Joey Essex is reportedly being probed after his personal firm went bust owing £1.2 million.
The 35-year-old former TOWIE star’s company Joey Essex Management Ltd was forced into liquidation in September as he can’t pay its huge debts, mostly due to the taxman.
This is despite Joey earning substantial amounts from appearing on some of our biggest reality shows like I’m A Celebrity, Dancing on Ice, Celebrity Masterchef and SAS: Who Dares Wins.
Now The Mirror reports that accountants are going to be investigating the company director according to new documents sent to Companies House.
According to the publication the papers read: ‘Now that the Company has converted to an insolvent liquidation, the Liquidators will have a duty to enquire into the affairs of the Company to determine its property and liabilities and to identify any actions which could lead to the recovery of funds in the Liquidation.
‘In addition, we are also required to consider the conduct of the Company’s director and to make an appropriate confidential submission to the Insolvency Service in accordance with the Company Directors Disqualification Act.’
Joey Essex is reportedly being probed after his personal firm went bust owing £1.2 million
The 35-year-old former TOWIE star’s company Joey Essex Management Ltd was forced into liquidation in September as he can’t pay its huge debts, mostly due to the taxman
Joey is the company’s only director and shareholder.
In September it was reported that the debts racked up by his business includes £30,449 in VAT, £9,552 in PAYE, a massive £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 stood at £497,246. But Joey’s director’s loan account was also overdrawn by the tune of £780,000 with liquidators uncertain whether any of this will be recovered.
This brought the total debt to £1,277,246.
The new report added that £350,000 of the cash has now been repaid
Yet Joey could be in trouble with Companies House for providing untrue information.
In August last year, he tried to fold the company voluntarily and declared in a ‘statement of affairs’ that it was solvent and he could pay back the debts.
In a signed declaration, he promised to pay the debt back plus any interest within 12 months. It’s a criminal offence to falsely claim a company is solvent, which is punishable by a hefty fine and, in serious cases, imprisonment.
This is despite Joey earning substantial amounts from appearing on some of our biggest reality shows like I’m A Celeb, Dancing on Ice, Celebrity Masterchef and SAS: Who Dares Wins
The Daily Mail has contacted a representative for Joey for comment.
Last June, it was revealed that the company hadn’t filed any accounts for four years – and was at threat of being struck off.
It’s also an offence not to file accounts on time, which is usually nine months after the end of a firm’s financial year.
Four years worth of accounts were then filed all at the same time on 10 October last year.
Joey made his his highly anticipated boxing debut at the Misfits event on August 30, looking battered after he narrowly won.
His boxing match has gone viral for all the wrong reasons after the reality TV star survived a chaotic four-round scrap with Numeiro.
The influencer, coached by his uncle Tony Sims, looked set for an easy night after starting strongly in Manchester.
But by the fourth and final round, he was staggering around the ring, barely able to lift his hands as his exhausted opponent piled forward.
At one stage, Joey was even given a standing count by the referee before clinging on to hear the final bell.
Two judges awarded him the fight, while the third scored it a draw, handing the Only Way Is Essex star a narrow split decision victory.
When his name was announced, Joey collapsed to the canvas in tears as the crowd roared – but many watching at home were left less than impressed.
Footage of the pair wildly swinging at each other quickly spread across social media, with boxing fans describing it as both hilarious and painful to watch.
