A haulage, transportation and vehicle repair boss from Stirling has been banned from running a company for nine years after allowing assets to transfer from his company to his partnership firm to help clear debts.
Stirling Sheriff Court heard that Ochil Services was incorporated in June 2008 with Euan Snowie as the sole director at incorporation, but wound up in March 2016 due to unpaid taxes.
On 27 March 2016, despite knowing that Ochil Services was in liquidation, Snowie transferred just over £161,000 worth of assets to Euan Snowie Farms to help reduce outstanding debts it owed to the partnership.
Following an investigation by the Insolvency Service, the Secretary of State obtained a disqualification order against Snowie.
This means he is banned for nine years from directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
Rob Clarke, chief investigator for the Insolvency Service, said: “Euan Snowie is a well-known local businessman and our investigations showed that he put his own personal financial interests above his creditors, which substantially damages business confidence and the health of the local economy.
“Nine years is a significant ban and this should serve as a warning to other directors that you will be investigated and could lose the privilege of limited liability trading if you are found to neglect your duty to your creditors.”