Bridgend-based director gets 7 year disqualification for using money that could have gone to company creditors
Phillip Keith Hearne has been disqualified as a company for disposing of assets to the disadvantage of company creditors, while a director of PKH Salvage Solutions Ltd.
Mr Hearne’s disqualification follows an investigation by the Insolvency Service into PKH Salvage Solutions Ltd, a soft stripping and demolition business trading from Bridgend.
Mr Hearne (54) of Bridgend gave a 7 year Directors Disqualification Undertaking on 23 July 2015 to the Secretary of State for Business, Innovation & Skills, for 7 years, which means he cannot manage or control a company for the duration of his ban.
The Insolvency Service investigation found that between 15 November 2013 and 23 December 2013, Mr Hearne entered into transactions totalling £71,000, to the detriment of PKH Salvage Solutions Ltd’s creditors and to his personal benefit.
Sue MacLeod, Chief Investigator of the Insolvency Service, commented:
In investigating insolvent companies, the Insolvency Service always looks very closely at individuals who demonstrate a disregard for creditors and takes appropriate action where wrongdoing is uncovered.
Notes to Editors
PKH Salvage Solution Ltd (CRO No. 07584933) was incorporated on 30 March 2011.
Phillip Keith Hearne’s date of birth is 31st August 1961.
The company’s trading addresses was: 61 Bakers Way, Bryncethin, Bridgend CF32 9PX A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot:
- act as a director of a company
- take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership
- be a receiver of a company’s property
In addition that person cannot act as an insolvency practitioner and there are many other restrictions are placed on disqualified directors by other regulations. Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings. Further information on director disqualifications and restrictions is available.
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. It may also use powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK. In addition, the agency 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, and how to complain about financial misconduct, is available
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The Insolvency Service
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Published: 25 September 2015
From: The Insolvency Service