Bookkeeper Wife Pays Price for Commingling Company Funds

Bookkeeper Wife Pays Price for Commingling Company Funds Family members who run businesses together should take careful note of a High Court case in which a husband and wife’s commingling of personal and company funds and failure to keep proper records landed them in legal hot water. The couple’s company had traded for little more than a year before it went into administration and, subsequently, creditors’ voluntary liquidation. Its outstanding liabilities were estimated at more than £2.8 million, much of which was owed to HM Revenue and Customs. The company’s liquidators launched proceedings against the wife, who had acted as the business’s bookkeeper, on the basis that various sums that…