September 2021 - Mr Bounce Back - Bounce Back Loan News - Updates

7 Year Disqualification for failing to Maintain and/or Preserve Accounting Records Making it Impossible For the Insolvency Service to Verify if a Grant and Lloyds Bank BBL Were Used for Benefit of Company or if Turnover Was High Enough to Warrant a £20k BBL

September 30, 2021

As furlough comes to an end, it is sad to see the Government update their website today regarding their “Guide to Bankruptcy”, an indication of how things have progressed for many people over the last 18 months or so. Another Company Director faces a 7 year ban, this time for failing to keep accounting records to help the Insolvency Service determine where a Government Grant and Bounce Back Loan went. […]

Insolvency Service Unable to Determine if a Starling Bank BBL Was Obtained Legitimately and Why Company Was Not Registered for VAT Given Director Applied for a £50K BBL Requiring a Minimum £200k Turnover – Upshot 7 Year Disqualification

September 29, 2021

Due to not keeping/preserving adequate accounting records has resulted in a Company Director being disqualified for 7 years, mainly due to the fact the Insolvency Service could not work out if a Starling Bank BBL was used for the benefit of the company, and they question why the company was not registered for VAT when a £50k BBL was obtained, with the turnover for that value loan having to be at least £200k. […]

Company Director Used a Lloyd’s Bank Bounce Back Loan to “Sustain Daily Living Costs” and Insolvency Service Disqualify Him for 6 Years Upon Liquidation of the Company

September 29, 2021

As we rattle through the months, I am seeing more and more Company Directors being hit with long disqualifications when winding up their companies when a Bounce Back Loan is involved when the Insolvency Service discover the funds from that loan were used for personal benefit and not the benefit of the business, here is another one, this time regarding a Lloyds Bank BBL. […]

My Misconduct in Public Office Complaints Against Rishi Sunak and Alok Sharma and 20 Members of the House of Lords the Outcome

September 28, 2021

I recently submitted a complaint to the House of Lords Commissioner, as he is tasked with dealing with complaints about Members of the House of Lords and the Office of the Parliamentary Commissioner for Standards as she handles complaints about Members of Parliament. […]

Company Director Applied for a Bounce Back Loan Top Up and Made Payments Benefiting Himself When He Should Have Known His Business Was Insolvent and Gets Hit With a 6 Year Disqualification

September 27, 2021

Today I present to you another first, that being the story of a Company Director who got a 6 year disqualification for applying for a BBL Top Up (as opposed to just a BBL) and according to the Insolvency Service used it for personal benefit when he should have known or did know his business was insolvent. […]