Very good chance this individual might be in prison before anything would hit the airwaves.
https://www.insolvencydirect.bis.go...ber=08259739https://www.thegazette.co.uk/notice/2772079The details are as below from the above link.(Borrowed from a fellow poster on another forum)
He withdrew £876k from the company, and left the tax man and creditors with nothing.
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Case details for Philip Ryle
Name: Philip Ryle
Name: Rare Stamp Associates Ltd
Date of Birth: 10 / 1 / 1960
Date Order Starts: 29 / 6 / 2017
Disqualification Length: 6 Years 0 Month(s)
CRO Number: 08259739
Last Known Address: 97 Ovenden Green, , , , Halifax, HX3 5EW
Conduct: Between 07 July 2013 and 05 July 2014 Mr Ryle caused Rare Stamp Associates Limited ("Rare Stamp") to trade to the detriment of HM Revenue and Customs ("HMRC") and to his own benefit by withdrawing monies for his own benefit amounting to £876,991. The funds were withdrawn without due regard to the interests of HMRC, as insufficient funds were left available to meet existing liabilities that were overdue in respect of Value Added Tax ("VAT") and Pay as You Earn income tax and National Insurance Contributions ("PAYE/NIC") or to meet further liabilities as they fell due. At liquidation HMRC was owed £491,084 including interest and charges:
- In respect of the liability for VAT, the oldest element of the debt relates to the period ended 31 May 2013 in the sum of £5,283 which should have been paid by 07 July 2013 and which remained outstanding as at the date of liquidation;
- On 17 January 2014 HMRC issued a Notice of Assessment of Tax and Surcharge Liability to Rare Stamp in the sum of £103,572 resulting from Rare Stamp's failure to submit a return or make a payment of the liability for VAT for the period ended 30 November 2013;
- On 10 March 2014 HMRC issued a letter to Rare Stamp warning of winding up action in respect of unpaid tax liabilities of £215,570. Rare Stamp made no payment to HMRC in response to the letter from HMRC;
- On 06 May 2014 HMRC presented a Winding-up petition against Rare Stamp in the sum of £215,585, in respect of unpaid VAT and PAYE/NIC;
- On 18 July 2014 HMRC rejected a proposal for a Company Voluntary Arrangement by Rare Stamp.
Meanwhile in the period from 7 July 2013 to 5 July 2014 he drew funds from the bank account held in the name of Rare Stamp for his own use totalling £876,991;
Between 07 July 2013 and 03 June 2014 Rare Stamp expended £1,094,981 of which £876,991 was paid to him, £200,326 to trade creditors, £14,861 to a connected company, £1,284 in expenses and £72 in bank charges. A further £1,447 was paid to HMRC which was allocated against the VAT liability for the period ended 31 May 2013.
Rare Stamp entered liquidation on 05 August 2014. The total amount outstanding to all creditors at liquidation was £1,302,056 of which HMRC were owed £491,083, including £489,361 in respect of unpaid VAT (including charges) and £1,722 in respect of unpaid PAYE/NIC (including interest and charges). He was the only other creditor, in respect of a sum which is disputed as there are no books or records which evidence his claim.
This information is correct as at 29 / 6 / 2017
Posted 07/12/2017 07:02 am
