Joey Essex is currently under investigation for the collapse of his management firm. The firm, owned by the former TOWIE star, has gone into liquidation due to outstanding debts amounting to £1.2 million, primarily owed to the tax authorities.
Recent filings at Companies House indicate that accountants overseeing Joey Essex Management Ltd are now looking into the company’s affairs and will be scrutinizing Joey, who is the sole director and shareholder of the company. The documents state that as the company has entered an insolvent liquidation, the liquidators are obligated to assess the company’s assets and liabilities, identify potential avenues for fund recovery, and review the director’s conduct under the Company Directors Disqualification Act.
Established in 2011 when Joey joined TOWIE, the company had assets worth nearly £1 million just two years ago. However, it is now facing debts including £30,449 in VAT, £9,552 in PAYE, £402,302 in corporation tax, £15,000 to trade creditors, and a £39,942 Covid bounce back loan, totaling £497,246. Additionally, Joey’s director’s loan account is in overdraft by £780,000.
A portion of the funds owed to the company has been repaid, with £350,000 returned to the firm’s accounts. Despite signing a Declaration of Solvency last August committing to repay debts within a year, Joey is now grappling with financial challenges. He recently ventured into boxing, reportedly earning £500,000 for his debut fight. However, his victory is being contested by his opponent, Numeiro, who plans to appeal the decision following their match in Manchester.
Numeiro expressed concerns over the fairness of the outcome and is seeking a rematch outside the UK to ensure a just result. Joey, who also closed down another business, The Top TT Limited, earlier this year, is hoping his boxing pursuits will aid in resolving his financial obligations.