Director of liquidated nursery company disqualified

A NURSERY director has been banned for eight years for misappropriating the company’s cash.

Tahmina Hamed, director at Idris Nurseries Ltd, allegedly misappropriated more than £41,274 from the company.

She did this prior to the company’s liquidation, which, at the time, were subject to a charge in favour of the company’s bankers.

Mrs Hamed was investigated by the Insolvency Service and found that in the six weeks leading up to the company’s Creditors’ Voluntary Liquidation, Mrs Hamed made nine payments to eight individuals totalling £36,274.39.

She also made one cash withdrawal of £5,000 from the net proceeds from the sale of the company’s day nursery business in February 2015.

After transferring the funds, Mrs Hamed then placed Idris into Creditors’ Voluntary Liquidation on 7 April 2015 with debts of £151,840 and no assets available for creditors.

From 1 November 2016 Mrs Hamed, has been banned from directly or indirectly becoming involved in the promotion, formation or management of a company for eight years.

Robert Clarke, Investigations Group Leader at the Insolvency Service said: “Fair treatment of creditors is essential for business confidence which is, in turn, essential for economic growth.

“The undertaking signed by Tahmina Hamed sends a clear message to other company directors that the Insolvency Service will rigorously pursue those who deliberately seek to place funds out of the reach of creditors. The result is they will not be able to carry on in business with the protection of limited liability.”