A boss who swindled thousands of pounds earmarked

A boss who swindled thousands of pounds earmarked
to pay off his company’s huge debts will have to wait until
next month for his fate to be decided.

Peter Wilkinson, 39, director of P.

W Paper Ltd, landed
an ambitious deal worth more than pnds pnds stlng 121,000 while
owing more than a quarter of a million pounds to creditors.

But instead of paying them off he used the money to finance
other business ventures, Southwark Crown Court was told.

Prosecutor Mr Peter Ader told the court Wilkinson was an
experienced paper merchant who launched his firm in 1989.

Less than two years later, however, it had plunged into
the red, with debts of some pnds pnds stlng 370,000.

‘By Spring 1991, the company had incurred large debts and
was failing to pay creditors.

In fact his trading position became
untenable,’ said Mr Ader.

But despite the company’s drastic position, Wilkinson
continued to embark on business ventures.

One such scheme with paper dealers Harmsworth Quai earnt
him pnds pnds stlng 121,612.

Mr Ader said: ‘It passed through the company’s account and
was withdrawn by the defendant – the money has never been found.

‘
The court was told Wilkinson gave his creditors cheques and
then instructed his bank not to pay out.

`The reason behind this was that he didn’t like his
cheques bouncing,’said Mr Ader.

Wilkinson, of Arcadian Close, Bexleyheath, pleaded
guilty to fraudulant trading with the intention of defrauding
his creditors between October 30 1990 and July 13 1991.

He also admitted fraudulently removing company property
– pnds pnds stlng 120,00 – in the 12 months immediately preceeding
the commencemt of the winding up of the company.

Sentence was adjourned for reports.

ends