|
|
16 Feb 2011
A BANKRUPT DIRECTOR has been spared jail after his actions were declared detrimental to creditors.
Terence Hutchinson was investigated by an official receiver, a branch of the government body the Insolvency Service, for disposing of assets and failing to pass on the funds to creditors, a breach of insolvency law.
Further reading
On 4 January 2010 Hutchinson, a director of Clean-It-Contracts, was made bankrupt with debts of more than £146,000. Between 20 October 2009 to 4 January 2010 he disposed of £58,540, knowing he would was likely to be made bankrupt. The funds from the sale of those assets, such as his house, should have been passed to creditors.
In court it was announced while Hutchinson awaited judgment on his bankruptcy petitions he spent nearly £22,000 on holidays, and a BMW X5.
He pleaded guilty and agreed his actions were to the detriment of his creditors and sentenced to four months in prison, suspended for 12 months. He must also complete 240 hours of community service.
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment