Construction boss gets 5-year disqualification for mishandling company funds
Mark Hulbert, the director of Hulbert Homes Limited (Hulbert) a company incorporated to provide general construction services, has been disqualified from acting as a director for 5 years for causing the company to make payments to the detriment of specific creditors.
The disqualification follows an investigation by the Insolvency Service’s Investigations Team in London.
Mr Hulbert has given an undertaking to the Secretary of State for Business, Innovation and Skills that he will not act as a director of a limited company for five years from 9 July 2015.
Hulbert went into administration in April 2012 owing £1,098,091 to its unsecured creditors with no unsecured assets available.
The Insolvency Service investigation found that between 23 June 2011 and April 2012 Mr Hulbert made several payments totalling £42,664 to his own benefit, including £20,000 in respect of private school fees, £17,734 to an auction house and £4,930 to a former girlfriend.
Prior to 23 June 2011, two trade creditors had obtained County Court Judgements against the company and on 30 June 2011, the company was advised by its accountants that it was insolvent. Despite this, Mr Hulbert made the aforementioned payments whilst allowing a further nine judgement creditors, totalling £74,364, to go unpaid.
Commenting on the disqualifications, Mark Bruce, a Chief Investigator at The Insolvency Service said:
The director in Hulbert failed to act in the best interests of the company and its creditors. The Insolvency Service will always look to remove from the business community those directors who act below the standards that should be expected of them given the circumstances of their company’s trading.
Notes to Editors
Hulbert Homes Limited (CRO No. 06346736) was incorporated on 17 August 2007 and went into administration on 23 April 2012. Its registered office was at 12 Chestnut Avenue, Wokingham, Berkshire, RG41 3HX.
Mark Hulbert, 52, gave an undertaking on 16 June 2015 to the Secretary of State not to be a director for 5 years. The disqualification commences on 9 July 2015.
Mark Hulbert is of Windsor and his Month of birth is May 1963.
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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Published: 16 July 2015
From: The Insolvency Service