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Latest insolvency news
Stephen Fox, the director of Hemel Hempstead-based S J Stoddart Limited, has been disqualified from acting as a director for a period of 11 years for misappropriating company funds of at least ?273,774. An investigation by the Insolvency Service fou...
Rafal Bogdan, the director of RAF-London Limited, has been disqualified for nine years for failing to ensure that the company accounted for cash receipts totaling ?1,199,000 which resulted in an estimated loss of revenue to HM Revenue & Customs of ?288,414.
Following an investigation by the Insolvency Service Rafal Bogdan entered into a disqualification undertaking, which prevents him from becoming involved in the promotion, formation or management of a company for the duration of the relevant undertaking.
RAF-London Limited undertook building and construction work and entered liquidation on 29 July 2015, with liabilities to creditors of ?448,351 of which ?436,155 was owed to HM Revenue & Customs (HMRC) with ?288,414 estimated to relate to under-declaration of VAT, Corporation Tax and Construction Industry Scheme tax from under-declared cash receipts of ?1,199,000.
Mr Bogdan was the sole registered director from 28 May 2004 until the company went into liquidation on 29 July 2015. The estimated deficiency as regards creditors and shareholders was ?399,649.
On 25 October 2016 the Secretary of State accepted a Disqualification Undertaking from Mr Rafal Bogdan, effective from 15 November 2016, for 9 years. The matters of unfitness that Mr Bogdan accepted were that between May 2004 and April 2009, he failed to ensure RAF-London Limited accounted to HMRC for cash receipts totaling ?1,199,000 which resulted in an estimated loss to HMRC of ?106,924 in VAT, ?117,370 in Construction Industry Scheme Tax and at least ?64,120 in Corporation Tax.
Sue MacLeod, Chief Investigator of Insolvent Investigations, Midlands & West at the Insolvency Service, said:
Company directors have a duty to ensure businesses meet their legal obligations, including paying taxes. Neglect of tax affairs is not a victimless action as it deprives the taxpayer of funds needed to operate public services.
The Insolvency Service will take action against directors who do not take their obligations seriously and abuse their position.
Wajid Hussain has become the third of three directors of companies involved in the selling of furniture under the banner 'iSleep', to be disqualified from being a director. The bans follow an investigation by the Insolvency Service. On 24 October...
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