The directors behind Avacade have each received six-year directorship disqualifications after the Insolvency Service found they had paid themselves 1.4m during a tax investigation.
Craig Lummis and his son, Lee Lummis,were banned by Judge Halliwell in Manchesters High Court on August 27, due to the fact they repaid themselves 1.37m despite their company being under investigation by the tax authorities and slipping into insolvency.
Avacade entered into liquidation back in November 2015, but had ceased trading onAugust 1, 2014 when it was clear that it was, or soon would be, insolvent, according to the court.
Investigatorsdiscovered that between August 2014 and May 2015, Avacade collected commissions worth more than 1.6m.
Of this th…
Read the full article at: https://www.ftadviser.com/pensions/2021/09/23/avacade-directors-banned-after-pocketing-1-4m-ahead-of-insolvency/
