Case details for Stephen Bryan Fahy

Name: Stephen Bryan Fahy


Date of Birth: 31 / 7 / 1970

Date Order Starts: 4 / 6 / 2019

Disqualification Length: 3 Years 0 Month(s)

CRO Number: 07689464

Last Known Address: 14 Grimley Close,, , , , REDDITCH, B98 7LY

Conduct: Mr Stephen Bryan Fahy (“Mr Fayh”) failed to ensure that Asbestos Waste Management made payments when due to HM Revenue & Customs ('HMRC') in respect of Corporation Tax (CT), Value Added Tax (VAT) and CIS and caused Asbestos Waste Management Ltd ('AWM') to trade to the detriment of HMRC from 01 August 2014 to liquidation on 2 December 2016. As a consequence HMRC is owed at least £101,972 in the liquidation. In that: Corporation tax ('CT')

  • CT of £2,359 remains due for the period to 31 July 2012, due for full payment by 1 May 2013;
  • Further CT of £40,666 remains due for periods to 31 July 2013 and 31 July 2014.
  • An additional £28,696 was shown as due for CT in draft accounts to 31 January 2016, due for full payment by 1 November 2016.
  • The last payment in respect of CT was made on 3 December 2014. VAT
  • VAT was not paid on time from the quarter ended January 2014, due for payment by 07 March 2014;
  • At the liquidation total VAT of £16,401 remained overdue from the quarter ended April 2015
  • The last payment made towards VAT was on 03 September 2015; CIS
  • HMRC's claim includes CIS of £3,934 from the tax year 2014/15 which should have been paid by 22 April 2015;
  • At the liquidation date £4,611 was due in respect of CIS deducted but not paid over.
  • The last payment made in respect of CIS was on 22 December 2014; Comparative treatment
  • At 31 July 2014, the date of the last filed accounts, £40,966 was due to trade and expense creditors. At the liquidation date trade creditors were owed £7,978.
  • HMRC were owed £41,942 as at 31July 2014. At the liquidation date HMRC claimed £73,276, which does not include CT of £28,696 shown as due in the draft accounts to 31 January 2016 and due for full payment on 1 November 2016, making £101,972 as the total due to HMRC. HMRC were the largest creditor at liquidation.
  • Between 1 August 2014 and 31 January 2016 dividends totalling £147,000.
  • Bank statements for the period from 01 February 2016 to 09 December 2016, when the account was closed, show total payments of £73,860; o this includes a payment to an associated company, of £1,700, made after he had consulted an insolvency practitioner; and o No payments were made to HMRC 

    This information is correct as at 14 / 5 / 2019

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