Case details for IFRAZ NABI



Date of Birth: 1 / 12 / 1980

Date Order Starts: 31 / 5 / 2022

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 09696217

Last Known Address: 13 Hale Road, , , , Hale, WA15 8BJ

Conduct: Ifraz Nabi failed to ensure that New York Krispy Fried Chicken Limited (hereinafter referred to as “NYKFC”) maintained or preserved adequate accounting records or in the alternative failed to deliver up to the liquidator adequate accounting records from 1 August 2018, the period from the date of the last filed annual accounts for the year ended 31 July 2018 to the date of liquidation on 5 November 2020. Consequently, it is not possible to: Verify that funds totalling £30,388.92 obtained between 13 August 2020 and 05 September 2020 via claims submitted to HMRC in relation to the Eat Out to Help Out scheme were in relation to genuine sales eligible for inclusion in the scheme; Verify that Coronavirus Job Retention Scheme claims totalling £23,711.74 made by Ifraz Nabi and paid to a bank account held by a third party between 10 June 2020 and 19 October 2020 were legitimate; Confirm that cash withdrawals totalling £63,522.90 were for genuine business purposes. From 13 August 2017 (the date at which New York Krispy Fried Chicken Limited traded in excess of the VAT threshold) Ifraz Nabi failed to ensure that NYKFC registered for VAT as and when required, and subsequently failed to submit any returns to HM Revenue & Customs (hereinafter referred to as “HMRC”) in respect of VAT, or make payment as and when VAT fell due, in that: Records of sales made by NYKFC via Just Eat show that NYKFC traded in excess of the VAT threshold from at least 13 August 2017; NYKFC registered for VAT on 02 May 2019, after its registration NYKFC failed to submit any VAT returns to HMRC or make any payment in respect of VAT; NYKFC was subject to an unannounced inspection by HMRC’s Hidden Economy Team on 21 May 2019 during which Ifraz Nabi was advised sales records need to be available for HMRC to ensure adequate tax was being paid; HMRC issued requests to NYKFC on 12 June 2019 and 17 July 2019 for delivery of records that would enable it to confirm NYKFC’s VAT position. Failure to comply has meant that HMRC have been unable to estimate NYKFC’s VAT liability and resulted in a £300 penalty being issued on 11 December 2019; Further non-compliance led to HMRC issuing a £1200 penalty on NYKFC on 13 January 2020. 

This information is correct as at 11 / 5 / 2022

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