The Stainer Scandal — Drowning in Debt part 2

Michael-Stainer

Documents evidencing the extent of the financial mismanagement which led to the liquidation of eight companies under the directorship of Mr Stainer  (pictured left) and trading exclusively within the Grand – Folkestone, Kent, are now available at Companies House for the public to peruse at their leisure. They make for interesting reading:

  1. · Keppels Cuisine Limited

  2. · Kentish Estates Limited

  3. · Kentish Sites Limited

  4. · Keppels Limited

  5. ·Kentish Cuisine Limited

  6. ·Grand-UK Limited

  7. ·The Grand Folkestone Partnership Limited

  8. ·The Grand Folkestone Limited

These documents are the “Liquidators’ statement of receipts and payments” for The Grand Folkestone Partnership Limited, and the “Progress report in a winding up by the court” for The Grand Folkestone Limited. There are similar for each of the other companies. These are formal legal reports issued by the Insolvency Practitioners, MacIntyre Hudson, in accordance with Rule 18.7 of the Insolvency Rules 2016.

This is an extract from the Grand Folkestone Partnership Ltd:

Image 1

* – This means that HMRC’s for £281,016.43 claim against the company has been received. The figure of £2,850.000.00 is a typographical error and should be £285,000 as admitted in Stainer’s statement of affairs below.

The next “revelation” is that the combined assets of this company, and all the others, are zero. Therefore, not a penny has been or will be available for creditors. The following shows money in and money out.

Image 2

The most interest document, however, is the Notice of Statement of Affairs filed and completed on Sept 12th, 2018 and signed by Michael Stainer as true:

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According to Mr Stainer, the assets of this company were as follows:

Image 4

What Stainer admitted as being owed was as follows:

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Bear in mind these are figures submitted in a sworn statement by Mr Stainer, not some anonymous third-party source. So, £76,000 is owed to “trade and expense creditors”, and £285.000 to HMRC. Note that on the other returns, the HMRC debt as supplied by HMRC to the Insolvency Practitioners is significantly higher — by a factor of at least three! The £76,000 includes £10,000 to Folkestone and Hythe District Council.

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richardson

So the question we would like an answer to is simple: these companies claimed to be trading successfully. To quote Robert Richardson (pictured) who was their general manager throughout and before this period, he had in his own words “ownership of the businesses P&L (profit and loss)account and implementation of strategies for financial management”. So what went wrong and where did the money go that flowed from the 18-holiday lets?

Luckily, all is not lost. This entire debt is now the personal liability of the Stainers as documented in our previous article.

The Shepwayvox Team

Journalism for the People NOT the Powerful

About shepwayvox (965 Articles)
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

5 Comments on The Stainer Scandal — Drowning in Debt part 2

  1. Eddie the Ever-ready // February 10, 2020 at 17:50 // Reply

    I find the juxtaposition of the phrase “statement of truth” and “Stainer” an intellectual challenge. For him, it’s merely a form of words…………..

  2. We must not forget that Mr Stainer is a “ qualified “ chartered accountant ! Writing these statements is a piece of cake for him , as he has been practicing this skillful sleight of hand for over 4 decades ! Can’t imagine if he was employed as an accountant by some companies – they would have been bankrupted by “ genius “ Mr Stainer !!!

  3. Mr Stainer always likes to keep few cards up to his sleeve!

  4. doggerbank56 // February 11, 2020 at 09:32 // Reply

    Since being made bankrupt Mr Stainer can no longer describe himself as a chartered accountant. His actions and behaviour are not those of a man with whom I would wish to do business. In 2009 I looked at a flat in the Grand – it was a probate sale. However, I walked away when I discovered the level of the service charge plus the additional charges that were being imposed on leaseholders. I did not consider it to be a safe transaction and I am very glad that I did not proceed with it.

    I believe that Mr Stainer once worked as an auditor. You might want to ask him whether it is true that one of the clients he worked on in the early 1970s was Rolls Royce. They did get into difficulties and had to be rescued by the Heath Government.

  5. It is said that if you owe a bank £100 and can’t pay you are in trouble, but if you owe £1,000,000 and can’t pay the bank is in trouble. Is that why he gets away with it all?

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