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Latest insolvency news

Director disqualified for attempting to evade tax responsibilities

January 6th, 2017|

Clive Terence Urwin, the director of Tyburn Realisations Limited, has been disqualified for ten years.

The disqualification from 19 December 2016 bans him from acting as a company director or from managing, or in any way controlling, a limited company until 2026.

Mr Urwin was a director of Tyburn Realisations Limited (Tyburn), which was formerly known as Tyburn Marketing Solutions Limited and traded under the name of Parade Marketing Services.

Tyburn, a supplier of call centre and printing services, went into Administration on 18 July 2014 owing ?978,494 to creditors including ?889,335 in respect of liabilities due to HMRC.

Between March 2011 and April 2013, Mr Urwin caused Tyburn to attempt to evade its responsibilities to HMRC with regards to VAT and PAYE/ NIC. An investigation into Tyburn?s VAT affairs resulted in VAT liabilities totalling ?222,086 and PAYE/NIC liabilities totalling ?289,958.

An investigation by The Insolvency Service?s found that the third party agreements offered up by Mr Urwin to HMRC failed to stand up to examination and that Tyburn?s own company records showed that Tyburn continued to directly employ its own staff.

Mr Urwin also caused Tyburn to trade to the detriment of HMRC from 07 August 2012, in respect of VAT, and from 22 May 2013, in respect of PAYE/ NIC, until the date of Administration resulting in further VAT liabilities totalling ?174,305, and PAYE/NIC liabilities totalling ?103,222.

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 and must not benefit themselves at the expense of creditors. Neglect of tax affairs is not a victimless action as it deprives the taxpayer of the funds needed to operate public services.

Cleaning company director handed lengthy ban for failing to keep proper records

January 6th, 2017|

David Miles Perfect, the Director of Northwich Cleaning Limited, formerly known as BCS (Northampton) Limited, has been disqualified as a director for seven years.

An Insolvency Service investigation found that Mr Perfect failed to maintain, preserve and deliver up records that were adequate to explain the financial position of Northwich Cleaning Limited (Northwich) and acted in breach of his fiduciary duties for the period 09 December 2013 to 24 June 2014.

In the absence of complete records it was not possible to determine the purpose of payments in the sum of ?35,500 to Mr Perfect. It was also not possible to verify the purpose of 83 cheque payments in the sum of ?30,734 and whether these transactions and purchases from Northwich?s bank account had been for the benefit of Northwich.

Mr Perfect acted in breach his fiduciary duties in that he caused or allowed Northwich to enter into transactions totalling at least ?52,600 to an estate agent in respect of a London rental property and ?40,000 to a company for financial advice, that were either made at a time when Northwich was insolvent or caused it to become insolvent, as they were made at a time when Northwich had failed to pay creditors, specifically HM Revenue and Customs such that at the date of liquidation HM Revenue & Customs were owed ?144,831.

On 14 November 2016, the Secretary of State accepted a disqualification undertaking from David Miles Perfect, effective from 5 December 2016, for seven years.

Commenting on the disqualification, Robert Clarke, Head of Company Investigations at the Insolvency Service, said:

Directors have a duty to ensure that their companies maintain proper accounting records and following insolvency, deliver them to the office-holder in the interests of fairness and transparency. Without a full account of transactions it is impossible to determine whether a director has discharged their duties properly, or is using a lack of documentation as a cloak for impropriety. This director has paid the price for failing to do that, as he cannot now carry on in business other than at his own risk.


Failing to account leads to lengthy ban for Lancaster directors

January 6th, 2017|

Nathan Brown and Carole Brown, the directors of C&N Shearing Limited (Shearing), an animal husbandry and livestock business in Lancaster, have been disqualified from acting as company directors for 6 years.

The investigation found Nathan Brown and Carole Brown failed to maintain or deliver up Shearing?s accounting records which meant that it was not possible to determine Shearing?s income and expenditure during its final trading period or establish that all money paid out was for the benefit of the company.

It has also not been possible to determine what stock belonged to the company, what book debts were due to the company, verify what happened to assets valued at ?123,440 in the 2013 annual accounts or verify how much was owed to creditors.

Carole Brown?s disqualification, from 27 December 2016, means she cannot promote, manage or be a director of a limited company until 2022.

Nathan Brown?s disqualification, from 2 January 2017, means he cannot promote, manage or be a director of a limited company until 2023.

Robert Clarke, Head of Insolvent Investigations North at the Insolvency Service, said:

Directors have a duty to ensure that their companies maintain proper accounting records, and, following insolvency, deliver them to the office-holder in the interests of fairness and transparency. Without a full account of transactions it is impossible to determine whether a director has discharged his duties properly, or is using a lack of documentation as a cloak for impropriety.


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