Date of Birth: 21 / 10 / 1957

Date Order Starts: 26 / 11 / 2018

Disqualification Length: 4 Years 0 Month(s)

CRO Number: SC45761

Last Known Address: 15 ROYAL TERRACE, , , , GLASGOW, G3 7NY

Conduct: Iain Alexander Wallace (“Mr Wallace”) caused Columbia Development Ltd (“Columbia”) to trade to the detriment of HM Revenue and Customs (“HMRC”) and to his personal benefit, resulting in liabilities of Value Added tax (“VAT”) totalling £87,120 (inclusive of surcharges) from 6 October 2015 to date of Liquidation on 17 July 2017, and Pay as You Earn and National Insurance Contributions (“PAYE/NIC”) liabilities totalling £36,804 (inclusive of interest) from 19 April 2016 to date of Liquidation on 17 July 2017

  • VAT liabilities totalling £80,742, together with surcharges of £6,378 are outstanding for the VAT periods 08/15 to 08/17 inclusive
  • PAYE/NIC liabilities totalling £36,232 together with interest of £572 are outstanding for the tax years ending 5 April 2016 to 5 April 2018 inclusive
  • At liquidation, HMRC was Columbia’s largest creditor with debts totalling £123,925 out of total liabilities of £140,070, with trade creditors standing at £10,358 Payments from Columbia’s bank account between 6 October 2015 and 3 July 2017, when it ceased to trade, total £548,474. These include £91,858 in supplier payments, £54,346 in unknown cheque and bank transfers and £195,634 paid to the director, connected party and related companies. During the same period a total of £10,000 was paid in respect of VAT and £32,586 in respect of PAYE/NIC. 

    This information is correct as at 26 / 11 / 2018

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