigate you," he said.

“Companies and limited liability partnerships have limited liability, which is a privilege, not a right. If directors operate outside the legal rules, the privilege will be withdrawn.”

Julia Irvine

 

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