Construction Boss Banned for Failing to Account for £700,000 Worth of Expenditure

A construction boss from Arbroath named Cristina Angelica Tasca has been banned for 7 years for negligent record keeping, after failing to explain more than £700,000 worth of spending to the tax authorities.

Construction Boss Banned for Failing to Account for £700,000 Worth of Expenditure

The 27-year-old set up Angel Tas Limited in 2017, a company specialising in plastering and rendering services for domestic buildings based in her local Scottish region. When the firm went into liquidation two years ago, Cristina Tasca failed to provide company accounts. The Insolvency Service said the missing records meant that they could not determine whether the defendant’s lack of documentation acted as a “cloak for impropriety” or merely signified an oversight on her part.

Angel Tas started missing obligatory tax payments in 2019. On 30 December of that year, an interim liquidator was then appointed to wind-up Angel Tas. According to the Insolvency Service, this was after the company did not respond to repeated requests for payment from the tax authorities.

Cristina Tasca then failed to provide any company accounts or records despite repeated requests from the liquidator. The liquidator was subsequently unable to establish the purpose of more than £716,000 worth of expenditure, including £16,000 of cash withdrawals from the company’s bank. Equally, the missing records meant that the liquidator could not confirm whether the expenditure figures were a true representation of all the company’s sales.

Following this investigation, the case was heard in Forfar Sheriff Court on 7 July 2021 before Sheriff J Martin-Brown, where Cristina Tasca was disqualified for 7 years. She is now barred from directly or indirectly becoming involved in the promotion, formation, or management of a company without the permission of the court.

Rob Clarke, Chief Investigator of the Insolvency Service, said: “All directors have a duty to ensure their companies maintain proper accounting records. This includes delivering them to the office-holder in the event of an insolvency.”
He elaborated: “For failing to account for all of Angel Tas’ transactions, it is impossible to determine whether Cristina Tasca has performed her duties properly or is using a lack of documentation as a cloak for impropriety.”

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