A BUSINESSMAN and woman who allowed two furniture companies to crash with debts of more than £3.5m have been banned from acting as company directors for nine years.
Maureen Coleman, of McMullen Road, Darlington and David Arnold Barrett, of Heywood Hall Road, Heywood, Lancashire, were both disqualified at Sunderland County Court following the liquidation of their companies, Surfwheel Limited and the Pine Factory Clearance Centre Limited.
Manufacturer Surfwheel operated from Hetton Lyons Industrial Estate in Hetton-le-Hole before going into liquidation on September 25, 1998, with estimated debts of £2.74m.
The Pine Factory Clearance Centre operated as a retailer from the same premises before going into liquidation on October 22, 1998 with estimated debts of £870,323.
Matters of unfit conduct against the two included allowing the two companies to continue trading with no reasonable prospect of paying the creditors and allowing Surfwheel to make inter-company loans to the detriment of its creditors.
The pair also took deposits from customers of The Pine Factory Clearance Centre for furniture which they knew the company would not be able to supply.
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