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The Insolvency Service said he is prevented from being “involved, directly or indirectly, in the promotion, formation or management of a company for ten years” from January 26, 2018.

Lane, of Prenton, Wirral, founded sports memorabilia auction company FSA in 2010. When the company went into liquidation in 2016 it owed £214,000 to creditors.

Between April 2015, when the company was already in default to clients, and 2016, Lane failed to send auction sale proceeds to clients. The Insolvency Service said that despite these escalating liabilities Lane continued to “enjoy substantial earnings from FSA and items of personal expenditure paid for by FSA”.

Robert Clarke, group leader of Insolvent Investigations North at The Insolvency Service, said: “Directors who put their own personal financial interests above those of customers and creditors damage confidence in doing business and are corrosive to the health of the local economy.

“This ban should serve as a warning to other directors tempted to help themselves first; you have a duty to your creditors and if you neglect this duty you could be investigated by The Insolvency Service and lose the privilege of limited liability trading.”