Directors in debt disqualification

5:08pm Thursday 11th October 2001

TWO directors of a business that failed with debts of more than 380,000 have given disqualification undertakings not to hold further directorships or take any part in company management for two years.

The case against David Gregory, of Victoria Road, Marlow, and Scott Hanney, of Markham Court, Camberley, was handled under new provisions of the Insolvency Act.

Mr Gregory and Mr Hanney were directors of Victory (Wheels) Ltd, The Quorum, Oxford Business Centre which sold aluminium vehicle wheels. The company went into liquidation in January 2000 with no assets and liabilities of 380,567.

Matters of unfit conduct by Mr Gregory and Mr Hanney were:

Caused or permitted Victory Wheels to pay 'undue remuneration and benefits' to themselves totalling 254,242 knowing of the company's poor financial position

Caused or permitted the company to pay 19,154 to three motor vehicle finance companies to the detriment of other creditors and to their own advantage as they had provided personal guarantees as part of the finance agreement

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