Construction boss disqualified mishandling funds

Mark Hulbert, the director of Hulbert Homes Limited (Hulbert) has been disqualified from acting as a director for five years for causing the company to make payments to the detriment of specific creditors.

The disqualification follows an investigation by the Insolvency Service’s Investigations Team in London.

Mr Hulbert has given an undertaking to the Secretary of State for Business, Innovation and Skills that he will not act as a director of a limited company for five years from  July 2015.

Hulbert went into administration in April 2012 owing £1,098,091 to its unsecured creditors with no unsecured assets available.

The Insolvency Service investigation found that between June 2011 and April 2012 Mr Hulbert made several payments totalling £42,664 to his own benefit, including £20,000 in respect of private school fees, £17,734 to an auction house and £4,930 to a former girlfriend.

Prior to June 2011, two trade creditors had obtained County Court Judgements against the company and on 30 June 2011, the company was advised by its accountants that it was insolvent. Despite this, Mr Hulbert made the aforementioned payments whilst allowing a further nine judgement creditors, totalling £74,364, to go unpaid.

Mark Bruce, a chief investigator at The Insolvency Service said: “The director in Hulbert failed to act in the best interests of the company and its creditors. The Insolvency Service will always look to remove from the business community those directors who act below the standards that should be expected of them given the circumstances of their company’s trading.”