GLOBAL ENGINEERING (BRAINTREE) LTD

Paul McCarthy

March 1962

Disqualified from being a director because of their conduct for the period of

6 Years 0 Month(s)

Disqualification starts from

23 July 2025

Improper conduct which resulted in their disqualification

Mr McCarthy failed to ensure that Global maintained and/or preserved adequate records and has failed to deliver up sufficient accounting records to explain Global's financial affairs. In that: • The Liquidator has confirmed that no books and records have been delivered up to them. • Mr McCarthy has failed to respond when requested to provide details of the location of the books and records. • Filled accounts for the year ending 31 December 2020 showed the sum of £393,395 as being due to Global by Mr McCarthy in relation to his overdrawn loan account (“DLA”). The accounts for the year ending 31 December 2021 that were signed off on 09 December 2022 show that the DLA was repaid by the declaring of a dividend in the sum of £395,000. • Following the declaration of the dividend, Shareholders funds was reduced to £975. • It is not known if the declaration of the dividend took place at a time when the Company was trading with knowledge of insolvency. • Bank statements from 01 January 2022 to 13 April 2023 show receipt of credits in the sum of £2,422,049. • As a result of no books and records being delivered up to the liquidator it has not been possible to determine the following: • Why £480,772 was paid to five credit card companies not in the name of the Company; • If payments totalling £1,778,645 were all business related; • The age of the books debts of £135,374 that remained unpaid at liquidation; • If payments were made to personal credit card companies were in preference to trade creditors, which at liquidation amounted to £229,328; • Why between 01 January 2020 and 15 April 2024, payments were made to bank with the narrative ‘P&F Global Engineering’ totalling £391,013; • If the payment of a dividend of £395,000 to Mr McCarthy was made at a time when the Company was insolvent; • Establish that all income received constitutes the full amounts due for any activities undertaken by the company; • Establish the full and true amounts due to or from HMRC in relation to all taxations due; • Confirm that all assets, including book debts, loans or other non-physical assets have been disclosed, delivered up and/or full and fair value obtained during any pre-liquidation activity; • Confirm that the full and true amount due from the company to all creditors is listed; and • Establish the reasons for the company failure