Joey Essex’s personal firm has gone bust owing £1.2m – and now he could find himself facing criminal prosecution.
The former TOWIE star’s company Joey Essex Management Ltd has been forced into liquidation 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 Wines.
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 stands at £497,246. But Joey’s director’s loan account is also overdrawn by the tune of £780,000 with liquidators uncertain whether any of this will be recovered.
This brings the total debt to £1,277,246. Yet Joey could be in trouble with Companies House for providing untrue information.
Joey Essex’s personal firm has gone bust owing £1.2m – and now he could find himself facing criminal prosecution
This is despite Joey earning substantial amounts from appearing on some of our biggest reality shows like I’m A Celebrity, Dancing on Ice and Celebrity Masterchef
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.
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.
Joey, who also took part in Channel 4’s SAS: Who Dares Wines, tried to fold the company voluntarily and declared in a ’statement of affairs’ that it was solvent
Last June, it was revealed that the company hadn’t filed any accounts for four years – and was at threat of being struck off
Joey made his his highly anticipated boxing debut at the Misfits event on August 30, looking battered after he narrowly won
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.
