Case details for Richard Nathan Taylor

Name: Richard Nathan Taylor

Name: SOURCE DRYLINING AND PLASTERING LIMITED

Date of Birth: 30 / 8 / 1974

Date Order Starts: 12 / 4 / 2022

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 08677312

Last Known Address: 1 Sheepwash Lane, , , , , BH7 6AS

Conduct: Between 02 December 2019 and 20 December 2019, as sole director of Source Drylining and Plastering Limited (hereinafter referred to as ‘Source’) Mr Richard Taylor (hereinafter referred to as ‘Mr Taylor’) carried out transactions to the detriment of the general body of creditors when Source was insolvent, in that: On 11 October 2019 a statutory demand for £30,852.53 was served on Source at its registered office. Source ceased trading in October 2019 following the loss of its sole contract. On 14 November 2019 a full and final settlement was agreed between the sole Customer and Source. A signed agreement dated 18 November 2019 gives the settlement as £122,500.00 to be paid to Source by 02 December 2019. On the same day a settlement figure from a finance company was provided, a liability which was personally guaranteed by Mr Taylor. On 01 December 2019 Source owed liabilities of at least £172,235.76: £101,735.59 - Trade creditors, including £99,443.25 owed to creditors who were suppliers to Source, specified by the Customer. £56,096.57 - Finance owed to the finance company, personally guaranteed by Mr Taylor. £12,000.00 - a Connected Company, a company under common directorship. £2,403.60 - To Mr Taylor, in respect of the Directors Loan Account. Funds of £122,313.88 were credited to Source’s account by the Customer on 02 December 2019. On 02 December 2019, at a time when Mr Taylor knew no further income would be forthcoming to pay the outstanding liabilities, he made payments totalling £119,556.48 from Source’s account, comprising: £40,000.00 to Mr Taylor, of which he states that £36,250.00 was in respect of dividends and salary. £20,000.00 for repayment of a personal loan to a connected party. £56,096.57 to the finance company, a liability personally guaranteed by Mr Taylor. £1,444.80 to a Connected Company, a company which Mr Taylor was a director of. £1,484.87 to the costs of trade and expenses of Source. £530.24 for unknown purposes. On 17 December 2019 the finance company refunded £54,101.11 to Source’s account as the settlement figure had expired so was no longer valid. On 20 December 2019 a further payment of £53,600.00 was paid from Source’s account to Mr Taylor. Mr Taylor estimates that up to £4,000.00 was used to pay creditors of Source, with the rest used for personal expenditure. On 22 April 2020 Source was placed into compulsory liquidation. Creditors have filed claims in the liquidation for £186,836.10 in total. Of this figure, £101,736.40 is claimed by creditors who were suppliers specified by the Customer. 

This information is correct as at 22 / 3 / 2022



If you believe this page contains any errors, please email legalservices@insolvency.gov.uk with details of the error that you have found.