A bankrupt Indian-origin director of a women’s clothing company in the East Midlands city of Leicester has been banned for six years for failing to pay a $ 98,000 tax bill, Britain’s insolvent officials said on Wednesday.
Surinder Singh, 62, was a director of a company that was forced to liquidate in July 2019 after he stopped trading and failed to pay the accumulated tax bill since April 2018.
The official recipient, who inquired about Singh’s conduct as a director, found that the company had failed to ensure that it had account records. From November 2017 to March 2019 he withdrew $ 180,000, but could not explain the reasons for the withdrawal.
The Insolvency Service said Singh did not dispute that the company had failed to maintain and / or maintain adequate accounting records and that the company had traded at the expense of tax authorities.
Robert Clark, the service’s chief investigator, said: “Surinder Singh sought to cover up his actions by lack of records and to gain unfair competitive advantage by not paying taxes.”
“Directors have a clear duty to ensure that they maintain complete and accurate records for their business, and as this case shows, we will take strong action against those who fail to maintain these required standards.”