A COMPANY director has been disqualified for ten years over unexplained transactions involving “significant amounts” of money.

Jemma Stephenson-Oliver, 57, of Groombridge Avenue, Eastbourne, failed to keep proper accounts for her company Toastlovesyou.

The recruitment company, based in Mayfield, worked with digital media agencies and was paid a commission to supply workers.

After being set up in March 2010 it went into liquidation in September 2011 leaving debts of at least £40,000.

Administrators Herron and Fisher said that staff and clients went unpaid and their findings were passed on to police.

According to the Insolvency Service the only accounts available for the company were bank statements which showed a total of £943,248 paid in over a 14-month period and exactly the same amount being paid out.

Of this £776,724 was paid into an account called Toast Creative and £150,947 was paid out in cheques.

Insolvency investigators were unable to establish the reason why payments were made to Toast Creative, the recipients of the cheques, the amount owed to HMRC or cash payments made to company directors.

The true value of company assets, the amount owed to creditors and the reasons for failure could not be determined by the investigators.

Joanne Covell, of the Insolvency Service’s Investigations team, said: “Company law requires that directors of companies must maintain sufficient accounting records that show and explain the company’s transactions.

“This director failed to do this and there remains a large number of unexplained transactions representing significant amounts over its trading lifetime.

“The Insolvency Service will take action against directors who fail to meet these obligations.”