Case details for SELCUK  PINARBASI

Name: SELCUK  PINARBASI

Name: EUROSOLAR EUROPE LTD.

Date of Birth: 11 / 4 / 1958

Date Order Starts: 23 / 3 / 2022

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 07753896

Last Known Address: Merlebank ,, 106 Bankhall Lane,, Hale,, , ALTRINCHAM,, WA15 0NW

Conduct: Between 19 January 2018 and 23 March 2018, at a time when Selcuk Pinarbasi (“Mr Pinarbasi”) ought to have been aware that Eurosolar Europe Limited (“Eurosolar”) was insolvent, Mr Pinarbasi caused or allowed Eurosolar to make at least 9 payments totalling £113,000 to his benefit which were to the detriment of Eurosolar’s creditors generally. In that: Evidence of Insolvency The last set of year end accounts prepared for 31 July 2015 show that Eurosolar was insolvent and recorded a loss of £25,727 and that it had liabilities in excess of its assets of £27,421. These accounts were approved by Mr Pinarbasi on 07 September 2016 and filed at Companies House on 08 September 2016. Between 06 June 2014 and 02 June 2017, Trafford Metropolitan Borough Council (“Trafford”) obtained Liability Orders against Eurosolar for each consecutive year in respect of unpaid non domestic rates for premises it occupied totalling £18,072. As the Liability Orders were not paid, Trafford presented a Winding Up Petition against Eurosolar on 19 March 2018. On or around 30 October 2017, HMRC issued an Insolvency Warning Letter to Eurosolar in relation to amounts outstanding in respect of Corporation Tax and PAYE totalling £55,815. On 22 March 2018 an Insolvency Practitioner sent an email to Mr Pinarbasi to confirm that a meeting at their offices had been arranged for him to attend on 23 March 2018 to discuss the threat of a winding up petition against Eurosolar with the view to entering into voluntary liquidation. The Insolvency Practitioner was appointed as Liquidator of Eurosolar on 25 April 2018. Transactions to the benefit of Mr Pinarbasi up to 22 March 2018 Available bank statements show that between 31 March 2017 and 10 January 2018 payments totalling £170,050 were paid into Eurosolar’s HSBC bank account by Mr Pinarbasi. No further payments were made into Eurosolar’s bank account by Mr Pinarbasi after 10 January 2018 but between 19 January 2018 and 19 February 2018 Eurosolar made at least 4 payments to Mr Pinarbasi under the reference ‘SELCUK PINARBASI S P LOAN RETURNED’ totalling £55,000 and at least 3 payments to his pension totalling £40,000. Transactions to the benefit of Mr Pinarbasi after 22 March 2018 After the Winding Up Petition was presented against Eurosolar on 19 March 2018, Eurosolar made at least 1 payment to Mr Pinarbasi under the reference ‘SELCUK PINARBASI S P LOAN RETURNED’ of £8,000 and 1 payment under the reference ‘S PINARBASI PD INTER’ of £10,000 on 23 March 2018. Detrimental Treatment The payments made to Mr Pinarbasi’s benefit of £113,000 caused the amount which Eurosolar owed to him to be reduced by the time Eurosolar entered into Liquidation on 25 April 2018 and represented the majority of payments made from the company bank account, total £181,163, in the same period. In contrast, at Liquidation Eurosolar’s trade creditors were owed £43,490 but between 01 January 2018 and 25 April 2018 these trade creditors received payments of £3,288. At Liquidation HMRC’s debt comprised of Corporation Tax of £36,271 for periods between 2012/2013 and 2015/2016, PAYE of £23,667 for periods between 2015/2016 and 2018/2019 and VAT of £148,837 for quarters between December 2017 and March 2018. Between 01 January 2018 and 25 April 2018 no payments were made to HMRC. The Liquidator reached settlement with Mr Pinarbasi for £20,000 in respect of the payments made to the pension of £40,000 but as of 10 June 2019 they have only received payment of £7,100 and made an allowance of £5,400 from the deposit provided in the Liquidation costs leaving an outstanding balance of £7,500. 

This information is correct as at 2 / 3 / 2022



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