SPAC Nation Liquidated After Failing To Account For £1.87M In Outgoings

London-based Church group SPAC Nation have been liquidated after failing to properly account for more than £1.87 million of outgoings and operating with a lack of transparency, a UK court found.

Salvation Proclaimer Ministries Limited, more commonly known as SPAC Nation, was wound up in the public interest in the High Court before Judge Burton June 9th, GOV.UK confirmed.

The Insolvency Service received complaints about SPAC Nation before choosing to lead their own confidential enquiries into the church group’s activities.

Enquiries discovered that SPAC Nation either failed to comply or only partially complied with statutory requirements, such as providing data to support claimed donations, and accounting records in support of £1.87 million of expenditure.

The company’s financial statements showed £610,000 of expenditure on rent, despite not having their own base of operation instead hiring out various venues.

Edna Okhiria, Chief Investigator for the Insolvency Service, said: “While SPAC Nation claimed it had noble intentions to support vulnerable and young people, our enquiries uncovered a different side of the charity. There were clear concerns around how the church group managed its affairs and SPAC Nation failed to properly account for income received from donations and other expenditure,”

“The court recognised the severity of SPAC Nation’s actions and this sends a strong message that proper records and accounts must be maintained, even if you’re a charity.”

The company still remains subject of a statutory inquiry by the Charity Commission, who are examining financial, governance and safeguarding matters at the charity.