The North East | Archive | 2002 | May | 16
From the Northern Echo, first published Thursday 16th May 2002.
TWO directors of a music firm which ran up debts of £92,000 have been banned from managing companies for seven years.
Timothy Oldroyd, of Cotswold Drive, Skelton, and John Andrew Hudson, of Wakefield, who ran Oldroyd and Hudson Ltd in West Road, Loftus, went into liquidation in June 2000.
The firm sold and repaired musical instruments.
The Insolvency Service, part of the Department of Trade and Industry, claimed the pair knew they were insolvent by August 1999, but carried on trading.
At that point they owed more than £64,000 and the courts £25,000.
They were also accused of not cooperating fully with the liquidators' investigations and not returning instruments brought to them for sale or repair to two bands in the area.
Both men accepted that their conduct had been unfit and gave an undertaking not to become directors of firms for a further seven years as a way of avoiding a court hearing.
© Newsquest Media Group 2008