Restaurant placed into liquidation following accounting fraud

Blog Liquidation

A restaurant has been placed into liquidation after under-declaring cash sales and VAT.

Ricky Yan Kay Sum, the sole director of the Chinese takeaway restaurant in Rainhill, was also disqualified for five years.

The disqualification prevents Mr Sum from becoming directly or indirectly involved in the promotion, formation, or management of a company until at least 2022.

The takeaway was placed into liquidation in 2015 owing more than £50,000 to its creditors, the Insolvency Service said.

Its investigation found that Mr Sum had under-declared the takeaway’s sales and VAT to HM Revenue & Custom (HMRC) and failed to pay HMRC the VAT which was properly due and payable.

Commenting on the disqualification, Robert Clarke, Chief Investigator at the Insolvency Service, said: “Under-declaration of sales deprives the exchequer of vital funds for public services. In co-operation with HMRC, the Insolvency Service will not hesitate to investigate such misconduct with disqualification as a director the probable consequence.”

Do you need good professional Corporate Insolvency advice?

If your business debts are mounting up and spiralling out of control, it can be difficult to know how to cope or where to turn to get good company debt advice.  Gibson Hewitt has been providing professional expert business insolvency advice to businesses who are facing financial difficulties for over 25 years. Based in West Byfleet, near Woking in Surrey we offer a one hour FREE consultation meeting, with no obligation. We help struggling companies with business debt on a daily basis so we have probably seen a situation like yours before.

From the first meeting with us we aim to take away your stress and worries.  We pride ourselves in offering clear, practical, realistic corporate recovery advice and we are confident that we can help rebuild your financial future with a solution tailored to suit you.

Share this:Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInEmail this to someone
SHARE THIS ARTICLE: