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?