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Aquatics Express Calls in Administrators to Recover Cash and Assets

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Leading UK

Horsford-based wholesaler Aquatics Express Distribution Ltd has entered administration and called in Jamie Playford of Leading Corporate Recovery to manage the company’s affairs, after the majority of the company’s cash and stock was removed by a former director without authorization.

Director Craig Carson brought in Mr Playford on 6 March 2018 to lead the recovery action after discovering the company’s bank account had been emptied of £20,000 and stock with a value of £63,000 had been taken from the premises over a weekend.

“This case involves the removal of a substantial amount of cash and assets without authorization, and so we are obviously taking this very seriously” stated Mr Playford. “Some of the cash was reserved in a separate bank account specifically to pay VAT, and so HM Revenue & Customs will now likely not be paid unless a recovery is successful. We believe the former director has breached a number of rules under the Companies Act and the Insolvency Act, and we are also considering criminal proceedings. We have instructed solicitors and the recovery action is now underway.”

Mr Carson added: “It is crushing for me to see a business that I have built up over five years be destroyed literally overnight. Bringing in the administrators was the only choice I had if there is to be any chance of repaying suppliers and the other creditors.”

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