Due in large part to the taxman, Joey Essex Management Ltd. has been forced into liquidation. Accounting now looks into the company director.
Joey Essex is being probed over the collapse of his management firm. The former TOWIE favourite’s firm has been forced into liquidation after failing to pay huge debts of £1.2m, mostly due to the taxman.
Accounting firms looking into Joey Essex Management Ltd. say they will now look into company director Joey in new documents sent to Companies House.
The Liquidators will now be required to look into the affairs of the Company to assess its assets and liabilities and identify any actions that might result in the liquidation’s ability to recover funds, according to the documents.
READ MORE: Joey Essex posts lavish holidays pictures – just days after debts came to light
According to the Company Directors Disqualification Act, “We are also required to take into account the conduct of the Company’s director and to submit an appropriate, confidential submission to the Insolvency Service.”
Joey, 35, is the company’s only director and shareholder. He set it up in 2011 when he joined Towie. He has banked millions from other shows, including Educating Joey Essex, Celebs Go Dating, Dancing on Ice and Love Island.
The firm had cash and assets of almost £1m just two years ago. Now the outfit is being wound up by a liquidator who has revealed debts racked up by his business include £30,449 in VAT, £9,552 in PAYE, £402,302 in corporation tax, £15,000 to trade and expense creditors, and a £39,942 Covid bounce back loan. In total, the debt to creditors stands at £497,246. But Joey’s director’s loan account is also overdrawn by £780,000.
The report added that £350,000 of the cash has now been repaid to the firm’s coffers. Last August Joey signed a Declaration of Solvency document stating the company would pay back its debts back in full within a year. The reality star, who is trying his hand at boxing, was last month announced to appear on Gary Lineker ’s upcoming ITV gameshow The Box.
Through his agent, we reached out to Joey for a comment.
In March, he shut down another business, The Top TT Limited. He set it up in 2023, but it never filed accounts. He recently switched to boxing, which may help pay off his debts.
He landed a reported £500,000 pay day for his maiden fight. However his dream boxing debut could be under threat after his opponent announced plans to appeal the result. He stepped into the ring for the first time last month for the latest Misfits event.
On August 30 in Manchester, the TV personality defeated Portuguese influencer Numeiro to earn points. In the fourth and fifth rounds, Essex even overcame a standing count to claim the victory.
In a surprising twist, Numeiro revealed that he intends to appeal the outcome a few weeks after the fight. IFL TV’s Joao Barbosa, 27, said, “I really don’t want to cause any trouble, sound rude, or do anything wrong.
However, every time I rewatch a fight, every time I speak with a professional, a coach, a referee, a professional athlete, I always receive the same comments. That “could have never happen (Essex winning),” the thought came to mind. I don’t believe we would have gotten into a fight if they had given us a draw. From my point of view, it’s still unfair, but it’s undoubtedly not a loss.
Although it has been suggested, Barbosa insists that their first fight is more about getting a fair result. He wants a rematch to take place outside of the UK, if it ever occurs.
Source: Mirror
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