Case details for YASAR SHAFIQ



Date of Birth: 22 / 4 / 1978

Date Order Starts: 12 / 10 / 2018

Disqualification Length: 8 Years 0 Month(s)

CRO Number: 09247603

Last Known Address: 23 Green Bridge Close, , , , ROCHDALE, OL11 1TL

Conduct: Yasar Shafiq (‘Mr Shafiq’) failed to ensure that Nicholas Kumasi Limited (‘NKL’) maintained, and / or preserved adequate accounting records, or in the alternative, he has failed to deliver up sufficient accounting records for the period between 28 December 2014 (appointment) and 8 May 2017 (liquidation). As a result of this failure the Official Receiver has been unable to:

  • Determine the true financial position of NKL in relation to company income, expenditure, assets and liabilities for the entire trading period.
  • Determine how the movement of funds for trading in excess of $37m as shown in credit and debit schedules to NKL’s known bank accounts between 29 July 2015 and 18 April 2016 took place and if this account activity related to transactions conducted in the course of legitimate company business.
  • Establish the true value of the business conducted by NKL throughout the period of trading as it is not known if further transactions occurred through other financial institutions.
  • Accurately determine what liability is due to HMRC in respect of VAT. HMRC have recorded a liability of £2,497,265.20 in the petition for the winding up of NKL and it cannot be determined from the information available if this assessment accurately reflects the VAT due on the total trade conducted by NKL.
  • In the period 08 March 2016 and 05 December 2016 he failed to deliver up records to HMRC to demonstrate that NKL was entitled to reclaim input tax on £1,510,146 of sales in the VAT accounting period ending January 2016 despite repeated requests from HMRC. As a direct result of this failure NKL was placed into liquidation by HMRC and a penalty issued in the sum of £977,818.88 against NKL and him for the deliberate submission of an inaccurate VAT return for the VAT accounting period ending 01/16. 

    This information is correct as at 24 / 9 / 2018

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