Terence Coventry, from Gainsborough, Lincolnshire, was appointed the sole director of Alliance Traffic Services Ltd in April 2016 before he caused the company to enter into a factoring agreement a month later.
The factoring agreement, which Coventry personally guaranteed, set out the terms where an independent finance company would buy Alliance Traffic Services invoices in return for advanced finances.
However, between May 2016 and March 2017, Coventry abused his position of trust as a director and caused of Alliance Traffic Service to breach the terms and conditions of the factoring agreement, despite being personally liable.
He failed to ensure company sales invoices were correctly produced and some customers paid money directly to Allian…
Read the full article at: https://www.accountancydaily.co/extended-bankruptcy-after-boss-caused-ps177k-loss-finance-company