Month: September 2021

The Disqualification Files

Director Over-Egged Turnover to Obtain a £50k BBL, Moved Funds to a Different Bank Account to Ringfence Them and Didn’t Disclose BBL at Liquidation – Upshot Is a 7 Year Disqualification

September 22, 2021

I have discovered a new term that I have not seen used before when it comes to the Insolvency Service explaining several reasons for slapping a Company Director with a disqualification, that being “ringfencing” Bounce Back Loan funds. That describes the act of moving funds from one bank account to another. […]

The Disqualification Files

Lack of Records/Accounts Meant Liquidator Unable to Ascertain Whether a Bounce Back Loan Was Validly Obtained and Whether Those Funds Were Used for Benefit of a Business – Director Hit With 8 Year Disqualification

September 21, 2021

As many people battle to keep their businesses trading right now, many have decided they have no other option but to close down. The number of businesses going bust and being liquidated is increasing, as too are the number of businesses doing so that had obtained a Bounce Back Loan. Today I bring you news of one […]

BBL Complaints and Outcomes

HSBC Snatches Back a £50k BBL, Closes Customers Account, Drags Feet Sending Them £54k Cheque for Remaining Funds, Customer Unable to Open Another Account and Cash Cheque – Ombudsman Happy and Says That Is Fair

September 20, 2021

If you are unhappy with the decision made regarding a complaint that you have sent in to the Financial Ombudsman Service you can ask for it to be reviewed, and when you do so it will be sent to an Ombudsman rather than a case handler to be determined. Today I look at one such case which saw a customer left with a cheque they couldn’t cash and a BBL snatched back. […]

Misconduct in Public Office

I Have Received an Unreserved Apology for an Error Made by Government Lawyers Surrounding the Bounce Back Loan Scheme. Having Suffered Direct and Indirect Financial Loss I Am Now Seeking Compensation as Per (PSHO) Published Principles for Remedy

September 18, 2021

Another quick update as I have a very busy few days ahead. I received, from HM Treasury yesterday, an unreserved apology regarding an error made by Government Lawyers surrounding the legalisation on Bounce Back Loans, as you can see in the letter below. My next course of action is to seek compensation for both […]

Premium Content

Having Warned of the Dire Consequences of Naming Future Fund Recipients the British Business Bank Go Ahead and Do Just That. What Next, Forehead Tattoos for BBL Recipients?

September 17, 2021

Anyone that has ever requested from the British Business Bank the names of businesses that have received any type of Government backed loan such as a Bounce Back Loan, CBILs or even the names of businesses that have been awarded money from the Future Fund will have been refused that information and will have been told by them of the dangers of naming those businesses. So it was with surprise […]

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BBL Complaints and Outcomes

Barclays Lock BBL Customer Out of Their Account in Aug 2020 for an “Account Review” and Finally Completes It and Unlock Account in Dec 2020 – Financial Ombudsman Does Not Uphold Complaint and Thinks That Is Fair!

September 16, 2021

When I come across stories such as today’s, I can understand why anyone with a Bounce Back Loan would remove the funds from that loan completely from their business bank account along with any other funds held in their account, rather that risk a bank unfairly locking their account or even snatching those funds back. I have seen plenty of examples of both recently. […]

BBL Complaints and Outcomes

Financial Ombudsman Rules Barclays Were Acting Correctly When They Snatched Back £36k of a £50k BBL That One of Their Customers Had Left in Their Business Account – One of Many Snatchback Complaints Going Through the System

September 15, 2021

Bounce Back Loan snatch backs are commonplace, I have seen no end of people being told weeks or months after getting a BBL that their bank accounts are locked pending a review, then being told any and all funds in their accounts have been grabbed by the bank and a demand going out for full repayment of the BBL less the funds grabbed. The Financial Ombudsman is the only […]

The Disqualification Files

Lack of Business Due to Lockdown and Mounting Debt Forced the Hand of a Company Director Who Applied for a £25k Santander BBL Which Was Then Used to Repay Personal Loans, the Upshot of Which Was a 6 Year Disqualification

September 14, 2021

Sadly, when it comes to the devastating effects of the pandemic, many business owners made decisions that they now regret. Another 6 year disqualification has been announced this time concerning a businesswoman that used a £25,000 Bounce Back Loan from Santander for personal use. […]

The Disqualification Files

Co-Directors Get a 7 Year Disqualification Each for Applying for a £50,000 BBL When Company Only Eligible for £24,288 and Using Over £10k for the Benefit of Themselves

September 13, 2021

This is the first disqualification I have come across concerning Co-Directors of a LTD Company, however both have been hit with a 7 year disqualification for applying for a BBL more than they were entitled to and using a chunk of it to benefit themselves and not the Company, here is an overview. […]

Premium Content

Request for Subscribers to Offer Any Additional Input into this Updated/New Misconduct in Public Office Related Complaint Prior to Me Submitting It

September 11, 2021

A quick update for those of you eager to find out how my complaint regarding misconduct in public office has progressed. Well, I was contacted by the police who advised me I need to take the complaint to the Home Office. That I did, but late on Thursday night I was contacted by the following Government Department informing me they would accept the complaint. That was the […]