Tuesday 20th February, 2018
A company director of a security personnel and CCTV facilities company based in Edinburgh, has been disqualified for ten years following a hearing at Edinburgh Sheriff Court.
An investigation by the Insolvency Service found that Camereye Contracts Ltd had entered into an invoice finance facility with a bank.
In contravention of the terms the director submitted invoices for which the company had already been paid. In good faith, the bank made funds available to the company against the invoices submitted under the agreement.
He withdrew funds totalling £105,500 from the facility and used the funds for his own benefit.
The company provided security personnel and CCTV facilities primarily to the construction industry from 2010. The company ceased trading on 15th October 2015 when it was placed into administration with an eventual deficiency to creditors of £109,767.