A director from Glasgow has been banned for eight years for failing to keep company records.

Rashid Munir, 42,  was a director of Yo Retail Ltd, which traded from a business unit in Strathclyde Business Park. The business was compulsorily wound up in May 2019, however it proved impossible for the liquidator to confirm what the business did or when it was operating.

The Insolvency Service said that Munir failed to co-operate during its investigation and no company accounting records were provided. The company’s last filed accounts showed assets totalling £763,139 but in the absence of the accounting records, neither the liquidator nor the Insolvency Service were able to establish what had become of these.

Only one company bank account could be identified, with Munir being the sole signatory. This was open for less than three months, yet nearly £500,000 moved through it during that period.

The lack of accounting records, together with Munir’s failure to cooperate with enquiries, meant it was impossible to ascertain whether any of the deposits or withdrawals were for legitimate business income and expenditure. Munir was disqualified for a period of eight years, effective from 21 October 2021.

Rob Clarke, chief investigator at the Insolvency Service, said: “Companies are under a legal duty to account for their income and expenditure and fulfilling that duty is a key component of the role of a director; there is no place in the corporate arena for those who neglect their responsibilities in this area. All too often the lack of records to explain transactions is used to cover up other, more serious misconduct and we cannot determine whether that was the case at Yo Retail, a fact which is reflected in the lengthy ban now in place.”