Joey Essex is under investigation for the collapse of his management company. The firm, owned solely by Joey, recently went into liquidation owing substantial debts of £1.2 million, primarily to the tax authorities. New filings at Companies House indicate that accountants are now scrutinizing Joey Essex Management Ltd and will be looking into Joey’s conduct as the director.
The company, established in 2011 during his time on TOWIE, had significant assets of nearly £1 million a couple of years ago. However, the firm is now facing insolvency, with 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 relief loan. The total debt to creditors amounts to £497,246, and Joey’s director’s loan account is overdrawn by £780,000.
Despite repaying £350,000 to the company last year, Joey is dealing with financial challenges. He recently ventured into boxing and reportedly earned £500,000 from his first fight, which has the potential to help resolve his financial issues. However, the outcome of his debut match is now being contested by his opponent, Numeiro, who plans to appeal the decision. Numeiro expressed concerns about the fairness of the verdict and is focused on ensuring a just resolution for their initial bout.
Joey, who also closed another business, The Top TT Limited, earlier this year, is navigating his financial troubles while pursuing his boxing aspirations. His success in the ring could play a crucial role in his journey towards financial stability.