Blackburn boss banned from being a director

Blackburn Citizen: Blackburn boss banned from being a director Blackburn boss banned from being a director

THE director of a former vehicle recovery business was disqualified from being a company director after an investigation.

Timothy Patrick Lynch, 53, was banned from running a company for eight years for failing to keep proper books and records.

An investigation by the Insolvency Service also found Mr Lynch, who was a director at TJ Recovery Limited, in Greenbank Road, Blackburn, failed to satisfactorily account for the company’s financial dealings.

Robert Clarke, head of Insolvent Investigations North, said: “Directors of limited companies have a clear, statutory obligat-ion to make sure they maintain full and accur-ate records. Without these it is impossible to verify what has happened to company funds, account for its assets, or establish whether directors have act- ed properly.

“Directors cannot hide behind accounting fail-ures to cover up their act-ions, and the Insolvency Service will take robust action against those who fail to maintain the stan-dards required.”

The investigation found that, although the com-pany’s accounts showed turnover of about £36,000, funds totalling £254,000 had passed through its bank account, with about £83,000 of that expend-iture being unexplained.

Mr Lynch also could not explain how assets, with a value of almost £100,000, came to be tran-sferred to his wife, and then sold by her for £85,000.

It was also established that, although wages of more than £400,000 had been paid out, the comp-any made no PAYE tax payments in 2010 to 2012, and could not account for VAT.

TJ Recovery Limited traded as a breakdown recovery firm and went into liquidation on April 5, 2012, with outstanding debts estimated at £109,485.

Comments (3)

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8:45pm Mon 10 Mar 14

ste.g says...

Robert Clarke, head of Insolvent Investigations North, said: “Directors of limited companies have a clear, statutory obligat-ion to make sure they maintain full and accur-ate records. Without these it is impossible to verify what has happened to company funds, account for its assets, or establish whether directors have act- ed properly.

wish the would hold the EU to account like this
Robert Clarke, head of Insolvent Investigations North, said: “Directors of limited companies have a clear, statutory obligat-ion to make sure they maintain full and accur-ate records. Without these it is impossible to verify what has happened to company funds, account for its assets, or establish whether directors have act- ed properly. wish the would hold the EU to account like this ste.g
  • Score: 1

7:29am Tue 11 Mar 14

BuckoTheMoose says...

ste.g wrote:
Robert Clarke, head of Insolvent Investigations North, said: “Directors of limited companies have a clear, statutory obligat-ion to make sure they maintain full and accur-ate records. Without these it is impossible to verify what has happened to company funds, account for its assets, or establish whether directors have act- ed properly.

wish the would hold the EU to account like this
"wish the would hold the EU to account like this"
[quote][p][bold]ste.g[/bold] wrote: Robert Clarke, head of Insolvent Investigations North, said: “Directors of limited companies have a clear, statutory obligat-ion to make sure they maintain full and accur-ate records. Without these it is impossible to verify what has happened to company funds, account for its assets, or establish whether directors have act- ed properly. wish the would hold the EU to account like this[/p][/quote]"wish the would hold the EU to account like this" BuckoTheMoose
  • Score: 1

10:14am Tue 11 Mar 14

steve18gls says...

How long does he get jailed for exactly as he has commited fraud hasn't he ??
How long does he get jailed for exactly as he has commited fraud hasn't he ?? steve18gls
  • Score: 0

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