Liquidator assisted in the investigation which led to a director being disqualified for 7 years

Robert James Leslie Stayton, a former director of 100 New King’s Road Limited,  has been disqualified for 7 years for causing the company to make transactions to the detriment of, and creating a loss of £801,078 to, HM Revenue and Customs.

The disqualification commenced on 12 April 2017 and prevents Mr Stayton from directly or indirectly becoming involved in the promotion, formation or management of a company until April 2024. It follows an investigation by the Insolvency Service which found that the sole asset of the Company, a commercial property, was sold in October 2011 without the VAT liability of £801,078 due as a result of the sale being  paid. Instead Mr Stayton arranged for the funds which should have been used for this purpose to be transferred into his personal bank account whereupon he cleared an outstanding mortgage on one of his own solely owned properties. The bulk of the money was paid over to a company of which he was sole director, sole shareholder and ultimate beneficiary.

Stephen Hunt, Liquidator of 100 New King’s Road Limited and Partner at Griffins,   assisted in the disqualification investigation carried out by the Insolvency Service. Mr Hunt is also Liquidator of a number of connected companies of which Mr Stayton had been a director: Stayton Human Resources Ltd and Stayton Ltd, the latter of which he was jointed appointed on with Adam Harris, another Partner at Griffins.

Mr Hunt commented: “This disqualification demonstrates that action will be taken against those directors who fail to ensure companies meet their legal obligations to pay tax, which in this case was exacerbated by the required funds being diverted elsewhere. I echo what the Government have said about the neglect of tax affairs in that ‘it is not a victimless action – it deprives public services of vital money and introduces unfair competition in the business market.’

I am continuing my investigations into asset related matters of this and the connected companies.’