The Grand Farewell: High Court Bankrupts the Stainers

Thirty two years after residents of the Grand first confronted Michael Stainer in Court, and three and a half years after HMRC arrested Stainer, his wife Doris and Robert Richardson, the Stainers have been declared bankrupt.

As the Insolvency Register at insolvencydirect.bis.gov.uk/

Screenshot from 2018-11-11 17-25-53

Screenshot from 2018-11-11 17-26-27

These hearings took place at the High Courts of Justice on Thursday, November 8th, and also included the winding up of the other companies who featured in the original tax cases previously reported — The Grand-UK Ltd, Keppels Ltd, Keppels Cuisine Ltd and Kentish Estates Ltd.

the-grand-folkestone

Adrian Dante, of McIntyre Hudson, who is already acting in the liquidation of the Grand Folkestone Ltd, the Grand Folkestone Partnership and Kentish Estates Ltd, has been appointed to deal with both the individual and the remaining corporate insolvencies.

He is what is known as the Trustee in Bankruptcy. Let’s look at what he has to do now, and we refer to the guidance provided, among others, by the ICAEW, Mr Stainer’s own professional body, from which of course he might well be expelled:

  • He will sell the assets of the person who owes money. He takes away most of their property (for example, their house/s and other valuable belongings) and the money collected from selling these is then shared among the people they owe money to

  • He collects money due to the person or company

  • He agrees creditors’ claims

  • He distributes the money collected after paying costs

  • He may apply to court to restore property that a bankrupt or company have disposed of in a way that is unfair to their creditors (for example if, before bankruptcy, a property had been transferred to a relative of the bankrupt for less than its full value)

The website of the Insolvency Service provides additional guidance over what assets the bankrupt can usually keep:

  • Items needed for one’s job, such as tools or a vehicle

  • Household items, such as clothing, bedding or furniture

These might have to be given up if they’re worth more than a reasonable replacement.

As a result of bankruptcy, someone who has been made bankrupt cannot act as a company director either directly, or indirectly through a third party e.g. a general manager. They cannot pursue legal action on behalf of any company of which they were a director.

The bankrupt must hand over his or her bank cards, cheque books and credit cards for any accounts they are no longer allowed to use. This includes any account that was overdrawn on the date of the bankruptcy.

Dorise & Michael

One key question is what happens to the commercial interests at the Grand? The 18 flats owned by the Stainers (pictured), the holiday rental from which, according to Stainer, underpins the entire commercial enterprise, now ‘belong’ to the Insolvency Practitioner, as does any income from them. The companies still trading in the Grand are now without directors. So what does this mean for the employees working at the Grand? Too early to say. Mr Dante has confirmed it is his intention to maintain commercial activity at the Grand, although it is far too early to describe how this will work in practice, especially as the freeholder of the Grand, the director-less Hallam Estates Ltd, was not part of the bankruptcy proceedings.

Another key question is how does this impact on the leaseholders in the Grand? Their service charge account is owed over £275,000 by the Stainers and the immediate likelihood of this being paid seems remote.

richardson

Finally, what of Robert Richardson (pictured) – who remains on bail; like his former boss Michael Stainer,  and under investigation by HMRC for potential criminal offences? He was a director of two of the liquidated companies, Keppels Cuisine Ltd and Grand-UK Ltd until July 29th 2015, that is until shortly after he and the Stainers were arrested. He has been responsible for all the trading activities within the Grand and yet not a single company he was responsible for ever made money, nor come to think of it have any of the company he oversees as manager. Does he have a future at the Grand?

So watch this space.

The Shepwayvox Team – Dissent is NOT a Crime

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Our sole motive is to inform the residents of Shepway - and beyond -as to that which is done in their name. email: shepwayvox@riseup.net

10 Comments on The Grand Farewell: High Court Bankrupts the Stainers

  1. Awesome News // November 11, 2018 at 18:52 // Reply

    F***ing Awesome News. Thank you for your continued coverage of this important issue. Richardson is imho a monkey and couldn’t organise a piss up in a brewery.

  2. Should be some cheap flats going soon!!

  3. Peter Cobrin (@petertheteacher) // November 11, 2018 at 22:42 // Reply

    So the freehold company, Hallam Estates, has lost its directors so how can it continue to pursue its litigation?

  4. I expect the Stainers may well have got money hidden up in an Offshore bank account/s.

  5. Many thanks for your unstinting reporting on The Grand. Much appreciated!

  6. So no booze for sale today? A licence lapses the moment the license-holder goes bankrupt……

  7. I also suspect that Michael Stainer knew that this day would eventually come and has planned his departure from the UK accordingly. I would be interested to learn if he has to surrender his passport.

  8. He didn’t even have the balls to tell his staff and his tame Poodle says he knew nothing until Monday. Probably blames the Vox!!

  9. Would you believe that the bankruptcies at the Grand are being described as ‘fake news’. Check this out: https://www.insolvencydirect.bis.gov.uk/eiir/IIRCaseIndivDetail.asp?CaseId=702581735&IndivNo=101215950&Court=HIGH&OfficeID=700000073&CaseType=B

  10. I can assure you, the Stainers have been off-shoring undeclared assets and monies since the 1980’s.
    If anyone had really wanted to “get” the Stainers and cronies, it should have been very simple, they have been committing fraud against Shepway District Council and the DWP for at least 4 decades, I wonder exactly how much in housing grants and rent benefit has gone through their hands in 4 decades, as far as I’m aware, they have never done a 100% honest deal in their entire lives…

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