Case details for OLASOJI SHONOWO

Name: OLASOJI SHONOWO

Name: ARKAMAI NETWORK LIMITED

Date of Birth: 3 / 5 / 1963

Date Order Starts: 10 / 12 / 2018

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 07398355

Last Known Address: 7 OHIO ROAD, , , , LONDON, E13 8EL

Conduct: 1. Between 01 November 2015 and 12 October 2016, the date of liquidation, Olasoji Shonowo failed to maintain, preserve and, or in the alternative, deliver up complete records as maintained of Arkamai Networks Ltd (hereinafter referred to as Arkamai) or provide reasonable explanation so that it has not been possible to;

  • Verify the reason for £70,049.53 being drawn from Arkamai appearing to be for his benefit at a time when HMRC liabilities remained outstanding.
  • Determine that the amount of remuneration and benefits received by him were appropriately treated and accounted for.
  • In the absence of purchase invoices and cheque stubs, the reason for expenditure totalling £32,341.62;
  • Establish whether payments totalling £110,550.97 were paid to staff or employees
  • Confirm that all assets detailed in the accounts for the period ended 31 April 2015 have been accounted for;
  • Establish the amount properly due to HM Revenue and Customs in respect of VAT and PAYE/NIC;
  • Determine the full extent of Arkamai’s liabilities;
  • Verify the reason for Arkamai’s insolvency; and
  • Establish the accuracy of the Statement of Affairs sworn by him 2. Since at least April 2013 until 12 October 2016, the date of liquidation, you have caused Arkamai to trade to the detriment of HM Revenue and Customs (hereinafter referred to as HMRC) by failing to ensure that Arkamai submitted returns and made payments as required for VAT, PAYE/NIC, and Corporation Taxes so that as at liquidation, Arkamai had an outstanding liability of at least £25,843.09 in respect of VAT and £29,977.06 in respect of PAYE/NIC and Corporation Taxes. PAYE/NIC and Corporation Taxes PAYE RTI returns received from HMRC shows –
  • For the year 2013/14 there is an outstanding PAYE NIC liability of £12,692.86;
  • The company made a payment of £1,128.96 on 01 August 2016, of this £869.84 was allocated to the PAYE NIC 2013/14 tax period.
  • For the year 2015/16 there is an outstanding PAYE NIC liability of £7,666.55;
  • No payments were made or allocated to PAYE NIC for the 2015/16 tax period.
  • For the year 2016/17 there is an outstanding PAYE NIC liability of £4,849.85;
  • The company made 4 payments totalling £2,336.16, detailed below, which were allocated to the PAYE NIC 2016/17 tax period. o 06 July 2016 - £777.04 o 01 August 2016 - £1000.00 and 01 August 2016 – £1,128.96, of this £259.12 was allocated to the PAYE NIC 2016/17 tax period and; o 01 September 2016 - £1000.00
  • Outstanding PAYE NIC liabilities totalled £25,208.26
  • Corporation Tax totalling £4,668.80 was unpaid and remains outstanding for the period ending 31 October 2012;
  • A payment of £300.00 was made on 07 September 2015 and allocated to the period ending 31 October 2012;
  • Due to non payment, additional penalty charges were added totalling £100.00
  • As at the date of liquidation, liabilities for PAYE NIC and Corporation tax totalled £29,977.06 VAT
  • The VAT ledger dating from 04 December 2013 show returns totalling £7,276.55 were submitted on time for the 10/13 to 01/15 periods inclusive.
  • A 9 month return for 10/15 period totalling £9,800.90 was submitted on 07 December 2015. No payment was made towards this return.
  • A return was submitted on time for the 01/16 period totalling £4,069.03. No payments were made against this return.
  • HMRC raised assessments and charges for the 04/16 and 07/16 periods, totalling £8,918.60 as no returns were submitted
  • HMRC raised a further assessment for the 10/16 period totalling £3,150.00 which was withdrawn following liquidation.
  • The ledger shows that between 05 December 2013 and 12 October 2016, the date of liquidation, the company made 4 payments totalling £3,030.05 and it cleared periods 10/13, 01/14, 07/14 and partially 04/14.
  • The last payment received by HMRC was £257.10 on 08 September 2014 was allocated to the 07/14 period.
  • Total accrued VAT liability between 10/14 and 07/16 was £25,843.09 Comparative Treatment
  • Between 01 October 2013 and 20 October 2016 statements show that, excluding contra entries, £424,690.32 was out of the bank account as detailed below:
  • Payments to unknown parties total £7,245.35
  • Cash withdrawals totalled £710.00
  • Cheque payments from the account totalled £1,050.00
  • Payments to an associated company account totalling £11,232.04
  • Payments to for his benefit totalled £145,334.72
  • Interest and charges totalled £2,616.94
  • Trade suppliers and staff/employees received £250,981.62, while
  • HMRC received £5,519.65 in respect of PAYE/NIC and VAT. The date of the last payment to HMRC in respect of PAYE/NIC was received 02 September 2016 

    This information is correct as at 21 / 11 / 2018



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