Dine In Collapse a great example of the dreadful mess at HMRC

Dine In liquidation shows filed accounts were inaccurate

As yet another liquidation following funding on Crowdcube, draws to an unsatifactory conclusion - it has been stated that the accounts filed by the directors of Dine In were inaccurate. 

Baker Tilley LLP's final report to creditors shows that filed accounts had missed off shareholder funds - thereby presumably making the filed balance sheet as worthwhile as a Trump tax return. As usual nothing will be done about this - its fine apparently to file incorrect accounts at CH. We wrote about this here

What's more, this liquidation has resulted in the director being able to purchase the 'code' that the company had invested in, for just £12k. According to the report this is a fair price given it is midway between expert's figure of £7k to £35k. You do the math!

So anyway, now we have caste iron proof of what we have been saying since we started - you cannot rely on any information at CH. It's a mess that needs sorting. 

The odd tale of non investment in Crowdcube as 'funded' Dine In crashes out.

He has a point.
Dine In Ltd raised just over £300k on Crowdube in January 2014. According to Crowdcube's own list of funded companies.

18 months later the company was toast - liquidated. Nothing unusual there you might think - most Crowdcube funded pitches end this way.

But this one is slightly different. In the Statement of Affairs filed almost a year ago to the day, there is no reference to any shareholder capital. Nothing, zilch - the £300k is just not there. The full list of shareholders is there with their shareholding but the 'total amount called up' column is like the Pearl Harbour sky on 7th December 1941 - full of zeros.

Are any of the the 90 shareholders that Crowdcube still claim put in £300k, out there? Would you let us know what this is all about?

Either the Statement of Affairs is wrong, which if this is the case and the founder signed it, which he did, he will be in breach of pretty well everything. Or the money was never actually collected (possibly as in the case of 88 Delicious) and Crowdcube have failed to correct their records and have a whopper on their FCA regulated site. Neither or both would be a surprise.

The last set of accounts filed, before the Crowdcube raise, show over £60k in shareholder funds already in the company. Yet in the Crowdcube pitch financials, this figure is zero. We have no idea what happened to this. In an article which seems to compare the CEO Graj to the boys behind Deliveroo here , written post collapse and post Crowdcube raise, the story is a sad tale of missed opportunities. Graj is now working for Uber in Singapore. The liquidation has not moved on in 12 months. This smells like another Crowdcube mess to us.

It does fill you with confidence in the systems we and HMRC operate under.