Two bosses in Lancashire have been banned from being company directors for six years following an Insolvency Service investigation into the collapse of an estate agency.
The duo are Christopher Wilcock and Adam Balmer who established Balmer Wilcock Limited in 2010 and then built it up into a three-branch business with a turnover of over a million pounds a year.
It had estate agency offices in Atherton, Leigh and Tyldesley which are all suburban areas of Greater Manchester. But by the summer of 2018 the business was in trouble and administrators were called in to investigate.
They discovered creditors were owed over £660,000 by Balmer Wilcock Limited prompting an investigation by the Insolvency Service, which has now revealed its findings.
The firm’s key financial problems were initiated by the two directors under-reporting their VAT liabilities to HMRC and not truly reflecting the estate agency’s trading position for 2016/2017.
This was later uncovered when their own accountants filed a more accurate VAT return of £310,000 leading HMRC to demand £299,887 from the business.
Despite the firm’s accountants trying to buy time for the company, after an inspection visit was cancelled, HMRC moved to wind the company up.
The Balmer Wilcock brand name continues and is now operated by a new company, EA Property Group (Northwest) Limited which lists Wilcock and Balmer as directors. It has a single office in Atherton and was incorporated in March 2018.
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