Reality television star Joey Essex is facing serious financial scrutiny after his personal styling venture spectacularly collapsed, leaving a trail of debt totalling over £1.2 million.
The former The Only Way Is Essex favourite, known for his glamorous lifestyle and television appearances, has found himself at the centre of an official investigation following the failure of his company, Ligma Trading Limited.
The Staggering Debt Uncovered
Documents reveal the extent of the financial catastrophe, with the company owing substantial sums to multiple creditors. Among those left out of pocket are HM Revenue and Customs, owed nearly £250,000 in unpaid taxes.
The collapse has triggered an official probe by the Insolvency Service, which is now examining the circumstances surrounding the company's failure and the conduct of its directors.
From Reality Star to Business Troubles
Essex, who rose to fame on the hit ITVBe show, had positioned himself as a successful entrepreneur alongside his television career. However, the company's failure reveals a different story behind the glossy social media posts and television appearances.
The investigation will determine whether there was any misconduct in the running of the business and whether directors fulfilled their legal responsibilities.
What This Means for the TOWIE Star
If the investigation uncovers evidence of wrongdoing, Essex could face serious consequences including director disqualification for up to 15 years. This would prevent him from serving as a company director or being involved in company management.
The probe comes at an awkward time for the reality star, who continues to maintain a high profile through television appearances and social media.
Creditors ranging from business suppliers to tax authorities are now unlikely to recover their money, with the company's assets insufficient to cover the massive debts.
