Former Marshall Barry
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(Lincoln) director disqualified
christapher.wattaniarbi.co.uk F1DA HUSSAIN, a former director of failed operator Marshall Barry (Lincoln), which was liquidated on 19 February 2008. has been disqualified from holding a directorship for seven years by the Insolvency Service.
Misconduct details, published by the Insolvency Service. show Hussain failed to ensure Marshall Barry (Lincoln) maintained adequate accounting records.
Hussain was also unable to sufficiently explain to its liquidator Jones Lowndes Dwyer several transactions carried out between November 2007 and its eventual liquidation in 2008. It closed with a deficiency of £1.55m.
The Insolvency Service said it was not possible to determine it' sales totalling
I:466,550 with three companies. conducted by the firm in December 2007 were "authentic in nature" or whether the price paid reflected the commercial rate at the time.
Similarly. it questioned the nature of purchases from two businesses made in November 2007, of £30,000 and £105,000 respectively (which subsequently received part payments).
Its primary concern was what the nature and whereabouts of the goods were.
Finally, the Insolvency Service queried the firm's asset losses.
According to the statement of affairs, Marshall Barry (Lincoln) had debts totalling some £2.3m, including £158,277 to Interfreight Logistics, £17317 to Mammoet (UK) and £65,278 to JIM Revenue & Customs, which sat on the liquidator's committee.
firm's 0-licence for 25 vehicles and 21 trailers was finally surrendered on 31 March this year.
Marshall Barry (Lincoln) was initially bought out by Citywide Trading in 2007 in a deal set up and funded by Boston Commercial Finance. Hussain and co-director Nasir Abbas took control in April 2007 In January 2008, Alford Traffic Services (2003) Ltd acquired the rights to the business of Marshall Barry (Lincoln) and now operates it as a separate division under the trading name of Marshall Barry.