Case details for Nancy ANN LUCK Coate

Name: Nancy ANN LUCK Coate


Date of Birth: 31 / 5 / 1960

Date Order Starts: 12 / 11 / 2021

Disqualification Length: 5 Years 0 Month(s)

CRO Number: 10133776

Last Known Address: 16 Bluebells, , , , WELWYN, AL6 0XD

Conduct: From 22nd January 2017 to the liquidation on 12 February 2018, Nancy Ann Luck Coate ( “ Mrs Coate”) breached her duty to act in the best interests of FCC Worldwide Limited (“FCC”) and its creditors generally at a time FCC was insolvent, or at least of uncertain solvency, by making payments to herself and third parties which were not for the benefit of FCC or in the interests of FCC’s creditors, and which contributed to FCC being unable to meet its tax and other liabilities as and when they fell due, eventually resulting in FCC entering insolvent liquidation with a shortfall of £274,407 to creditors. The particulars are: • FCC’s monthly PAYE/NIC of £16,660 for the period to 5 January 2017 fell due for payment by 22 January 2017 and for the period to 5 February 2017 of £14,588 fell due for payment by 22 February 2017. Neither sums were paid as and when they fell due; • On 4 April 2017 FCC agreed a Time To Pay arrangement with HMRC for repayment of £44,631 due for January, February and March 2017. • Between the 22 January 2017 and the liquidation on 12 February 2018 FCC failed to pay all its liabilities in full as and when they fell due, in particular it failed to pay tax payments of PAYE, NIC, VAT and Corporation tax to HMRC, resulting in a total liability to HMRC at liquidation of £223,056, and failed to pay other creditors which together had claims against FCC totalling £43,339 at the date of liquidation. • Between 22 January 2017 and the liquidation on 12 February 2018 Mrs Coate caused FCC to make payments to herself totalling £109,660 which were in addition to her salary and to which she had no apparent entitlement, creating a liability from herself to FCC at a time FCC was accruing liabilities with its creditors which it was unable to meet as and when they fell due. • The financial statements to 30 April 2017 include an outstanding loan balance of £111,000 due to FCC from Mrs Coate which increased to £222,000 at liquidation, none of which has been repaid. • At liquidation the statement of affairs indicated one secured creditor of £37,525, unsecured creditors of £187,364 with assets estimated to realise of £55,371. The liquidator’s annual report of 3 April 2020 indicated the secured creditor was paid in full, claims of £274,407 from unsecured creditors and it is unlikely a dividend will be paid. 

This information is correct as at 26 / 10 / 2021

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