Stirling businessman banned for nine years for illegal transfer of company assets
Stirling businessman Euan Snowie has been banned from being a company director after allowing the transfer of company assets to the partnership firm of Euan Snowie Farms in order to help clear debts.
Euan Fenwick Snowie (50), from Stirling, was given his disqualification order by Sheriff Mackie on Friday 30 November at Stirling Sheriff Court after the Secretary of State brought proceedings against him.
The court heard that Ochil Services Limited was incorporated in June 2008 and Euan Snowie was the sole director at incorporation.
The company was involved in haulage, transportation and vehicle repair but was wound up in March 2016 due to unpaid taxes.
Despite knowing that Ochil Services was in liquidation, on 27 March 2016 Euan Snowie transferred just over £161,000 worth of assets to Euan Snowie Farms to help reduce outstanding debts it owed to the partnership.
Following an investigation by the Insolvency Service, the Secretary of State obtained an order against Euan Snowie on 30 November 2018 for transferring assets to an associated party to reduce an outstanding debt after the company had entered liquidation.
Euan Snowie is banned for 9 years from directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
Rob Clarke, Chief Investigator for the Insolvency Service, said: “Euan Snowie is a well-known local businessman and our investigations showed that he put his own personal financial interests above his creditors, which substantially damages business confidence and the health of the local economy.
“9 years is a significant ban and this should serve as a warning to other directors that you will be investigated and could lose the privilege of limited liability trading if you are found to neglect your duty to your creditors.”