Overview

• HMRC lodged a High Court bankruptcy petition on August 11 over reported liabilities of roughly £1.5 million.
• A liquidators’ report cites £776,878 owed to HMRC for VAT, NI and PAYE, £461,849 to unsecured creditors, a £226,000 director’s loan, and £56,535 in costs.
• Barnes says he has been paying £10,000 monthly for years and seeks court permission to keep paying rather than be declared bankrupt.
• The Insolvency Service imposed a 3½‑year director disqualification after finding his company paid no tax from November 2018 to October 2020 despite a £441,798 turnover.
• Barnes says he has sold his assets and that negative reporting has cost him speaking engagements, particularly with financial firms.