Case details for Faruk Kilickaya

Name: Faruk Kilickaya

Name: Efficientax Ltd

Date of Birth: 2 / 2 / 1980

Date Order Starts: 19 / 10 / 2022

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 08745941

Last Known Address: 3 Ash Grove,, Capel St. Mary,, , , IPSWICH,, IP9 2UW

Conduct: That on the 30 October 2016, at a time when Faruk Kilickaya (“Mr Kilickaya”) knew or ought to have known that Efficientax Ltd (“Efficientax”) was insolvent, he caused Efficientax to enter into a business agreement to transfer its business and assets to a connected company, which was to the detriment of Efficientax’s creditors, specifically HM Revenue and Customs (“HMRC”). In that; On 22 September 2016, HMRC presented a Winding Up petition to the Court in respect of Efficientax’s outstanding Value Added Tax and Pay As You Earn and National Insurance Contributions liabilities totalling £84,419 (including surcharges, penalties and interest). On 30 October 2016, an agreement was entered into for the transfer of all assets belonging to Efficientax, which he valued personally by him, comprising business equipment at £6,000, goodwill at £5,000 and book debtors of £20,000 to the purchaser for the purchase price of £1. Efficientax’s last set of accounts for the year ended 31 July 2015 included fixed assets of £42,225 and debtors of £28,514. As part of the transfer agreement, the purchaser was to pay certain creditors of Efficientax, specifically all monies owed to him including his director’s loan account of £6,000, rent arrears of £18,000 (the trading premises were rented by him personally), a bank loan of £11,000 (personally guaranteed by him) and a finance company loan of £6,000 (personally guaranteed by him), as scheduled in the agreement. The purchaser was also to take over the future liability from leased telephone equipment valued around £4,000. He stated Efficientax ceased to trade in mid October 2016 when its bank account was frozen. The purchaser was a company which he was sole director of. Upon the petition of HMRC, a Winding Up Order was made against Efficientax on 23 January 2017. At the date of liquidation, Efficientax had £nil assets and claims received totalling £91,720, of which £82,780 was due to HMRC (the amount since the presentation of the petition has reduced due to an assessed liability being replaced by a lower return) and £8,940 was due to trade and expense creditors which includes a claim from the finance company loan referred to above for £5,136. 

This information is correct as at 28 / 9 / 2022

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