A Preston businessman ran a multi-million pound business while failing to keep any proper records if what money was coming and going.
Raymond Peter Woods has been banned from running any other firms as a result of his failure to provide accounting records when the firm was liquidated with £1.4m debts. His company, See Rail HR Solutions was involved in construction, manufacturing and waste collection, but collapsed into liquidation last year.
At that point, Mr Woods should have handed over accounting records for previous years but could not provide them from October 2018 onwards. This meant, he could not explain income of almost £8.5million between January 2019 and May 2019. He could also not explain payments of a similar account which were made by the company in the same period.
Mr Woods, of Tulketh Brow in Ashton-on-Ribble, was investigated by the Insolvency Service and has now been given an eight year ban from serving as a director on any other business.