Two directors of debt advice firm Smart Credit & Debit have been banned for a total of 12 years following an investigation. James Smith, 25, and Richard Wilson, 47, both of Keighley in west Yorkshire, have been disqualified from acting as directors for six years each after they failed to maintain proper accounting records, or to account for significant cash withdrawals from the company. The Insolvency Service’s company investigation team based in Leeds found that Smith and Wilson took advantage of and took money from people, while not providing the services they were being paid for.

The investigation revealed that the company’s records did not account for substantial cash withdrawals totalling £117,717, which occurred over the 10-month period that the business traded for. Smart Credit & Debit was placed into creditors’ voluntary liquidation on 25 May 2011, owing £92,528 to creditors. Of that, £62,415 was owed to trade and expense creditors, which had provided services to Smart Credit & Debit but had not been paid.........Read more here