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Should the company house not prohibit such legal loopholes? Why is such a thing even possible?
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30 posters
Telnic pulls a cunning move !
ixida- Senior Member
- Join date : 2012-07-05
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Expert- Insider
- Join date : 2012-08-10
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https://www.gov.uk/government/publications/late-filing-penaltiesLate filing penalties
Late filing penalties were introduced in 1992 to encourage directors of companies to file their accounts and reports on time, because this information is required for the public record. All companies - private or public, large or small, trading or non-trading must send their accounts and reports to Companies House every year. If you submit company accounts and reports late, the law imposes an automatic penalty.
How much are late filing penalties (for public companies)?
- Not more than 1 month: £750
- More than 1 month but not more than 3 months: £1,500
- More than 3 months but not more than 6 months: £3,000
- More than 6 months: £7,500
Are late filing penalties the same as fines imposed on company directors for nonfiling of annual returns and accounts?
No. Failure to file annual returns or accounts is a criminal offence which can result in directors being fined personally in the criminal courts. Any criminal proceedings taken as a result of non-filing of annual returns and accounts is separate from and in addition to any late filing penalty imposed against the company for filing accounts late. The registrar may also take steps to strike the company off the public record if these documents are delivered late. There is no late filing penalty imposed on annual returns that have been filed late. Failure to pay the late filing penalty can result in enforcement proceedings.
Can I extend the time allowed for delivering the accounts?
You should take appropriate measures to ensure your accounts are filed on time.
However, if, before the filing deadline, there is a special reason, such as an unforeseen event why the accounts might be filed late, you may make an application to extend the period allowed for filing to Companies House.
Please note, an extension will only be granted if the reasons are exceptional. You will find more information on this in our Life of a Company Part 1 – Annual Requirements guide.
What is exceptional?
The registrar has very limited discretion not to collect a penalty. It may be applied when an unforeseen catastrophe strikes a company at a critical time. This might include, for example, a fire destroying records a few days before the filing deadline.
4444- Senior Member
- Join date : 2013-07-21
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The amount of the penalty is very low and shouldn't be a problem for Telnic, but the next paragraph shows how fatal Telnic's behavior is.
MWX- Senior Member
- Join date : 2013-07-17
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Expert wrote:Failure to file annual returns or accounts is a criminal offence which can result in directors being fined personally in the criminal courts.
...
The registrar may also take steps to strike the company off the public record if these documents are delivered late.
Incredibly, Mr. Mahdavi takes such a big risk. This includes a large portion of cunning.
maxi- High-Flyer
- Join date : 2012-08-27
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If numbers in the quote bellow are not far from reality, and CEO salary now is indeed $1.000.000 or so in a year, then we can count that monthly salary could be about of $83.333.MWX wrote:Incredibly, Mr. Mahdavi takes such a big risk. This includes a large portion of cunning.
So, every won month in the office could bring profit of $83.333 (if numbers in that Estimation are correct, of course). For such money, I think, many people could take a risk.
http://www.teltalk.org/t1046-how-the-future-of-tel-will-look-after-telnic
Expert wrote:EstimationTelGirl wrote:How is this possible? Are the costs really only salaries?Toptel wrote:Telnic is producing an annual loss of US$ 5 million yearly.
Revenues:
250,000 .tel x $8 = $2,000,000
Expenses:
London office rent = $100,000
Server costs = $10,000
Neustar fees = $100,000
CEO salary = $1,000,000
About 5 directors' salaries = $500,000
About 10 employees' salaries = $700,000
Litigation = $200,000
Black hole = $4,390,000
Total = $7,000,000
Annual Loss:
Revenues ./. expenses = $5,000,000
Last edited by maxi on 2014-12-26, 5:32 pm; edited 3 times in total (Reason for editing : typo)
Expert- Insider
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maxi wrote:CEO salary = $1,000,000
That was only an estimation.
It can be less - or it can be more!
x1y2- Advanced Member
- Join date : 2013-07-12
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Expert wrote:Please note, an extension will only be granted if the reasons are exceptional.
What is exceptional?
The registrar has very limited discretion not to collect a penalty. It may be applied when an unforeseen catastrophe strikes a company at a critical time. This might include, for example, a fire destroying records a few days before the filing deadline.
If this is true, then Telnic has no right to extend the accounting reference date (ARD) three times for the year 2013 (as Telnic did).
4444- Senior Member
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Wait another 3 months; then Telnic will do it the fourth time!x1y2 wrote:If this is true, then Telnic has no right to extend the accounting reference date (ARD) three times for the year 2013 (as Telnic did).
Expert- Insider
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Mr. Mahdavi, Do you like to tell us your point of view?
4444- Senior Member
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Expert wrote:Mr. Mahdavi, Do you like to tell us your point of view?
He disappeared and has done absolutely nothing since 2010.
x1y2- Advanced Member
- Join date : 2013-07-12
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Telnic doesn't like to speak to customers. Hopefully we can get some information from the company house.
4444- Senior Member
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Suspicious activities are going on far too long at Telnic.
Telnot- Advanced Member
- Join date : 2012-10-19
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Very nice!
Since years nothing is happening at Telnic, but thanks to the abstruse ideas of Telnic there is always something to talk about!
Since years nothing is happening at Telnic, but thanks to the abstruse ideas of Telnic there is always something to talk about!
mikeseaton- High-Flyer
- .tel domain : MIkeSeaton.tel
Location : Dorset UK
Join date : 2012-06-11
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How to complain about a limited company
Will Monday 5 January 2015 (the first large scale UK working day after the Xmas and New Year break) see formal complaints being made by TelTalk forum members ?
Funnily enough it's also the day TELNIC DELETES ALL DATA from its forum - here's a summary of what they are about to lose:
Threads: 2,474, Posts: 22,375, Members: 887, Active Members: 39
http://MikeSeaton.tel
Will Monday 5 January 2015 (the first large scale UK working day after the Xmas and New Year break) see formal complaints being made by TelTalk forum members ?
Funnily enough it's also the day TELNIC DELETES ALL DATA from its forum - here's a summary of what they are about to lose:
Threads: 2,474, Posts: 22,375, Members: 887, Active Members: 39
http://MikeSeaton.tel
maxi- High-Flyer
- Join date : 2012-08-27
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I will not write one more time. I think that the people from the forum who understand these matters better should write such complaint.mikeseaton wrote:How to complain about a limited company
Will Monday 5 January 2015 (the first large scale UK working day after the Xmas and New Year break) see formal complaints being made by TelTalk forum members ?
Telnot- Advanced Member
- Join date : 2012-10-19
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2015 starts with the same situation that we could observe during the last years: Telnic tries to hide as much information as possible while all customers continue to complain.
TelBlogger- Insider
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This company Telnic is so stupid it is beyond belief.
Tim Spears- Senior Member
- Join date : 2012-09-21
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mikeseaton wrote:Funnily enough it's also the day TELNIC DELETES ALL DATA from its forum - here's a summary of what they are about to lose:
Threads: 2,474, Posts: 22,375, Members: 887, Active Members: 39
Telnic is preparing to shut down the whole project!
FrankW.- Senior Member
- Join date : 2012-10-08
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Forum members mentioned it in the past. Now it's obvious:
Telnic's managers have only one target:
Getting luxury salaries as long as possible!
Meanwhile they let the company bleeding out.
There is not intention to develop .tel at all!
Telnic's managers have only one target:
Getting luxury salaries as long as possible!
Meanwhile they let the company bleeding out.
There is not intention to develop .tel at all!
TelBlogger- Insider
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Correct that is the truth. There was never an intention to make it work - only to get the $35m. A rhesus monkey with a brain injury would make better decisions than the people at Telnic.
x1y2- Advanced Member
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TelBlogger wrote:This company Telnic is so stupid it is beyond belief.
Indeed; instead of promoting and developing .tel, Telnic wants to earn only the money of their customers and shareholders.
That is the way how Telnic works since long.
500- Newbie
- Join date : 2013-12-13
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Hurray! Somewhen in 2015 Khashayar Mahdavi will be gone. In case .tel will survive, the project could finally start and is no longer blocked by him.
Tim Spears- Senior Member
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500 wrote:In case .tel will survive, ...
That's another question!
Sunrise- Insider
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Tim Spears wrote:500 wrote:In case .tel will survive, ...
That's another question!
It doesn't look good:
http://registrarstats.com/TLDHistoryChart.aspx?TLDName=TEL
mikeseaton- High-Flyer
- .tel domain : MIkeSeaton.tel
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