Case details for Patrick  GALLAGHER

Name: Patrick  GALLAGHER

Name: De Weyer Limited

Date of Birth: 12 / 11 / 1962

Date Order Starts: 31 / 3 / 2020

Disqualification Length: 8 Years 0 Month(s)

CRO Number: 09050488

Last Known Address: c/o Olympus Security,, 14122, Banks Street,, Baghdad, Iraq,, P.O. Box 1308

Conduct: On 9 February 2017, Patrick Gallagher (“Mr Gallagher”) caused De Weyer Limited (“De Weyer”) to make a payment whilst insolvent of £315,750 to a connected company for the benefit of himself and a former co-director of which at least £95,909 and up to £315,750 was to the detriment of De Weyer’s creditors, specifically HM Revenue & Customs (“HMRC”) in that:- • Mr Gallagher stated that he and his former co-director injected £315,750 into De Weyer as start up funds and their investments were secured against De Weyer’s trading premises by way of a company resolution. • De Weyer ceased trading at the end of March 2016 and the instruction to sell its trading premises was given to the estate agents by Mr Gallagher and his former co-director in the same month. • On 31 January 2017, De Weyer’s trading premises and chattels were sold for £816,000 (including Value Added Tax (“VAT”) of £136,000) and the sale was completed on 8 February 2017. The company remained insolvent on receipt of these funds. • After taking into account payments incurred for the sales and the settlement of a secured debt, on 8 February 2017, De Weyer received net sale proceeds of £333,999 (including VAT) in its bank account. • On 9 February 2017, De Weyer transferred £315,750 to a connected company, of which Mr Gallagher and his former co-director were directors and shareholders of the connected company, in settlement of the start up funds of £315,750. After the transfer, the remaining balance available in De Weyer’s bank totalled £18,119 which was insufficient to settle remaining liabilities. • Company records show that a director’s loan account was outstanding prior to the transfer of £219,841 due to Mr Gallagher and his former co-director. • Neither Mr Gallagher and his former co-director or the connected company held a security registered at Companies House over the assets of De Weyer including the former trading premises and De Weyer’s own records do not show any debt was due by De Weyer to the connected company. • De Weyer failed to settle the VAT due and payable for the quarter ended 03/16 of £20,324 and it further failed to make a provision for the VAT due on the sales of the trading premises and chattel of £136,000 to HM Revenue & Customs (“HMRC”). • At liquidation, a further £3,722 was due to HMRC for the 2015/16 tax year in relation to the outstanding Pay As You Earn tax and National Insurance Contributions (“PAYE/NIC”). • At liquidation, Mr Gallagher’s Statement of Affairs declared assets realised of £18,119 and total liabilities due to creditors of £308,563 (excluding £70,000 owed to director and shareholders), including £96,565 owing to a third party, £54,998 to trade creditors and £157,000 owing to HMRC. 

This information is correct as at 16 / 3 / 2020



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