Preston accountant gets seven-year director ban

A PRESTON accountant has been disqualified as a director for seven years following an investigation by the Insolvency Service.

Gary Cottam has given an undertaking not to promote, manage or be a director of a company until 2019.

The 51-year-old was the sole director of Gary Cottam Associates which went into administration in January 2011 with debts of around £94,000.

The Insolvency Service said Mr Cottam failed to maintain adequate accounting records and also made personal payments from the business totalling £76,000 – including to a private school.

He also failed to submit returns and payments on time. He had not filed a VAT return since 2006 or submitted PAYE and national insurance contributions since May 2008.

Between December 2009 to January 2011 he paid himself £78,495 while failing to make full payment to HM Revenue & Customs.

Claire Entwistle, director of Company Investigations North, said: “Professionals who abuse the privilege of limited liability, especially to their own benefit, will be pursued rigorously by The Insolvency Service. This undertaking prevents him carrying on any business except at his own risk.”