Month: November 2021

The Disqualification Files

Failing to Maintain and/or Deliver to the Liquidator Adequate Accounting Records to Prove Whether a Bounce Back Loan Was Used for the Benefit of a Business and Where Other Funds Went Lands Company Director with a 7 Year Disqualification

November 30, 2021

Many things will wind-up a liquidator, one of them being a business owner failing to keep and/or supply to them adequate accounting records, today’s case is one in which a 7 year disqualification has been handed out for those failings, and it does of course include a Bounce Back Loan, a Santander one […]

Premium Content

A Total of 65 People Have So Far Been Arrested for Alleged Government Backed Loan Fraud / Local Authority Grant Fraud with the Government Having Paid Out the Guarantee to Lenders on 155 BBLs and 113 CBILs “Suspected” Borrower Fraud Cases

November 29, 2021

Trying to make sense of who out and out defrauded the Bounce Back Loan and CBILs schemes, along with ripping off the Local Authority Business Grant schemes is going to take quite some time, however plenty of people have already been arrested for such crimes. So far a total of 65 people have been arrested for […]

The Disqualification Files

Settling a Personal Loan with the Proceeds of a Bounce Back Loan Amongst Other Things Leads to the Insolvency Service Handing Out a 7 Year Disqualification to a Company Director

November 29, 2021

You can expect a long disqualification if you are a Company Director and were found to have used a Bounce Back Loan for personal benefit and not the benefit of the business when winding up your business, the Director in today’s case was given a 7 year disqualification for among other things using a fair old chunk of a BBL to settle a personal loan. […]

The Disqualification Files

Insolvency Practitioner Warns Company Director His Business Appears Insolvent and Not to Do Anything to Worsen Position of Creditors – He Then Proceeds to Obtain a BBL and Uses it for Personal Benefit and Is Hit with a 7 Year Disqualification

November 29, 2021

Using a Bounce Back Loan for personal benefit and not for the benefit of the business has landed many a Company Director with a long disqualification when they then go on to wind-up their business, and today’s case involves a £50k BBL and a 7 year disqualification. On the 27 July 2020 […]