Name: Joanne Healy

Name: F (Realisations) 2023 Limited

Date of Birth: 1 / 1 / 1978

Date Order Starts: 15 / 7 / 2025

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 02619447

Last Known Address: 6 Woodhays, , , , , BASILDON,, SS13 2RB

Conduct: Between 22 November 2022 at the latest and 16 February 2023, in her capacity as Finance Director of F Realisations (2023) Limited (“F Realisations”), Joanne Healy (“Ms Healy”) caused F Realisations and its Auditors to rely on false and misleading financial information by knowingly presenting them with inaccurate information and falsified documents, and deliberately concealed F Realisations’ true financial position. In that: • On 01 October 2016, Ms Healy, an accountant registered with the Chartered Institute of Management Accountants (“CIMA”), was appointed as Finance Director of F Realisations. According to her Director Service Agreement dated 05 October 2016, she was required to “…use his/her best endeavours to promote the interests of the Company and the Group, at all times obey the reasonable and lawful instructions of the Company and keep the Company fully informed of his/her conduct of the affairs of the Company and the Group.” • On 06 September 2022, F Realisations and its shareholders appointed an agent to sell the business and assets on a solvent sale basis. It was expected that the sale would achieve in the region of £25,000,000 to £30,000,000. As a minority shareholder, Ms Healy stood to gain financially from the sale. HM Revenue & Customs (“HMRC”) • Between 08 January 2022 and 07 September 2022, no payments were made to HMRC in respect of Value Added Tax (“VAT”). VAT liabilities began accruing from July 2021. • Between 08 February 2022 and 15 February 2023, payments totalling £1,475,246 were made to HMRC in respect of PAYE. PAYE liabilities began accruing from 05 April 2022. • On 27 September 2022, HMRC issued a 7-day notice to F Realisations which confirmed an outstanding balance of £2,677,919 in respect of PAYE and VAT. • On 17 October 2022, Ms Healy proposed a Time to Pay arrangement comprising weekly payments of £100,000 commencing 07 November 2022, however payments were not made to HMRC as proposed and on 22 November 2022, an HMRC representative served a Winding Up Petition on Ms Healy in the amount of £2,677,919. A hearing was scheduled for 11 January 2023. • On 05 December 2022, without the knowledge or approval of F Realisations’ board (“the Board”), Ms Healy began correspondence with advice service regarding negotiating with HMRC and preventing the Winding Up Petition from being advertised and commenced discussions with an insolvency practitioner regarding a potential moratorium. • Ms Healy presented the Board with a Board Pack dated 05 December 2022, covering the period October/November 2022, in which she reported “Zero creditor stretch including HMRC. HMRC zero overdue end November either VAT or PAYE”. Moratorium • On 15 December 2022, without the knowledge or approval of the Board, Ms Healy instructed a legal firm to make a Validation Order application on behalf of F Realisations, to enable the company to continue trading following the Winding Up Petition. • On 23 December 2022, without the knowledge or approval of the Board, Ms Healy signed a Moratorium application in which she acknowledged a liability of £2,039,297 was owed to HMRC. The hearing was listed for 29 December 2022 and a Moratorium Order made the same day. • On 03 January 2023 the hearing for HMRC’s Winding Up Petition was adjourned to 22 February 2023. False information and concealment • On 09 January 2023, the Board became aware of the Moratorium by way of an automated alert received from Companies House and queried this with Ms Healy. Thereafter, between 09 January 2023 and 16 February 2023, Ms Healy presented a series of false information and documents to the Board and F Realisations’ Auditors, the effect of which was to conceal F Realisations’ true financial position. This included: (a) A false draft statement made on 11 January 2023 that Companies House had recorded a Moratorium against the company due to an administrative error made by HMRC, and that no payment was due to HMRC and any legal proceedings were void. (b) An email to F Realisations’ Auditors in which she falsely claimed that the HMRC Winding Up Petition had been made in error as recent bore an incorrect reference. (c) A fabricated letter provided to the Board purporting to be from HMRC, dated 09 December 2022, which confirmed there was no balance to pay and that a request had been submitted to withdraw legal proceedings against F Realisations. (d) Emails to the Board in which Ms Healy falsely stated that the court had fully removed both the Winding Up Petition and Moratorium and would notify Companies House of same. (e) An email to the Board falsely confirming that Companies House had received paperwork to remove the Moratorium. At the same time, without knowledge or approval of the Board, Ms Healy successfully applied to extend the Moratorium, and this was accepted on 26 January 2023. (f) A falsified letter provided to the Board purporting to be from Companies House, confirming removal of the Moratorium flag, and subsequent emails to the Board attributing delays in its removal to IT issues experienced by Companies House. (g) A fabricated letter provided to the Board purporting to be from Companies House complaints team regarding delays to the removal of the Moratorium flag. (h) A screenshot provided to the Board purporting to be of the company’s VAT portal showing no liability was due in respect of VAT. (i) Falsified company bank statements for the period 21 December 2022 to 10 February 2023, appearing to show payments from F Realisations to HMRC. • Further, on 24 January 2023, without the knowledge or approval of the Board, Ms Healy submitted a business loan application for a 12-month loan of £1,500,000 on behalf of F Realisations. The stated purpose of the loan was ‘debt repayment’. Consequences • On 30 January 2023, Ms Healy received a performance bonus of £21,219 paid with her monthly salary, which the Board would not have authorised had they been aware of F Realisations’ true financial position. • On 13 February 2023, independently of Ms Healy, a member of the Board contacted the insolvency practitioner acting as the Monitor of the Moratorium and it was at this point that the true position was revealed. Ms Healy was suspended on 16 February 2023. • The Board filed a complaint against Ms Healy with CIMA on 23 March 2023 and, following their investigation, CIMA’s Disciplinary Committee ordered the expulsion of Ms Healy from membership of CIMA. • Since the planned solvent sale of the business was no longer viable, the Board was forced to pivot to an accelerated pre-pack sale process, which achieved £2,000,000 excluding VAT. On 05 May 2023, F Realisations entered Administration with liabilities of £6,895,855, of which £4,127,711 is claimed by HMRC. 

This information is correct as at 25 / 6 / 2025

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