{"id":6088,"date":"2025-06-19T07:46:48","date_gmt":"2025-06-19T07:46:48","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=6088"},"modified":"2025-06-19T07:46:48","modified_gmt":"2025-06-19T07:46:48","slug":"dry-lining-boss-sentenced-after-mystery-account-moves","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/dry-lining-boss-sentenced-after-mystery-account-moves\/","title":{"rendered":"Dry lining boss sentenced after mystery account moves"},"content":{"rendered":"

A construction director who failed to explain transfers totalling almost \u00a3500,000 out of his company\u2019s bank account has been handed a suspended sentence.<\/p>\n

Mario Huiu\u2019s failure to keep proper accounting records for Incentive Services Limited meant liquidators were also unable to verify cash receipts of more than \u00a3200,000 into the same bank account.<\/p>\n

The 39-year-old, of Ilford, was prosecuted for offences under the Companies Act 2006 and Insolvency Act 1986.<\/p>\n

\n
<\/a><\/div>\n<\/div>\n

Huiu was given a four-month prison sentence, suspended for 12 months, when he appeared at Thames Magistrates\u2019 Court.<\/p>\n

Mark Stephens, Chief Investigator at the Insolvency Service, said: “Limited liability companies provide vital protection for business owners, but this protection comes with serious responsibilities.<\/p>\n

\u201cMaintaining proper accounting records is not just a legal requirement \u2013 it is essential for responsible business management.<\/p>\n

\n
<\/a><\/div>\n<\/div>\n

\u201cDirectors such as Mario Huiu who fail to keep accurate financial records put their creditors and trading partners at unacceptable risk and jeopardise their own ability to make sound trading decisions.\u201d<\/p>\n

Incentive Services Limited was incorporated in March 2017 under the name of EMA Dry-Lining Ltd. The company changed its name three times before settling on Incentive Services Limited in May 2020.<\/p>\n

Huiu was sole director of the company when it went into liquidation seven months later in December 2020.<\/p>\n

As director of the company, Huiu was required to maintain and preserve company books and records and deliver them to the liquidator.<\/p>\n

His failure to do this meant the liquidator was unable to verify transfers of \u00a3498,480 from the company\u2019s account between May and June 2020.<\/p>\n

Huiu\u2019s explanation during interview that the money was spent on paying suppliers was uncorroborated and described by the Insolvency Service as \u201cnot credible\u201d.<\/p>\n

Similarly, unverified cash receipts of \u00a3261,960 into the same company bank account did not have supporting sales records.<\/p>\n

Four other company bank accounts were identified during the course of Insolvency Service investigations. Huiu did not declare them all to investigators.<\/p>\n

Huiu\u2019s failure to deliver books and records to the liquidator meant the true level of the company\u2019s financial turnover could not be verified.<\/p>\n

The reasons why the company failed owing creditors \u00a3162,482 were also not explained due to the inadequate accounts.<\/p>\n

Huiu was disqualified as a company director for six years in November 2021 following initial Insolvency Service investigations into his misconduct at Incentive Services Limited.<\/p>\n

from Construction Enquirer https:\/\/ift.tt\/fNUXsMV<\/p>\n","protected":false},"excerpt":{"rendered":"

A construction director who failed to explain transfers totalling almost \u00a3500,000 out of his company\u2019s bank account has been handed a suspended sentence. Mario Huiu\u2019s failure to keep proper accounting records for Incentive Services Limited meant liquidators were also unable to verify cash receipts of more than \u00a3200,000 into the same bank account. The 39-year-old, […]<\/p>\n","protected":false},"author":1,"featured_media":145,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-6088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/6088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=6088"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/6088\/revisions"}],"predecessor-version":[{"id":6089,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/6088\/revisions\/6089"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/149"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=6088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=6088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=6088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}