All the information in this article is in the public domain and we include the links and/or Court documentation so you can check for yourself. We have been greatly assisted by Michael Stainer (pictured) filing his accounts for all his companies on December 18th 2016. These accounts cover the tax year ending March 31st 2016. These can be found at Michael Stainer – Beta Companies House No log-in is required and you can see the accounts for each and every company.
The total indebtedness of all these companies on March 31st 2016 was £1,537,862.
One of them, The Grand Folkestone Ltd had debts of £991,584. A Petition to wind this company was presented on18 July 2016by theCommissioners for HM Revenue and Customs (HMRC) Winding Up Notice (or see below)
The hearing date for this petition was 12 September 2016 and “any persons intending to appear on the hearing of the Petition (whether to support or oppose it) must give notice of intention to do so”. The winding up order was granted on this same date, “neither party being present or represented” says the London Gazette of the winding up order.
We don’t yet know the amount that HMRC was seeking in its petition.
What we do know is the company was established on October 31st 2006 and Michael and Doris Stainer were the only officers. In the financial year ending March 31st 2010 its accounts showed a loss of £38.825 with £123 in the bank. The following year there was £1590 in the bank but debts has escalated to £405,502, reaching £991.584 by March 31st.2015.
If you have your payslips and/or P60 and/or P45 – all of which will show tax and NI deducted then I think you give HMRC a copy and they will sort out a credit for your NI.
This is because you had tax and NI deducted from your wages and of course you were not responsible for the employer’s non payment to HMRC.
The potential implications of this are significant including disqualification as a director under the Company Directors Disqualification Act 1986. Anyone can report a company director’s conduct as being ‘unfit’.‘Unfit conduct’ includes:
* Allowing a company to continue trading when it can’t pay its debts
* Not keeping proper company accounting records
* Not sending accounts and returns to Companies House
* Not paying tax owed by the company
* Using company money or assets for personal benefit
You can be disqualified for up to 15 years.
You can’t:
* Be a director of any company registered in the UK or an overseas company that has connections with the UK
* Be involved in forming, marketing or running a company
You could be fined or sent to prison for up to 2 years if you break the terms of the disqualification.
Been on the creditor side of too many insolvencies. This guy is f******cked, (My personal opinion). (1) He is an accountant so HMRC will be even less tolerant of his failings. (2) £800K is a big chunk of taxpayers’ money. (3) The OR will goes through his books with a fine tooth-comb and unpick all his businesses. (4) He’ll end up under public examination (5) They might even haul in (again) his henchmen and bag carriers (6) They’ll seize all his assets and flog them off.
If he does suddenly find a stash of cash with which to bounce back Julie, he’ll have to do some very fancy talking as to why it wasn’t available before the liquidation — abuse of process etc– and as to where it’s come from because it can’t be in the UK.
Why my interest? I advise property and hospitality investors when there’s an opportunity. I’m told this place could be a gold mine. Not from the books I’ve seen nor the reviews.
Done some more digging —- clearly this insolvency is the start rather than the end of the story. Got a legal chum to read through the tax hearings and he told me to take a long holiday.. Something about multiple cans of worms still to be opened. I’ll come back in July and book a holiday flat!!
Doesn’t seem to like paying anyone’s tax and NIC. That’s at least 4 former employees I know of. Can’t wait for the Court case involving the despicable idiot in my opinion, oh and his 2 cohorts of course hahaha
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Wish he would have paid my NIC and PAYE it caused me a big, big headache.
If you have your payslips and/or P60 and/or P45 – all of which will show tax and NI deducted then I think you give HMRC a copy and they will sort out a credit for your NI.
This is because you had tax and NI deducted from your wages and of course you were not responsible for the employer’s non payment to HMRC.
Check this out with Citizens Advice..
The potential implications of this are significant including disqualification as a director under the Company Directors Disqualification Act 1986. Anyone can report a company director’s conduct as being ‘unfit’.‘Unfit conduct’ includes:
* Allowing a company to continue trading when it can’t pay its debts
* Not keeping proper company accounting records
* Not sending accounts and returns to Companies House
* Not paying tax owed by the company
* Using company money or assets for personal benefit
You can be disqualified for up to 15 years.
You can’t:
* Be a director of any company registered in the UK or an overseas company that has connections with the UK
* Be involved in forming, marketing or running a company
You could be fined or sent to prison for up to 2 years if you break the terms of the disqualification.
All this from https://www.gov.uk/company-director-disqualification
Who else, aside from HMRC are owed money by this company?
No wonder my solicitor told me in no uncertain terms to stay away from this building. I just hope it gets resolved.
Oh dear, not a good state of affairs to be in. I’m sure Mr Stainer will bounce back.
Been on the creditor side of too many insolvencies. This guy is f******cked, (My personal opinion). (1) He is an accountant so HMRC will be even less tolerant of his failings. (2) £800K is a big chunk of taxpayers’ money. (3) The OR will goes through his books with a fine tooth-comb and unpick all his businesses. (4) He’ll end up under public examination (5) They might even haul in (again) his henchmen and bag carriers (6) They’ll seize all his assets and flog them off.
If he does suddenly find a stash of cash with which to bounce back Julie, he’ll have to do some very fancy talking as to why it wasn’t available before the liquidation — abuse of process etc– and as to where it’s come from because it can’t be in the UK.
Why my interest? I advise property and hospitality investors when there’s an opportunity. I’m told this place could be a gold mine. Not from the books I’ve seen nor the reviews.
Done some more digging —- clearly this insolvency is the start rather than the end of the story. Got a legal chum to read through the tax hearings and he told me to take a long holiday.. Something about multiple cans of worms still to be opened. I’ll come back in July and book a holiday flat!!
Undeterred, the persistent Mr. Stainer was back in Court on February 3rd appealing — again!!! Full marks for dogged determination
Doesn’t seem to like paying anyone’s tax and NIC. That’s at least 4 former employees I know of. Can’t wait for the Court case involving the despicable idiot in my opinion, oh and his 2 cohorts of course hahaha