Two directors of a Sheffield building business have each been disqualified for eight years for causing the company to factor false invoices totalling £715,000
Michael O’Toole and Mark Rice were the directors of Plast-Tec Plastering Systems Ltd. An Insolvency Service investigation found invoices totalling £760,000 had been factored to Lloyds TSB Commercial Finance. Of these only one, of £45,000, was found to be a true invoice.
Martin Gitner, deputy chief investigator of insolvent investigations, Midlands & West at the Insolvency Service, said: ‘The directors failed to run their business in accordance with the terms set out in its agreement with the invoice discount facility provider.
‘The company obtained money to which it was not entitled by submitting details of sales invoices which did not exist and this caused the provider to incur financial losses.’
