Ryan Maginess, 28, who was the sole director of Camereye Contracts Limited, has been banned from acting as a director of a limited company after he abused an invoice finance facility.
An investigation by the Insolvency Service discovered the company had entered into an invoice finance facility with a bank and in contravention of the terms, Mr Maginess 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.
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Mr Maginess withdrew funds totalling £105,500 from the facility and used the money for his own benefit, including the purchase residential properties in his own name, leaving the bank with an irrecoverable loss.
Having been established in 2010, Camereye Contracts was placed into administration on 15 October 2015 with an eventual deficiency to creditors of £109,767.
Robert Clarke, Investigations Group Leader at the Insolvency Service, said: "Directors who put their own personal financial interests above those of customers and creditors, especially in such a blatant manner as this was done, damage the confidence of those who want to do business in the UK and cause significant damage to the health of the local economy.
"This ten year ban given at Edinburgh Sheriff Court sends a clear message and should serve as a warning to other directors tempted to follow a similar course of action and help themselves first; you have a duty to your creditors and if you neglect this duty you could be investigated by the Insolvency Service and lose the privilege of limited liability trading."
(LM/MH)
