Case details for Olabisi Akin  FAWOLE

Name: Olabisi Akin  FAWOLE

Name: MULTI TERRAIN SOLUTIONS LIMITED

Date of Birth: 5 / 10 / 1964

Date Order Starts: 2 / 1 / 2019

Disqualification Length: 4 Years 0 Month(s)

CRO Number: 08076016

Last Known Address: 35 Frankland Close, Croxley Green, , , RICKMANSWORTH, WD3 3AR

Conduct: Olabisi Akin Fawole (“Mr Fawole”) caused Multi Terrain Solutions Limited (“Multi”) to trade for his own benefit and to the detriment of HM Revenue and Customs (“HMRC”) in respect of Value Added TAX (“VAT”) from at least 07 December 2012, in respect of Pay As You Earn (“PAYE”) and National Insurance Contributions (“NIC”) from at least 19 May 2013, and in respect of Corporation Tax from at least 01 February 2014 until the date of cessation of trade on or around 18 March 2016 resulting in estimated VAT liabilities at cessation totalling £77,183, estimated PAYE/NIC liabilities of at least £14,020 and estimated Corporation Tax liabilities of at least £44,792 being a total of £135,996. In the period between 31 May 2013 and the date of liquidation amounts due to HMRC increased by £109,175 whilst the amount due to Multi’s other creditors decreased by £21 and in the same period Multi paid at least £119,808 to its trade creditors and £253,304 to him whilst paying HMRC £11,535. In that: VAT

  • Multi’s first VAT quarter was 07/12. The liability for this quarter was not paid in full until 16 February 2015, when £936 of a payment of £2,000 was appropriated to it.
  • By reason of Multi’s failure to file and pay its VAT returns HMRC levied default surcharges upon Multi, which totalled £9,173 as at the date of cessation of trade.
  • Between 31 May 2013 and the date of cessation Multi paid HMRC £9,535 in respect of its VAT liabilities.
  • Notwithstanding those payments as at the date of liquidation it owed HMRC at least £77,183 in respect of VAT liabilities accrued up the cessation of trading on 18 March 2016 in respect of liabilities that had accrued due from the VAT period 10/12 onwards. PAYE/NIC
  • Multi made no payments in respect of its PAYE/NIC liabilities for the tax years 2013/14 to 2015/16.
  • HMRC claimed £3,247 for 2013/14, £5,470 for 2014/15, and £5,303 for 2015/16 in respect of Multi’s PAYE/NIC liabilities, making a total of £14,020. Corporation Tax
  • Multi’s liability for Corporation Tax for the year ended 31 May 2013 was £10,719, and fell due for payment on 01 February 2014. Multi made a payment of £2,000 in respect of that liability on 14 November 2014. This was Multi’s sole payment in respect of Corporation Tax.
  • Multi’s liabilities in respect of Corporation Tax for the years ending 31 May 2014 and 31 May 2015 were £23,373 and £19,120 respectively.
  • Accordingly as at the date of liquidation Multi was indebted to HMRC in the sum of at least £51,212 in respect of Corporation Tax liabilities that had accrued prior to the date of cessation of trade.
  • Other creditors
  • At the date of liquidation Multi had no trade creditors and owed its bank £594.
  • Between 31 May 2013 and the date of liquidation the amount Multi owed to HMRC increased by £109,175 from £36,821 to £135,996 and the amount it owed to its other creditors reduced by £21 from £615 to £594.
  • In the same period Multi paid at least £119,808 to its trade creditors and £253,304 to him whilst paying HMRC £11,535. 

    This information is correct as at 13 / 12 / 2018



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