Auction firms directors banned
By FWi staff
A DEVONSHIRE husband and wife team have been banned as company directors following the collapse of their livestock auctioneering company.
David Jones and his wife Jennifer Jones were disqualified from acting as directors for 10 and four years respectively at Torquay County Court, Devon.
The court heard that the couple continued auctioning livestock via satellite from their house for almost two years after their company became insolvent in 1995.
Central Livestock Auction Satellite Systems started trading in October 1992 under the name of before changing its name to Highweek Realisations.
The company went onto liquidation in March 1995 with debts to auctioneers around the country totalling £1,447,436.
Mr Jones was found guilty of misleading customers to believe that money belonging to customers was being placed in a trust account.
But the money was instead used to finance the running of the company and Mrs Jones had signed numerous blank cheques against the trust account.
An associated company that Mr and Mrs Jones were both directors of was also benefited during this time to the detriment of other creditors.