Mr Bhatti, 40, was the director of North West Concrete Limited which went into liquidation on 29 February 2012 with estimated debts of almost £300,000.
Following an investigation by the Insolvency Service, he has been compelled to give an undertaking that he will not act as a company director, manage or in any way control a limited company until April 2022.
The investigation found that Mr Bhatti has failed to maintain and/or preserve adequate accounting records for the company, and to hand over adequate records to the liquidator as he was required to do. The absence of proper accounting records has meant that it has not been possible to verify the financial dealings of the company and in particular, to account for more than £150,000 withdrawn in cash and more than £400,000 transferred to Mr Bhatti’s personal account.
Insolvency Service northern investigations leader Robert Clarke said: “Directors have a clear, statutory duty to ensure that their companies maintain proper accounting records, and, following insolvency, deliver them to the office-holder in the interests of fairness and transparency.
“Without a full account of transactions it is impossible to determine whether a director has discharged his duties properly, or is using a lack of documentation as a cloak for impropriety. Mr Bhatti has paid the price for failing to do that, as he cannot now carry on in business for the duration of his ban other than at his own risk.”
Got a story? Email news@theconstructionindex.co.uk
