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Paul William Sharpley, a director of Property 360 Limited in Suffolk ,has been disqualified from acting as a company director or from managing or in any way controlling a company for seven years after an investigation by The Insolvency Service’s Company Investigations Team in Manchester.

Following the investigation, Mr Sharpley, whose company provided Home Information Packs and marketing services to estate agents, did not dispute that he failed to ensure the company maintained, preserved or delivered up adequate accounting records.

The company operated through Mr Sharpley’s personal and other bank accounts, and as a result it has not been possible to:-

· establish the financial position, income and expenditure or the use of company funds at any point during its trading and why the computerised bank report showed £76,098 as being in the bank at 2 March 2010 when in fact the balance was £22.

· verify how much the company owed HM Revenue & Customs (HMRC) at Liquidation in unpaid VAT liabilities.

Mr Sharpley also did not dispute that he failed to ensure the company complied with its statutory obligations to file VAT and PAYE returns to HMRC and to pay VAT and PAYE, with at least £59,716 owing at the date of liquidation).

Claire Entwistle, Director of Company Investigations North, said: -

“Failure to adhere to the basic requirements of business practice by keeping full records, ensuring company funds can be clearly accounted for and properly complying with taxation liabilities will be severely dealt with by The Insolvency Service. The protection afforded by limited liability is based on company directors meeting their duties and obligations and if they fail to do so, this protection will be withdrawn.”

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Notes to Editors

1. The company entered Creditors Voluntary Liquidation on 22 March 2010. 2. The Insolvency Service administers the insolvency regime investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice. Further information about the work of The Insolvency Service is available from www.bis.gov.uk/insolvency 3. Media enquiries should be directed to: Kathryn Montague, Media Relations Manager, Telephone 020 7674 6910 or Ade Daramy, Press Officer on 020 7596 6187 Ins12/Coms/018

Contacts:

Ade Daramy
Phone: 020 7596 6187
ade.daramy@insolvency.gsi.gov.uk