MR STEPHEN MCBENNETT

Disqualified from

2020-06-11

Date of birth on record

April 1957

Between 25 July 2017 and 27 September 2018 Stephen Mc Bennett (“Mr Mc Bennett”) breached his fiduciary duty to Total Surveys Limited (“Total Surveys”) by increasing the overdrawn balance on his Director’s Loan Account (“DLA”) by at least £70,100, to the detriment of HMRC and creditors in the Liquidation in that: • According to professionally prepared and signed accounts for the year ended 31 October 2017 Total Surveys had a balance on its profit and loss account of £2,916 and total net liabilities on its balance sheet of (£5,522). As at 31 October 2017, Mr Mc Bennett’s DLA had an overdrawn balance of £162,385. Mr Mc Bennett’s DLA had increased from £27,393 as at 31 October 2014; to £99,092 as at 31 October 2015; and to £139,259 as at 31 October 2016. • Total Surveys’ accountants advised Mr Mc Bennett of the need for repayment of the DLA by letter dated 25 July 2017, following the completion of the 2016 accounts. Total Surveys’ accountants advised Mr Mc Bennett of their concerns that the company would be insolvent if recoverability of the DLA was in doubt. Following this advice, Mr Mc Bennett made payments totalling £470 into Total Surveys’ bank account. • From 1 November 2017 to 27 September 2018, there were net withdrawals totalling £70,101 in respect of Mr Mc Bennett’s DLA, resulting in an overdrawn balance of £232,486 at liquidation. From 1 November 2017 payments totalling £174,094 were paid out of Total Surveys’ bank account, of this sum: £70,570 was paid to Mr Mc Bennett, £6,000 was paid to HMRC; £51,521 was paid to trade creditors, £35,423 was paid to employees, £8,750 was paid to a loan creditor and £1,830 was withdrawn in cash. • At liquidation, Total Surveys had total liabilities of £232,958 of which: £46,465 was owed to employees; £1,620 was owed to trade and expense creditors; and the sum of £184,873 was owed to HMRC in respect of PAYE & VAT and Corporation Tax.