Bosses are banned for payment failures

The four directors have been banned from business activity
The four directors have been banned from business activity

Four family members who ran a company which collected cash for charities and councils have been banned from business activity after failing to pay millions of pounds to clients, the Insolvency Service has said.

Doreen, Sean, Joanne and John Baker have been banned from the corporate arena for a combined total of 32 years following an investigation by the government agency.

All were directors of Coin Co International, based in Burgess Hill, which was responsible for providing cash collections in transit services to local government, public bodies, charities, other organisations and businesses.

It also provided counting and foreign exchange coinage services.

The Insolvency Service said investigators found the company – which would count, bank and pay over monies collected – fell behind with payments.

It went into administration in November 2014.

The Insolvency Service said it discovered several instances of mismanagement when investigating the company’s assets and activities.

One case found four different customers were owed £5.8m after Coin Co collected money but did not returned it.

The Insolvency Service said John, Doreen, Joanne and Sean Baker, did not dispute the findings and provided disqualification undertakings to the Secretary of State for Business, Energy, Innovation and Science, effective from May 3, for eight years each.

This will prevent them from directly or indirectly becoming involved in the promotion, formation or management of a company.

Robert Clarke, investigations group leader at the Insolvency Service, said: “It is clear that companies handling money on behalf of others have a duty to ensure that funds collected are duly paid over to the rightful owners, under the agreements entered into. Directors who fail in these duties will be investigated and removed from the corporate arena for a lengthy period.”