Case details for John  BAILEY

Name: John  BAILEY

Name: Wallace Rail Consultancy Limited

Date of Birth: 22 / 8 / 1969

Date Order Starts: 29 / 6 / 2022

Disqualification Length: 5 Years 0 Month(s)

CRO Number: 11258169

Last Known Address: 218 Derinton Road,, , , , LONDON,, SW17 8HX

Conduct: From 16 February 2021, John Bailey (“Mr Bailey”) caused Wallace Rail Consultancy Limited (“Wallace Rail”) to misuse funds obtained through a Government backed Business Bounce Back Loan (“BBL”) totalling at least £10,000 (the ‘loan monies’), by not using the loan monies for the economic benefit of Wallace Rail, contrary to the terms of the loan. In that: The BBL of £15,000 was received into the company bank account on 16 February 2021. On the same day Mr Bailey received a single payment of £10,000 from the Company’s bank account, and thereafter extracted income available from on-going trading including a further £11,794 taken in a single payment on 16 April 2021; At 1 January 2021 at least £9,960 was due to HMRC in relation to Corporation Tax for the accounting period to 31 March 2020, all of which remained unpaid at liquidation. In the year ended 31 March 2020 Director’s emoluments had been £12,430, whilst in the year ended 31 March 2019 they were £8,397. More was paid to Mr Bailey in February 2021 after receipt of the BBL than salary declared for the entire preceding year. Notwithstanding the sums declared as wages in Wallace Rail’s accounts, Mr Bailey received sums from the Company’s bank account totalling £37,340.73 in 2019, £31,755.53 in 2020 and £32,444.95 in the 7 months between January and June 2021. The sums removed from the Company significantly increased in 2021 and this increase was partly funded by the BBL The Statement of Affairs signed by Mr Bailey on 24 May 2021 showed £Nil assets available to satisfy creditor claims; No repayments were made to the bounce back loan provider, to whom the outstanding sum due shown in the Statement of Affairs was £15,000. 

This information is correct as at 8 / 6 / 2022

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