JonD Posted May 14, 2021 Share Posted May 14, 2021 Well i am well over £700 in the hole with this guy. His company is a one director setup for his own personal business; so he is 100% responsible for it. As a director he has a duty of care to the company and its creditors, one which is myself. If the company has been mismanaged, then the directors can be held to account; fined etc etc. Barred from being a director again. I took a look at the company financials from 2020 and it was clearly insolvent back then and should have been put into liquidation. He should not have been taking money up front from people when the company was clearly going under. As a director you have a duty of care for the running of the company and that includes managing its financial position, which you should be maintaining on at least a monthly basis. If the company is now in liquidation, then this should be advertised on the company website and the Liquidators stated. Something seems off about all this to me. What I also want to know is why the accountants didnt do something back in 2020, given that they must have prepared the financials. So if custom builds are being honoured, then on what basis is this being done? I presume these are transactions done outside of the PHD Ltd company, directly with Paul and to his personal bank account and not the PHD Ltd one. And to make matters worse, from the comments made, this guy has done this before... He might be able to make a decent PSU, but when it comes to running a company, its clearly a big problem for him. To do it once, ok, but to do it twice, that needs to be investigated properly. Now if he has been paying himself dividends from the company as a shareholder and a director, when its been going under, then there may well be a legal case. Link to comment
JonD Posted May 14, 2021 Share Posted May 14, 2021 8 minutes ago, Tokyokyoto said: Several months ago I had made a (serious) inquiry into having some variation of the SR4 built for me. Paul had gotten back to me within a day with the price and approximate delivery time. FF to less than two weeks ago, I received an email from him urging me to proceed with the order. Like I said, something seems really off about all this. It doesn't come across as a business being run in a competent and honest manner. If we don't see the company officially in liquidation by the end of the month, then its time to get the authorities involved. beautiful music 1 Link to comment
JonD Posted May 15, 2021 Share Posted May 15, 2021 I think I will get in contact (next week) with the accountants who prepared his only set of filed micro accounts and see if they are aware of the company going into liquidation. (Contact Campbell Stewart MacLennan (csmco.net)) Might be worth others doing the same thing. When i liquidated my personal company that i used for contract work, my accountants recommended the liquidation specialists. But due to the COVID situation in the UK, the liquation process, which is normally around 6months for a simple liquidation, has now pushed passed 15months... Delays with HMRC (uk government tax dept) Link to comment
JonD Posted May 16, 2021 Share Posted May 16, 2021 The statement from @RedundantSoul aligns with a number of other facts and I will not be prepared to just let this go. If Hynes has been taking money out of the company either through loans or as dividends and running it into the ground, then its well worth a legal case against him. The guy sounds pretty dishonest and the evidence unfortunately is pointing to that as well. beautiful music 1 Link to comment
JonD Posted May 17, 2021 Share Posted May 17, 2021 Nothing about the staff being furloughed; that would have taken a lot of pressure off the company cashflow. This was widely available to small businesses in the UK. Link to comment
Popular Post JonD Posted May 17, 2021 Popular Post Share Posted May 17, 2021 I would love to get hold of the financials from PHD Ltd. I am a qualified accountant, have run my own Ltd company before, have audited etc... Honestly, its a cash up front business, its not hard to work out if its running out of money... Selling more PSUs when you are close to running out of cash, is basically borrowing from Peter to pay Paul... You kick the can down the road, but unless you are making some serious profit on each item sold and are seeing a healthy order book, all you are doing is shafting the new customers... For a small business its really isn't hard to keep on top of the finances. The accountants provide the software to do this for you. Just upload your invoices, log your staff, put in costs etc... Mine cost me £150 a month. The £20k needs to be repaid if there is an outstanding directors loan. Its separate from salary. Dividend payments will also need looked at. How would you justify paying a dividend when the company is running out of cash. ASRMichael, PR13 and Adyc 3 Link to comment
JonD Posted May 17, 2021 Share Posted May 17, 2021 @hopkins I do think that a lot of extra information has been disclosed on this incident, plus some speculation; but don't forget that this really began to kick off when PaulHynes version of events started to get responded to by various people on the other side of the story who were seeing it quite differently. Ideally PHD Ltd would have announced it was closed and going into liquidation on its own website and Paul would only have needed to link to that and let ppl know what is going on. Instead we got his version of events and that has led to the long conversation and I notice that there is still no official communication from the liquidators to anyone and nothing on the website about the problem. Link to comment
JonD Posted August 25, 2021 Share Posted August 25, 2021 People should be taking Paul Hynes to the small claims court. His address is easily found (publicly available on UK government website) since its recorded at Companies House for Paul Hynes Design Ltd, which is the company he owned and managed that went into liquidation. Link to comment
JonD Posted August 25, 2021 Share Posted August 25, 2021 Small Claims (scotcourts.gov.uk) auricgoldfinger 1 Link to comment
JonD Posted August 25, 2021 Share Posted August 25, 2021 At this stage of the game it can no longer be seen as a bad business man trying his best. Anyone got details of him peddling his business elsewhere? Link to comment
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