Vasile Hrusca, 40, of Ferndown in Hornchurch, was given an 18-month suspended prison sentence at Snaresbrook Crown Court on Friday (January 17) after he was convicted of theft and fraudulently removing property in anticipation of winding-up.
David Snasdell, chief investigator at the Insolvency Service, said: “Vasile Hrusca knowingly removed company property prior to liquidation to pay off the remaining balance on a £75,000 Audi he had bought the previous year.
“He also sold diggers and other plant machinery held on hire purchase agreements when the products belonged to the banks, not to his company until they were paid for in full.
The Insolvency Service said Hrusca’s company, Vasile Hrusca Ltd, entered into three hire purchase agreements in 2018.
First in January he bought a one-year-old Audi RS6 TFSI Quattro for £74,989, paying a £7,500 deposit with the remaining £67,489 funded by the bank.
Then in March he signed hire purchase agreements with two separate banks for seven pieces of plant machinery, including mini-diggers, dumpers and excavators.
But by 2019 his company was struggling and liquidators were appointed in September.
It was later revealed that he had sold seven diggers and other plant machinery which were still subject to hire purchase agreements with two separate banks.
In interviews, he said he sold the machinery for cash and used the money for gambling.
Investigators also found that earlier in 2019 he had requested a settlement calculation for his Audi and used company money to pay the £67,769 balance.
He never settled his other hire purchase agreements and also failed to deliver books to the liquidator.
Mr Snasdell said: “These actions quite clearly are not what we expect of company directors and we will continue to take robust action against anyone who attempts to deprive creditors of such significant sums of money.”
As part of his suspended sentence Hrusca was disqualified as a company director for four years and ordered to complete 150 hours of unpaid work and 15 days of rehabilitation activity.
