Maxima Compliance: Unpaid Taxes & Director Loan Issues

A troubling pattern: Maxima Compliance Ltd unpaid taxes and a growing director loan!

In September 2024, following a winding-up petition submitted by HM Revenue and Customs (HMRC), the High Court of Justice ordered the compulsory liquidation of Maxima Compliance Ltd. The case, heard under number CR-2024-004659, revealed significant concerns surrounding the financial management of the company, including a large unpaid tax liability and a substantial loan owed by the company’s sole director, Mr Antonio Zanghi.

The official liquidator’s initial report dated 29 January 2025 confirms both the scale of the company’s insolvency and the need for further investigation into how the company was operated in the lead-up to its collapse.

Director loans over multiple years

Between 2019 and 2022, Maxima Compliance Ltd consistently reported a growing balance of unsecured loans owed by its director. These loans attracted minimal interest (2–2.5%) and had no stated repayment terms. Despite increasing liabilities and dwindling liquidity, no repayments were made. The annual accounts filed at Companies House show a persistent increase in the loan value:

 

Year Ending	Director Loan Balance	Amount that Year	Repaid	Staff
Feb 2019	£17,012	£17,012	£0	1
Feb 2020	£116,111	£99,099	£0	5
Feb 2021	£359,878	£243,767	£0	12
Feb 2022	£569,693	£209,815	£0	13

 

In its 2022 filings, the company explicitly confirmed that no amount had been repaid, written off or waived. Mr Zanghi reportedly disputed the balance during liquidation but acknowledged owing a portion of the debt.

This loan alone amounted to nearly 56% of the company’s total declared assets at the time of liquidation, according to the liquidator’s January 2025 summary. The director's benefit from these sums coincided with the company’s deepening insolvency and growing obligations to HMRC.

Tax and social security debts to HMRC

Perhaps more concerning than the director loan is the unpaid tax liability owed to HMRC. This is no minor oversight. By February 2022, Maxima Compliance Ltd had accrued

£743,907 in overdue liabilities to HMRC, classified under “taxation and social security.”

This figure included unpaid PAYE, employer and employee National Insurance contributions and likely VAT or corporation tax.

 

Year Ending	HMRC-Related Liabilities	Total Creditors
Feb 2020	£132,348	£165,289
Feb 2021	£312,376	£1,028,243
Feb 2022	£743,907	£1,184,727

 

The increase in HMRC debts coincided directly with Mr Zanghi continuing to extract funds from the company for his personal benefit. It is not unreasonable to note that this conduct may constitute withholding of taxes deducted from employee wages without transferring them to HMRC, a potentially criminal matter under UK tax law.

Official liquidation and non-cooperation

The court documents show that the director did not appear at the hearing. The winding-up petition was uncontested. HMRC submitted its case on 2 August 2024 and the court issued a winding-up order on 18 September 2024. The Official Receiver was initially appointed, followed by FRP Advisory as Joint Liquidators on 6 January 2025.

The liquidator’s report to creditors includes the following:

“I am required as part of my duties to establish what assets the Company owns and to consider the way in which the Company’s business has been conducted.”

This line, though standard, is particularly important here. It strongly suggests the liquidators are already evaluating potential wrongdoing and misfeasance. Also from the official report:

“I am required… to consider the way in which the Company’s business has been conducted. If you have any information or concerns… please contact me.”

That’s a coded way of saying the liquidator might be investigating Mr Zanghi’s actions, especially the director loan and financial conduct.

Unsecured and undefined liabilities

In addition to tax and director loan liabilities, the company also reported significant balances under “other creditors” and “other debtors,” which were not itemised:

 

Year Ending	Other Creditors	Other Debtors
Feb 2021	£328,321	£449,342
Feb 2022	£154,039	£982,033

 

The sharp rise in “other debtors” to nearly £1 million raises serious questions.

• Were these sums owed by related parties or connected entities?
• Did Mr Zanghi exercise control over other companies that transacted with Maxima Compliance Ltd in the final months before liquidation?

At this stage, the identities of these parties remain unknown. However, it is clear that over £1.5 million in total liabilities and receivables were either undocumented or vague in nature, despite being included in filings with Companies House.

Legal and regulatory implications

We believe the documents made available by the court, Companies House and the liquidators point to a pattern of behaviour that merits urgent regulatory attention. The combination of unpaid taxes, unrepentant director borrowing and unexplained liabilities are red flags.

Based on the facts disclosed, several provisions of UK law may have been breached:

Insolvency Act 1986, s.212 – Misfeasance: misuse of company money or property Insolvency Act 1986, s.213 – Fraudulent trading: conducting business with intent to defraud Insolvency Act 1986, s.214 – Wrongful trading: continuing to trade while insolvent

Companies Act 2006, s.172–174 – Breach of fiduciary duties to act in the company’s best interests

Company Directors Disqualification Act 1986 – Director disqualification proceedings

Taxes Management Act 1970 and HMRC civil powers – Misuse or non-payment of PAYE, NIC & VAT

These matters not only expose creditors to substantial losses but also undermine public trust in the UK’s corporate and tax enforcement framework.

Final observations and creditor expectations

In response to public commentary by Mr Antonio Zanghi, including his recent post on LinkedIn, we wish to acknowledge his stated position. Mr Zanghi’s reflection expressed regret over business misjudgements, while rejecting any implication of dishonesty or bad faith.

He invited parties with legitimate matters to contact him directly and referred all formal claims to the appointed liquidator.

While we respect every individual’s right to present their own account, we believe that the factual record disclosed in court filings, Companies House accounts and the official liquidation report raises issues that extend well beyond the realm of commercial miscalculation. The material reviewed suggests that Maxima Compliance Ltd incurred substantial debts to public authorities, particularly HMRC, at the same time as its sole director continued to draw significant personal funds through unsecured loans. These loans remained entirely unpaid as of the liquidation date.

In practical terms, creditors now face a complex and uncertain recovery process. According to the liquidator’s own figures, the company held total assets of approximately £614,693, the majority of which is the disputed director loan balance. Liabilities exceed £1 million, with HMRC holding the most substantial claim. In any liquidation scenario, tax authorities typically receive priority treatment over unsecured creditors.

As such, even in the hypothetical event that Mr Zanghi were to repay the full £569,693 loan balance, there is no certainty that trade creditors, contractors or other claimants would receive any meaningful distribution.

Any party relying solely on the formal route through the appointed liquidator should temper expectations. The Insolvency Act 1986 requires that assets be distributed in a defined priority sequence, beginning with costs of the insolvency itself, followed by preferential creditors, HMRC and finally unsecured parties.

There is no indication that the company's remaining estate will be sufficient to satisfy all of these classes in full.

We understand how frustrating this may be for individuals and companies still owed significant sums by Maxima Compliance Ltd. While the liquidators are now in control of asset recovery, the broader question remains whether additional investigative or enforcement actions are warranted in light of the conduct observed.

Accordingly, we reaffirm our intention to submit formal whistleblower complaints to:

• HMRC Fraud and Insolvency Enforcement Unit
• The Insolvency Service (Intelligence Hub)
• Companies House (Director Conduct Reporting)

These submissions will rely exclusively on verified documents and official records. We take no position on Mr Zanghi’s intentions but assert, firmly, that the actions taken under his leadership resulted in material harm to both public institutions and private creditors.

We encourage any parties with evidence, insight or documentation relating to the financial management of Maxima Compliance Ltd, or any connected entities, to contact the official liquidators.

In addition, we invite those who wish to share their experience confidentially to use our whistleblower reporting channel. All submissions will be handled in accordance with strict privacy guidelines and, where appropriate, forwarded to relevant authorities. This investigation remains ongoing.

FAQs

Why was Maxima Compliance Ltd liquidated?
Maxima Compliance Ltd was liquidated following a winding-up petition by HMRC due to unpaid tax liabilities totaling over £743,000.

Who was the director of Maxima Compliance Ltd during its collapse?
The sole director was Mr Antonio Zanghi, who was responsible for overseeing the company's financial affairs.

What is the significance of the director loan mentioned in the report?
Between 2019 and 2022, Mr Zanghi borrowed nearly £570,000 from the company with no repayment terms, which remained unpaid at liquidation.

How much did Maxima Compliance owe to HMRC by 2022?
By February 2022, the company owed HMRC £743,907, primarily from unpaid PAYE, National Insurance contributions, and possibly VAT or corporation tax.

Were any repayments made toward the director loan?
No. The filings confirm that not a single repayment was made on the director loan throughout the reported years.

What legal consequences could the director face?
Mr Zanghi could face actions under the Insolvency Act 1986 and Companies Act 2006, including potential disqualification and investigation for misfeasance or wrongful trading.

Were any of the company’s liabilities unexplained?
Yes. The company reported vague and unexplained amounts under “other creditors” and “other debtors” totaling over £1.5 million.

What is the expected recovery for creditors?
Due to insufficient assets and the priority order of claims, many unsecured creditors may not receive any meaningful recovery.

Is there any ongoing investigation into Maxima Compliance Ltd?
Yes. The liquidator’s report and creditor notices indicate active investigations into the company’s conduct and financial management.

How can whistleblowers report information about Maxima Compliance?
Parties with relevant information are encouraged to contact the official liquidator or submit reports to HMRC, the Insolvency Service, or Companies House.