Wednesday 26 April 2017 The one stop source for free breaking news, expert analysis, and videos on AIM and LSE listed shares


NO JOKE: Cloudtag Morons rush to hand their cash to criminal Aidan Earley crowdfund appeal

By Tom Winnifrith | Friday 30 December 2016


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Honestly you could not make this up. Convicted felon & libeller Aidan Earley, of Worthington (WRN) - now in liquidation - infamy, has responded to his new found fans, largely Cloudtag (CTAG) owning morons, by setting up a crowdfunding appeal to help fight me in the Courts. Used to chucking their moiney down the pan so far, 28 morons have sent £1,114 to Mr Earley. He won't believe his luck in finding folks who are so stupid.

If you hate me so much that you want to send your cash to a man who served four months in prison for accounting fraud you can do so HERE. Most of those donating appear to think helping Aidan will boost their investment in the Cloudtag fraud. What can I say?

Or if you want to fight fraud on London markets rather than to give your cash to a convicted criminal you can do so HERE

So why would Aidan want to take cash from moron other than the fact that he has always liked taking cash whenever he can? 

Perhaps it is the little matter of his personal banruptcy just three years ago. The followintg notice is from the London Gazette.

Meeting of Creditors
In the Kingston-upon-Thames County Court
No 120 of 2010
Aidan Chad Earley
Current residential address: Mitchley, 21 Traps Lane, New Malden, Surrey, KT3 4RU
Businessman
Birth details: 24 January 1967

I, Ian Mark Defty of Kingston Smith & Partners LLP, Devonshire House, 60 Goswell Road, London EC1M 7AD hereby give notice that following my appointment as Trustee of the above bankruptcy estate on 4 July 2013, a general meeting of the above-named debtor will be held on 28 August 2013 at Devonshire House, 60 Goswell Road, London EC1M 7AD at 10.30 am for the purpose of considering whether a creditors’ committee should be formed and to approve the basis of the Trustee’s remuneration. Proxies to be used at the meeting must be lodged with me no later than 12 noon on 27 August 2013.
Additional contact: Further Details: Angela Jarvis, ajarvis@kingstonsmith.co.uk, 0207 566 3696, IDE0019

Name of Office Holder: Ian Mark Defty
Office Holder Number: 9245
Address of Office Holder: Devonshire House, 60 Goswell Road, London EC1M 7AD
Capacity: Trustee
Date of Appointment: 4 July 2013

Ends.

Of course the morons argue that following his spell in the slammer Earley became a reformed character and found God. So here is a the reason that Earley is barred from acting as a director. This judgement is from 2013 and relates to the bankruptcy of Wood Hall - the critical underlines are mine. Oh morons as you send your cash to Aidan as yourself is this really the sort of fellow you'd trust? However much you hate me are you sure about your donations? Actually don't bother - go ahead and give Aidan all your cash, let's see the bitchez in Court. Bring it on!

Name: AIDEN CHAN EDMUND EARLEY
Name: Wood Hall Realisations Limited
Date of Birth: 24/01/1967
Date Order Starts: 23/07/2013
Disqualification Length: 5 Years 0 Month(s)
CRO Number: 05763437
Last Known Address: Mitchley, 21 Traps Lane, , , New Malden, KT3 4RU

Conduct: 1. Mr Earley acted at the risk, and to the ultimate detriment of, the creditors of Wood Hall Realisations Limited (“Wood Hall”), particularly HM Revenue & Customs (“HMRC”), in that on 26 November 2007, the date upon Wood Hall was placed into a Members Voluntary Liquidation (“MVL”), Wood Hall transferred all of its assets to connected companies with consideration being deferred and no security provided. No payment was received for these assets, as a result of which Wood Hall’s creditors incurred losses of at least £836,004. In particular:

• On 26 November 2007 he swore a declaration of solvency which showed that Wood Hall had assets of £1,305,403, liabilities of £786,512, and therefore had a surplus of assets of £518,891;

• On at least 11 October 2007 the directors of Wood Hall decided to enter Wood Hall into an MVL. On 26 November 2007, Wood Hall transferred the assets, but none of the HMRC liabilities to newly formed companies of which he was a director;

• The terms of the transfer stated that consideration for the assets was to be deferred, with the purchase price to be paid by no later than 12 months less 10 days from the date of the commencement of the MVL, with the purchase price to be left outstanding as an interest free loan due by the connected companies • Wood Hall did not obtain security from the connected companies, and Wood Hall had no mechanism through which to receive payment if the assets were sold to a third party;

• One of these connected company’s most valuable assets were then transferred to connected parties shortly after the date of MVL, for either no consideration or limited consideration;

• The connected companies failed to pay for the assets purchased from Wood Hall and consequently Wood Hall was placed into Company Voluntary Liquidation (“CVL”) on 17 December 2008, with a deficiency to creditors of £836,004 As a result of his decision on 26 November 2007 creditors ultimately received no payment in respect of their liabilities totalling at least £836,004, whilst he retained control of the assets of Wood Hall which he valued at £1,027,000. 2. He acted at the risk, and to the ultimate detriment of, the creditors of C4E Realisations Limited (“C4E”), particularly HMRC, in that on 26 November 2007, the date upon which C4E was placed into a MVL, C4E transferred all of its assets to a connected company with consideration being deferred and no security provided. No payment was received for these assets, as a result of which C4E’s creditors incurred losses of at least £622,363. In particular:

• On 26 November 2007 he swore a declaration of solvency which showed that C4E had assets of £450,000, liabilities of £367,369, and therefore had a surplus of assets of £82,631;

• On at least 11 October 2007 the directors of C4E decided to enter C4E into an MVL. On 26 November 2007, C4E transferred the assets, but none of the HMRC liabilities to a newly formed company of which he was a director;

• The terms of the transfer stated that consideration for the assets was to be deferred, with the purchase price to be paid by no later than 12 months less 10 days from the date of the commencement of the MVL, with the purchase price to be left outstanding as an interest free loan due by the connected company.

• C4E did not obtain security from the connected company, and C4E had no mechanism through which to receive payment if the assets were sold to a third party;

• The connected company failed to pay for the assets purchased from C4E and consequently C4E was placed into CVL on 17 December 2008, with a deficiency to creditors of at least £622,363; As a result of his decision on 26 November 2007 creditors ultimately received no payment in respect of their liabilities totalling at least £622,363, whilst he retained control of the assets of C4E which he valued at £450,000. 3. He acted at the risk, and to the ultimate detriment of, the creditors of Set Meals Realisations Limited (“Set Meals”), particularly HMRC, in that on 26 November 2007, the date upon which Set Meals was placed into a MVL, Set Meals transferred all of its assets to a connected company with consideration being deferred and no security provided. No payment was received for these assets, as a result of Set Meal’s creditors incurred losses of at least £608,787. In particular:

• On 26 November 2007 he swore a declaration of solvency which showed that Set Meals had assets of £461,567, liabilities of £391,571, and therefore had a surplus of assets of £69,996; • On at least 11 October 2007 the directors of Set Meals decided to enter Set Meals into an MVL. On 26 November 2007, Set Meals transferred the assets, but none of the HMRC liabilities to a newly formed company of which he was a director;

• The terms of the transfer stated that consideration for the assets was to be deferred, with the purchase price to be paid by no later than 12 months less 10 days from the date of the commencement of the MVL, with the purchase price to be left outstanding as an interest free loan due by the connected company.

• Set Meals did not obtain security from the connected company, and Set Meals had no mechanism through which to receive payment if the assets were sold to a third party;

• The connected company failed to pay for the assets purchased from Set Meals and consequently Set Meals was placed into CVL on 17 December 2008, with a deficiency to creditors of £608,787. As a result of his decision on 26 November 2007 creditors ultimately received no payment in respect of their liabilities totalling at least £608,787, whilst he retained control of the assets of Set Meals which he valued at £461,567. 4. He caused Wood Hall, C4E and Set Meals, collectively referred to as the (“Companies in Liquidation”), to enter into a series of transactions which exposed the Companies in Liquidation’s creditors, particularly HMRC, to the risk of non-payment whilst he retained control and benefit of the assets of the companies, in that on 26 November 2007, the date upon which the Companies in Liquidation were placed into MVL, the Companies in Liquidation transferred their assets to connected companies (“the Purchasing Companies”), being by way of a number of separate agreements in terms of which:

• All tax liabilities including, Corporation Tax, Value Added Tax (“VAT”), Pay-As-You Earn (“PAYE”) and National Insurance Contributions (“NIC”), together with any penalties or interest arising in connection with them, were excluded (and therefore remained in the Companies in Liquidation). The Companies in Liquidation had been in correspondence with HMRC since from, at latest, November 2006 concerning arrears and stage payments, on 23 October 2007 HMRC warned of winding-up proceedings against the Companies in Liquidation, with the declarations of solvency for the Companies in Liquidation showing a cumulative liability of £1,530,452;

• Consideration was deferred with the purchase price to be paid by no later than 12 months less 10 days from the date of the commencement of the MVL;

• The purchase price be left outstanding as an interest free loan due by the Purchasing Companies; The assets were transferred to the Purchasing Companies notwithstanding that:

• No definitive advice had been obtained by the Companies in Liquidation from its advisors before embarking on the reorganisation of the group and the subsequent transfer of the assets to the Purchasing Companies;

• He was a director of the Companies in Liquidation and the Purchasing Companies;

• The Purchasing Companies were newly incorporated companies;

• Except for loan notes, which were initially secured by way of a debenture in favour of Wood Hall but later transferred, there was no provision for security by the Purchasing Companies notwithstanding that the consideration was deferred; The Purchasing Companies most valuable assets were transferred to connected parties shortly after the date of MVL. The Purchasing Companies failed to pay for the assets purchased from the Companies in Liquidation and consequently the Companies in Liquidation were placed into CVL on 17 December 2008, Wood Hall with a deficiency to creditors of £836,004, C4E with a deficiency to creditors of £622,363 and Set Meals with a deficiency to creditors of £608,787.

This information is correct as at 20/09/2013


Filed under:


Never miss a story.




This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.


More on WRN


Comments

Comments are turned off for this article.




Site by Everywhen