Share this content

There's this network of very shady companies...

Can I do anything about it?

Didn't find your answer?

Someone who has several bankrupt companies behind him in past years is on to some new scam. He's not a client so I have no obligation to file an SAR, but can anything be done about the below? Should anything be done?

Over the last couple of years he setup several Ltd Companies and bought dozens of businesses in a particular sector. The Ltd company that shows up in the regulator's website as the owner of these acquired businesses is a company that has only ever submitted dormant accounts (despite having been involved in several M&A transactions making acquisitions). The other related companies have been ducking and diving and not submitting accounts. They've changed accounting period several times to get extensions to filing deadlines, have had multiple first gazette notices for strike off etc., but are not filing accounts (or filing dormant accounts).

Some are companies registered circa 2019 that have still not submitted ANY accounts.

The pattern is that some of the companies in the group keep filing dormant accounts for several years and then call in the liquidators. He did something like this before and now the first company in the current group has called in the liquidators (with only ever having submitted dormant accounts in the past). There's a few hundred thousand in creditors in this company and zero assets. So nobody is going to get anything. HMRC is also due a large chunk.

The other companies are going to follow.

I don't quite understand what the overall game is.

But the whole network of related companies, all with the same brand name, smell very, very fishy. HMRC and a lot of creditors are going to lose millions, and this teflon director is going to escape a ban again!

Have you seen this kind of modus operandi before?

Replies (9)

Please login or register to join the discussion.

avatar
By paulwakefield1
10th Apr 2022 08:57

anon wrote:

He's not a client so I have no obligation to file an SAR,

You may have even if not a client if the knowledge came to you in the course of your business (depending on whether the other criteria are also met).

Thanks (1)
avatar
By Eighties Kid
10th Apr 2022 09:44

I don’t know what he or his accountants are up to. All the information is on the public record since I have found it below. Do you need to file a report?

BDO say there are no suspicious circumstances when they resigned before this one went into liquidation but this was before he bought it:

https://find-and-update.company-information.service.gov.uk/company/06864...

This one now in liquidation (https://find-and-update.company-information.service.gov.uk/company/11421...)

doesn’t mention the debt disclosed in the accounts for this company (https://find-and-update.company-information.service.gov.uk/company/08903...).

The accountant doesn’t give financial advice https://find-and-update.company-information.service.gov.uk/company/12650...

and is on the tax committee of the ACCA.

Maybe he would like to comment as an AWeb member? Why do you never file accounts for this client’s (and some of your own) companies, instead extending the period, filing dormant accounts then going into liquidation?

Thanks (4)
Replying to Eighties Kid:
avatar
By Anonymous
10th Apr 2022 10:42

You say, "BDO say there are no suspicious circumstances when they resigned before this one went into liquidation but this was before he bought it:"

It would appear that this person was the only director at the time of the liquidation. He had been a director before, resigned for a few months, and then got reappointed. The liquidators makes this comment about "the director" in their report:

"In accordance with the Company Directors Disqualification Act 1986 a return containing information on the conduct of the Director of the Company has been submitted to the Department for Business Innovation & Skills. As the information in the return is confidential, I am not able to disclose the contents."

Maybe there was a clean bill of health in that report he submitted, we'll never know!

Thanks (0)
avatar
By Wanderer
10th Apr 2022 09:51

anon wrote:

He's not a client so I have no obligation to file an SAR,

A complete misunderstanding of the requirements.
Thanks (4)
Profile
By indomitable
14th Apr 2022 17:17

Not sure why you are so bothered about this particular individual. It appears you have suspicions but not much else. If you have no connection with him or his companies, it's up to the authorities to investigate.

We are not policemen

Thanks (0)
Replying to indomitable:
avatar
By Eighties Kid
14th Apr 2022 17:24

The serial Director is taking the OP to court. It is all in the public domain and the OP posts about it on LinkedIn.

Thanks (0)
Replying to Eighties Kid:
Profile
By indomitable
15th Apr 2022 11:21

Sorry, not very good with abbreviations, OP?

Thanks (0)
Share this content