The businessman was handed a seven year ban for his conduct
A West Lancs businessman transferred away more than £1.1m of his company's money after it stopped trading - only for it to go bust with debts of a very similar amount.
According to the government agency, the firm was liquidated with no assets and owing more than £1.1m to credits, a figure which included £129k which was owed to HMRC. It found that that Mayrite had stopped trading on December 21, 2020, a decision which O'Connell said was influenced by its bankers deciding to close its company bank account.When the bank account was closed on January 6, 2021, the £1.136m held in there was moved to O'Connell's personal bank account.
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