Two directors of an Oxford company which failed with debts of over £380,000 have agreed not to take any part in management for two years.
Scott Hanney, of Markham Court, Camberley, Surrey, and David Gregory, of Victoria Road, Marlow, Buckinghamshire, were dealt with under new provisions of the Insolvency Act, which allow for the disqualification of directors without involving the courts.
The two were directors of Victory (Wheels) Ltd, based at The Quorum, Oxford Business Park, Cowley, which went into liquidation in January 2000 with no assets and liabilities of £380,567. Hanney and Gregory admitted that:
**Knowing the company's poor financial position, they caused or permitted Victory Wheels to pay "undue remuneration and benefits" to themselves totalling £254,242.
**They allowed the company to pay £19,154 to three motor vehicle finance companies to the detriment of creditors and to their own advantage, as they had provided personal guarantees as part of the finance agreement.
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