By Order of the Lord Ordinary, Rashid Munir, also known as Mohammed Rashid Munir, has been disqualified as a director for a period of 8 years for failure to co-operate with enquiries from the Liquidator and the Insolvency Service subsequently.

Munir, director of Yo Retail Ltd, failed to provide company accounting records after the business was wound up in 2019 following a petition by a creditor. Assets totaling £763,139 were shown within the company’s last filed accounts, however in the absence of accounting records, both the Liquidator and Insolvency Service were unable to determine what became of these.

One company bank account was identified for the company; nearly £500,000 moved through the account despite being open for less than three months. It was difficult to establish whether any deposits or withdrawals were reasonable business income and expenditure due to Munir’s failure to co-operate with the investigations, alongside the lack of accounting records.

Chief Investigator of the Insolvency Service, Rob Clarke, advises that directors who neglect their responsibilities to keep accounts of income and expenditure, have no place in the corporate world. Failure to explain such transactions are often used to cover up more serious misconduct and the severity of this neglect is shown within the length of such a ban.

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or should you or your company be facing financial difficulties and you need to chat, please telephone Charlotte Hutchinson on 01377 257788 and she will make you an appointment with one of our insolvency professionals at our Driffield, Hull, Grimsby, Scunthorpe or York offices.  Our initial meetings are free and without obligation.  Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.

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