Case details for MICHAEL SAYWACK

Name: MICHAEL SAYWACK

Name: MIKE HARRISON TRADING LIMITED

Date of Birth: 11 / 10 / 1955

Date Order Starts: 26 / 11 / 2018

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 03531744

Last Known Address: 66 BOUNDARY ROAD, , , , LONDON, E17 8JU

Conduct: 1. On 11 August 2015 and on 13 January 2016, Michael Saywack (“Mr Saywack”) breached his fiduciary duties as director of Mike Harrison Trading Limited (“MHTL”) by causing payments totalling £41,000 to be made to an account in a connected party's name, at a time when he knew or ought to have known that MHTL was insolvent, or would become insolvent as a result of his actions. These payments were to the detriment of H.M. Revenue and Customs (“HMRC”).

  • Between the dates of 15 February 2013 and 22 October 2015 HMRC attempted to collect payment from MHTL of outstanding tax debts through various methods such as letter, telephone conversations, site visit and employing a debt collection agency.
  • As at 10 August 2015, £75,547 was outstanding to HMRC;
  • On 11 August 2015, he caused MHTL to make a payment of £25,000 to an account in aconnected party's name;
  • On 02 October 2015, a County Court Judgement was made against MHTL for £1,499.16;
  • On 07 December 2015, a Winding Up Petition was presented against MHTL by HMRC. The petition was served on the registered office of MHTL on 09 December 2015;
  • As at 12 January 2016, £79,880 was outstanding to HMRC;
  • On 13 January 2016, he caused MHTL to make a payment of £16,000 to an account in a connected party's name;
  • The payments to the connected party's account on 11 August 20015 and 13 January 2016, totalling £41,000, were to the detriment of HMRC. During this time no VAT payments were submitted by MHTL.
  • On 03 August 2016, HMRC submitted a Proof of Debt in the liquidation detailing their claim of £86,322. 2. He failed to ensure that MHTL complied with its statutory obligations to submit returns to HMRC as and when due in respect of its Value Added Tax (“VAT”) and Corporation Tax (“CT”). he caused MHTL to trade to the detriment of HMRC from 08 October 2012 at the latest until the date of liquidation on 18 March 2016. VAT
  • MHTL failed to submit VAT returns for 14 consecutive VAT quarters ended: 08/12, 11/12, 02/13, 05/13, 08/13, 11/13, 02/14, 05/14, 08/14, 11/14, 02/15, 05/15, 08/15 and 11/15, which were all due for submission and payment to HMRC prior to MHTL being placed into liquidation. In the absence of VAT returns HMRC assessed the VAT liabilities in the sum of £44,357 and applied surcharges totalling £5,983.
  • At the date of liquidation MHTL’s outstanding VAT liabilities that had fallen overdue totalle £50,340 comprising of VAT assessments of £44,357 and surcharged assessments of £5,983. The earliest outstanding VAT assessment was for the VAT quarter ended 08/12 which should have been settled by 07 October 2012. CT
  • MHTL submitted the CT returns for the periods ended 31 March 2009, 31 March 2010, 31 March 2011 to HMRC disclosing CT liabilities totalling £28,489 and HMRC applied interest charges totalling £1,516. In the absence of a CT return for the period 31 March 2012 HMRC raised an assessment for £11,000 and applied interest of £924.
  • At the date of liquidation £22,807 was due to HMRC in respect of CT Differential Treatment
  • MHTL bank statements show that between 01 April 2013 and the date of liquidation on 18 March 2016, £824,344 was expended from the bank account to various parties. From this amount no payments were made to HMRC in respect of VAT and CT and £1,546 was paid to HMRC in respect of PAYE/ NIC. Whilst over the same period £41,000 was paid to a connected party and £781,798 was paid to various other parties including the director.
  • At liquidation, HMRC were the majority creditor, owed £86,322 out of a total debt of £96,522. 

    This information is correct as at 12 / 11 / 2018



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