....and in the local paper today (but it is taxifast not taxibank)....
John Preece taxi firm faces winding up petition in High Court
Tuesday, June 14, 2011
Plymouth Herald
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THE Taxifast Ltd cab firm built by mogul John Preece is facing a winding up petition in the High Court over a tax debt of £1.25million.
The private hire company is due in the Companies Court, in London's Royal Courts of Justice, in two weeks time.
John Preece
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Mr Preece (pictured right), a former Taxifast chairman and majority shareholder, said he had not been informed of the court action, but said he expects the firm to be wound up nonetheless.
However, he disputed that Taxifast owed the tax bill claimed and said: "I have not had any chance to challenge it."
Taxifast and parent company Key Cabs Ltd ceased trading last October with Mr Preece blaming a high street bank for driving them out of business.
But Taxifast is still listed as an "active" business by Companies House, although it says there is a "proposal to strike off".
A notice has now appeared at Taxifast's disused former offices in Faraday Mill, Prince Rock.
It says Her Majesty's Revenue and Customs (HMRC) has petitioned for the winding up under the Insolvency Act 1986.
The notice also says Taxifast owes £1,250,521 in unpaid VAT, penalties, surcharges and interest, over four years, and the company is unable to pay its debts.
Mr Preece, speaking from Portugal, where he now lives, said he had "not seen or heard" from the HMRC and added: "All I did was cease trading."
He said: "They will wind the company up. It's a paperwork exercise."
But he denied Taxifast was left owing the amount of tax claimed and said: "I would challenge the VAT, but no one has given me the opportunity."
Mr Preece claimed a "legitimate" arrangement had been set up between Taxifast and the tax authorities under which individual drivers did their own tax accounts in exchange for a rent decrease.
Mr Preece said this was a system used by other firms too and said: "It was set up properly and negotiated with them (HMRC).
"Because (Taxifast) has stopped trading they have decided to go for the full amount."
He stressed: "Taxifast had very little debt apart from the bank."
Mr Preece said Lloyds TSB is pursuing him for a debt of £572,000.
But he blames the bank for Taxifast's closure and has lodged a £10million counter claim for alleged breach of contract. He has claimed changes to the way Lloyds TSB financed his companies meant they were struggling to meet the weekly pay bill of 350 employees and private hire drivers opening the doors for creditors to have them wound up.
He said the bank's changes resulted in it seeking "further unlimited personal guarantees" from him and a "sudden reduction in cash flow" for Taxifast.
"I need to get this cleared up, the bank is responsible," he claimed. "I will have my day in court, when I can say things that need to be said. I'm waiting for a court date."
Earlier this year, Lloyds TSB told The Herald it was aware of Mr Preece's intentions to lodge a claim.
In February, Mr Preece told The Herald his only regular income is a £60-a-week state pension and he was selling assets including a luxury car and property in the USA.
Today he said: "I'm trying to wind up my affairs in the USA. Bits and pieces. I have sold things."
The 68-year-old said his health had improved after a cancer scare and that he was now retired. "It's difficult to get a job at my age," he said.
After Taxifast ceased trading last year, an entirely separate company, Taxifirst, was set up by David Trace, who pumped £200,000 into the venture and offered to employ people left jobless by Taxifast's closure.
The herald - 14 June 2011
http://www.thisisplymouth.co.uk/John-Pr ... story.html
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