Case details for Jeffrey Formica

Name: Jeffrey Formica

Name: Nice and Secure Limited

Date of Birth: 26 / 8 / 1966

Date Order Starts: 26 / 4 / 2019

Disqualification Length: 7 Years  Month(s)

CRO Number: 06592822

Last Known Address: 49 Greek Street, , , , London, W1D 4EG

Conduct: Between 03 March 2018 and 16 March 2018 Jeffrey Formica (“Mr Formica”) caused Nice And Secure Limited (“NASL”) to enter into transactions to the detriment of creditors by causing it to make payments amounting to £41,050 to himself at a time when he knew that NASL was insolvent and was likely to cease trading, in that ;

  • On 28 February 2018 NASL terminated its contracts with the majority of its customers.
  • Mr Formica undertook discussions with his accountants who sent him a letter advising him to cease trading on the 1 March 2018 after speaking to an Insolvency Practitioner.
  • NASL was due to pay Her Majesty's Revenue & Customs (“HMRC”) an instalment of £19,838 under the terms of a Time To Pay (“TTP”) agreement on 01 March 2018. NASL failed to make this payment. No further payments were made under the terms of the TTP.
  • A payment of £3,571 was due regarding a Funding Circle loan on 22 February 2018 but failed to be made leaving the total outstanding balance as at 2 March £112,363, which remained due at liquidation.
  • A payment was made regarding a HSBC loan of £3,317 on 01 March 2018, leaving the total outstanding balance as at 2 March £160,696 with respect of a loan and finance agreement.
  • As at 2 March £195,368 was due to HMRC. No payments were made to HMRC after this point, leaving £265,852 outstanding at liquidation after a final VAT assessment was made by HMRC for the period 03/18 of £70,493.
  • 05 March 2018 NASL's employees were issued a letter notifying them that NASL had ceased trading.
  • Between 3 March 2018 and 16 March 2018 Mr Formica received £41,050.
  • On 15 March 2018 Mr Formica instructed an Insolvency Practitioner to place NASL into liquidation, signed a statement of affairs showing he was a debtor to the amount of £45,603 the recovery of which was described as uncertain and detailing £314,140 due to HMRC, HSBC and Funding Circle collectively (prior to HMRC’s final claim).
  • On 16 March 2018 Mr Formica withdrew £17,500 by transferring funds to his personal account.
  • Between 03 March 2018 and 16 March 2018 payments amounting to £92,284 were made from NASL’s bank account, of which £41,050 was paid to Mr Formica. No payments were made to HMRC, HSBC and Funding Circle.
  • NASL entered liquidation on 28 March 2018 owing £551,953 to creditors, including; £265,852 owed to HMRC, £173,738 to HSBC for a loan and invoice finance agreement and £112,363 to Funding Circle for another loan. 

    This information is correct as at 5 / 4 / 2019

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