A COMPANY director has been banned until July 2018 after his conduct once the business was insolvent.
Christopher Lister, of Halifax-based GMS Stone Supplies, transferred stock worth £268,762 to a connected company on January 28, 2013 – less than one month before GMS was liquidated.
This transfer reduced the debt owed by about 80%, leaving £66,000 outstanding.
However at the time of the transfer, 20 creditors who were not connected were owed £147,504 – which had increased to £159,519 by the time liquidators were appointed. During those four weeks, one company received a payment of £416.
Peter Sargent and Julian Pitts of Begbies Traynor were appointed as liquidators in February 2013. They were able to sell GMS’s remaining stock – which has been given a book value by Mr Lister of £15,000 – for £500.
Mr Lister was disqualified for three years and six months after an investigation by the Insolvency Service.
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