A LIVERSEDGE man has agreed to be banned from being a company director for three years.
Ian Theodore Malyk, 55, of Fairview, was a director of a Scunthorpe-based financial services firm which failed with debts of around £181,000.
A report by the Government's Insolvency Service said the firm, Howard Frapwell Insurance and Mortgage Independent Financial Advisors Ltd, was put into compulsory liquidation in October, 2002, on the petition of Norwich Union Life and Pensions.
The company had estimated total debts of £181,382.
The Insolvency Service said Mr Malyk overdrew available profits from at least October, 1999, for his own use without the company making proper provision to pay the resulting corporation tax and income tax liabilities to the Inland Revenue.
It said that as the drawings increased and sums classified as director's loans were not repaid, other creditors of Howard Frapwell were left unpaid.
The agency said Mr Malyk drew sums classified as director's loans estimated at £113,000 by the date Howard Frapwell went into liquidation.
It said Mr Malyk also failed to keep proper accounts for the period from August 1, 2002, to October 14, 2002, and failed to provide those records in the liquidation.
The findings were not disputed by Mr Malyk.