Name: Prakash VARA

Name: CONCEPT 8 LTD

Date of Birth: 21 / 10 / 1976

Date Order Starts: 19 / 10 / 2022

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 09063254

Last Known Address: 72 Teddington Park Road,, TEDDINGTON,, , , , TW11 8NE

Conduct: Between 10 June 2020 and 12 June 2020 Prakash Vara (“Mr Vara”) caused Concept 8 Ltd (“C8”) to make payments totalling £10,000 that were to the benefit of connected parties and to the detriment of C8’s creditors generally, at a time when he knew, or ought to have known, that C8 was insolvent, in that: On 23 December 2019 HMRC wrote to C8 warning of winding up action if outstanding tax liabilities of £63,937 were not paid in full or contact not made by the company by 31 December 2019. C8 failed to contact HMRC in respect of the letter or make any payments towards the outstanding tax debt. In the Spring of 2019, C8 commenced a new contract which ran into difficulties after three months resulting in an ongoing contract dispute between the parties. The client believed they had paid monies for works which were not completed whilst C8’s position was that due to contract variations and delays caused by the client they were owed monies in respect of the contract. On 13 March 2020, Mr Vara contacted an Insolvency Practitioner to discuss the financial position of the C8 after receiving advice from a solicitor that C8 would be unable to afford to defend any claim brought by the client in respect of the ongoing contract dispute. C8 received correspondence dated 19 May 2020 from a solicitor representing the client who was in contract dispute with the company. The letter set out the client’s intentions of pursuing a claim against C8 for overpayment and damages. The client submitted a claim in the liquidation for £326,837. On 08 June 2020, C8 applied for a government backed bounce back loan which resulted in £20,600 being paid into C8’s bank account on 09 June 2020. Between 10 June and 12 June 2020, C8 paid £5,000 to Mr Vara’s relative and £5,000 to a friend of Mr Vara’s in respect of money previously borrowed by the company. The remaining loan funds were used to repay sub-contractors and pay other trade expenses. At the time of making the BBL application, C8 had no recorded assets and known liabilities of at least £63,937, owed to HMRC. On 18 June 2020 Mr Vara advised the Insolvency Practitioner that he believed C8 did not have the resources to contest the customer claim and instructed them to place the company into liquidation. C8 was placed into liquidation on 28 July 2020. 

This information is correct as at 28 / 9 / 2022

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