An owner of a convenience store of Indian origin in Great Britain was handed a six-year ban on running a company because of inaccurate tax returns to the authorities. Pratik Kumar Patel accepted a disqualification obligation, a process that does not involve legal proceedings, after the UK bankruptcy service brought him up against “totally disregarding” his responsibilities as managing director of the company.
“Much of the civil service is funded by the correct amount of taxes paid, and their deception has ultimately affected the public who rely on companies to pay their correct taxes,” said Lawrence Zussman, assistant director of bankruptcy investigations for the company Bankruptcy service on Thursday.
He said the sizable six year ban will severely limit Mr. Patel’s ability to operate in the corporate sector and should serve as a warning to other directors “who believe they can do what they want”.
R.K. Patel & Sons (UK) Limited was founded in May 2015 and took over the business of an existing convenience store in South Square in Knowle in Hampshire in the south east of England.
Between October 2015 and January 2019, Mr. Patel was the sole managing director of the company. The bankruptcy service found that the company was suppressing sales and providing inaccurate statements to tax authorities.
When R.K. Patel & Sons (UK) Limited completed a “voluntary creditors’ liquidation” in August 2019. The company was found to have tax liabilities totaling £ 345,000. His six-year disqualification, effective October 7, means that he must not be directly or indirectly involved in the promotion, establishment or management of a business without permission from the court.