Cash collection bosses disqualified for holding onto £5.8 mi

Four family members, Doreen, Sean, Joanne and John Baker were directors of a cash collection company called Coin Co International Plc (Coin Co). The company, based in Burgess Hill, West Sussex, was incorporated in January 1995.

The family members have been banned from being directors and rightful owners of any company for eight years each.

The company provided cash collection services to the local government, public bodies, charities and other organisations and businesses. The company had agreements which stipulated that money collected, from car parks etc, was to be counted, banked and paid over to the rightful client.

However, in March 2013 Coin Co failed to keep up with payments to clients.  Although they were collecting the money, they were not paying it over.

The company went into administration in November 2014. Coin Co was found to have assets of over £1,800,000 and liabilities of £11,397,211.

In one case, four different customers were owed £5.8 million by Coin Co after the company breached agreements by not paying the money over to them.

Robert Clarke Said:

‘It is clear that companies handling money on behalf of others have a duty to ensure that funds collected are duly paid over to the rightful owners, under the agreements entered into. Directors who fail in these duties will be investigated and removed from the corporate arena for a lengthy period’

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