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Waste company director disqualified for poor bookkeeping

Paul Cosgrove, a director of TBP & Son, has been disqualified for failing to ensure the company maintained its books and records as it went into liquidation.

The Leicester-based company was wound up on 13 February 2015 owing £1,744,396 to creditors, £1,058,168 of which was to trade and expense creditors and £686,128 to HM Revenue & Customs.

Action against Cosgrove was taken by the Department for Business, Energy & Industrial Strategy’s Insolvency Service.

It was determined that Cosgrove’s conduct was “unfit” as he failed to maintain, preserve or deliver up the books and records of the company.

He could not determine the reason for company expenditure totalling £4.2m or determine the true level of VAT owed to HMRC – which was later calculated by officials as being £624,485.

He could also not explain what happened to assets totalling £5.2m, including scrap metal worth more than £2.8m and plastic and paper recycling worth more than £2.4m.

The disqualification order, which came into effect on 24 October, prevents Cosgrove from becoming directly or indirectly involved in the promotion, formation or management of a company for eight years.

Martin Gitner, deputy head of investigations with the Insolvency Service, said: “Failure to deliver up the books and records of a company to the liquidator which results in a loss to creditors and the public purse will be rigorously investigated by the Insolvency Service in liaison with HMRC.

“Even where the director chooses not to engage with the investigation process, disqualification as a director is the likely outcome of such activity.”

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