Month: January 2022

BBL Complaints and Outcomes

Co-Operative Bank Approve and Pay Out a Bounce Back Loan to a Customer Then Snatch It Back – Ben the Ombudsman Decides That Is Their Right and £100 Compensation Is Fair

January 8, 2022

It was and still is commonplace for many lenders to snatch back (for all manner of reasons) Bounce Back Loans that they had initially approved and paid out, and today I present to you the outcome of a complaint about a snatched back BBL that was sent to the Financial Ombudsman Service (FOS), was not upheld, and then went before an actual Ombudsman for a determination. Be aware that when you do send in a complaint to the FOS it is a caseworker that […]

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Massively Over-Egging His Business Turnover and Using a Bounce Back Loan for Personal Benefit Resulted in a Company Director Receiving a 7 Year Disqualification

January 5, 2022

The two most common reasons why a Company Director will end up with a lengthy disqualification when winding up their business with a Bounce Back Loan owing are using that loan for personal benefit and over-egging the turnover of the business to get the loan in the first place. Both of which it appears the Director in this case was guilty of doing […]

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Another Quite Lenient 4 Year Disqualification Handed Out for Using a Barclays Bank Bounce Back Loan for the Benefit of the Directors of a Business Instead of the Benefit of the Business Which By The Way Was Insolvent

January 5, 2022

Here is a case that resulted in a Company Director getting just a 4 year disqualification for applying for a Bounce Back Loan when his business was insolvent, and also using the BBL funds for the benefit of the Directors of that business instead of the intended purpose, that being for the benefit of the business. […]

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Insolvency Service Slaps a Company Director with a 9 Year Disqualification for Applying for and Getting a Bounce Back Loan When His Business Seemingly Was NOT Adversely Affected During the Pandemic

January 5, 2022

Having seen plenty of Insolvency cases that ended up with a Company Director being hit with a disqualification for wrongdoing associated with a Bounce Back Loan, today’s case is unusual in as much as it is the first time I have seen a disqualification handed out to a Director applying for and getting a BBL when his business was NOT adversely affected during the pandemic. […]

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A Rather Lenient 5 Year Disqualification Handed Out to a Company Director Who Was Unable to Prove a Bounce Back Loan He Wasn’t Entitled To Was Used For the Benefit of the Business

January 4, 2022

There is currently no rhyme or reason to the disqualification lengths the Insolvency Service are dishing out for identical cases of BBL wrongdoing. This case involves a Company Director applying for, getting, and then using a Bounce Back Loan when he was not entitled to one and him being unable to prove that loan was used for the economic benefit of the business. […]