There is no let up in the number of Company Directors currently being hit with disqualifications of varying lengths for some form of BBL wrongdoing after taking out one of those loans and leaving it owing at liquidation, and today’s case saw a somewhat lenient 4 year disqualification being handed out. […]
“The FCA (Financial Conduct Authority) is a part of the government and BEIS (Department for Business, Energy & Industrial Strategy) is also a part of government, and so we would not provide a commentary on another part of government’s report” was the reply I got after asking BEIS for a comment on the shocking report compiled by the FCA regarding abuse of SME customers and those with a Bounce Back Loan. […]
They do say honesty is the best policy, and after holding his hands up and admitting he used a £35k Bounce Back Loan from Barclays for personal use and as it was discovered his business turnover was nowhere near the required amount to get a BBL of that value, a Company Director gets slapped with a 9-year disqualification. […]
The Insolvency Service sure are going to be busy moving forward, in fact their workload has been somewhat boosted recently with the number of Company Directors who wound up their businesses with a Bounce Back Loan owing. That always sees a full investigation into whether the business was eligible for the BBL and whether it was used correctly. Here is an overview of a recent case which resulted in a 6-year disqualification when BBL wrongdoing was discovered. […]
What a surprise, having taken 100’s of calls already on my Fireside Chatline, and spoken to no end of people being treated appallingly by Bounce Back Loan Lenders and/or their third-party agents, the latter who seem equally as gormless/clueless in many instances as the bank staff, the FCA have just dropped a Mother of All Bombs on the already imploded BBL Scheme. […]
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