Ice cream company director frozen out for accounting records failure

The director of a Manchester-based ice cream company has been handed a lengthy ban for failing to maintain proper records which may have led to a number of creditors losing out on cash they were owed.

Robert Scappaticci, who acted as a director of Gerards Ice Cream Co Ltd, has been disqualified for six years and six months for failing to ensure that the company maintained or preserved adequate accounting records.

The company, which also included fast food outlets, went into voluntary liquidation in September 2014 with an estimated deficiency of £373,839.

However, six months prior to liquidation, the ownership of a chip shop was transferred to a third party. Without adequate accounting records it was not possible to verify the terms of sale or the extent to which the chip shop business may have been an asset in the liquidation.

As a result, it is possible that a number of creditors were denied money owed to them, the investigation found.

Robert Clarke, of The Insolvency Service, said: “In this particular case, the director transferred a valuable company asset, without ensuring the company operated in a transparent way by providing sufficient records to explain the transfer. As a result, innocent creditors may have lost out.

“This disqualification should serve as a reminder to other company directors tempted to operate in a similar way, that the Insolvency Service will rigorously pursue enforcement action and seek to remove them from the market place.”

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