Paul Barrow was the sole director of NG Badges Ltd, which claimed to be Europe’s leading trade only supplier of badges, lanyards, trolley coins, fridge magnets and other promotional items.
The company was incorporated in 2011. It was placed into voluntary liquidation on 20 December 2021.
The Insolvency Service report into Barrow’s conduct found that he failed to maintain and/or preserve adequate accounting records, from 1 April 2020 to the date the firm went into liquidation.
As a result, it was not possible to determine the purpose of payments made by NG Badges to currency exchanges of £161,772 “or to verify that payments were legitimate company expenditure”.
Transactions with, or benefiting Barrow included net payments of at least £51,401 during the same period. The Insolvency Service said it was not clear whether he was a creditor or debtor of the company when it went into liquidation.
The true asset position of the company at liquidation was also unclear: “…in particular what happened to the fixed assets valued at £17,028 and the current assets of £65,802 listed in the last set of accounts as of 31 March 2020.”
Barrow has been disqualified from being a director for six years due to his conduct.
The banning order is effective today (11 November).
Barrow’s month of birth is December 1952, and his last known address was in Coventry, CV4.
According to the Statement of Affairs NG Badges had a total estimated deficiency of £239,545.
This figure included a £30,000 Bounce Back Loan with Santander, and £50,000 owed to Funding Circle.
