Case details for James Stuart SMITH

Name: James Stuart SMITH

Name: James S. Smith (Wrawby) Limited

Date of Birth: 20 / 7 / 1966

Date Order Starts: 14 / 6 / 2022

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 03657196

Last Known Address: Cherry Tree House,, Tunnel Road,, , , Wrawby, BRIGG,, DN20 8SF

Conduct: On 28 September 2017, at a time when he knew or should have known that James S Smith (Wrawby) Limited (“Wrawby”) was insolvent, James Stuart Smith (“Mr Smith”) caused Wrawby to sell land to Mr Smith’s personal pension fund, for which the net proceeds of sale were paid into Mr Smith’s personal bank account, to the benefit of Mr Smith and to the detriment of Wrawby’s creditors. On 20 March 2017 Wrawby submitted its VAT return for 01/17 and the corresponding VAT payment. No more VAT returns or payments were submitted. On 12 July 2017 Mr Smith approved Wrawby’s accounts for the year ending 31 October 2015 which showed that Wrawby was insolvent with net liabilities of £145,184. Wrawby made its last payment for PAYE on 17/08/17 whilst being in PAYE arrears for the tax years 2016/17 & 2017/18. On 30 August 2017 HMRC informed Mr Smith that Wrawby had VAT arrears of £49,552 and the VAT return for 04/17 was outstanding. On the same date, Wrawby’s accountant discussed tax debts with HMRC and stated he would speak to Mr Smith and call back. On 22 September 2017 HMRC carried out a distraint visit and left correspondence for Mr Smith regarding Wrawby’s tax debts. This date was also the deadline for payment of VAT due for 07/17, assessed at £37,455, which was not paid. On 28 September 2017 land belonging to Wrawby was sold to the trustees of Mr Smith’s personal pension fund for £142,500. Mr Smith was one of the trustees. In accordance with instructions from Mr Smith, solicitors acting for Wrawby paid net proceeds of sale of £97,827 into Mr Smith’s personal bank account. Between 28 September 2017, the date on which the land was sold, and 10 July 2018, the date of liquidation, Mr Smith paid net funds of £52,558 to Wrawby’s bank account. Mr Smith retained the benefit of £45,269 from the proceeds of sale. On 24 October 2017 Wrawby made an offer to pay its tax debts by instalments which was rejected by HMRC as previous payment plans had not being maintained. Mr Smith consulted insolvency practitioners who telephoned HMRC on 30 November 2017 to advise that Wrawby was considering whether to pay HMRC or enter into liquidation. Wrawby ceased trading in February 2018. HMRC served a winding up petition on Wrawby on 16 April 2018. On 20 June 2018 Mr Smith sought advice from insolvency practitioners. Wrawby entered into liquidation on 10 July 2018. 

This information is correct as at 27 / 5 / 2022

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