For Blagging a Bounce Back Loan from Lloyds and Another from HSBC For His Two Companies By Over-Egging their Turnover and Spending the Money on Clothes, Electrical Goods, Day Trips and a Holiday a Company Director is Given an 11 Year Ban

Here is the story of another two Bounce Back Loans that have turned sour, and the Company Director named is now starting an 11 year ban for his wrongdoing.

NGE Building Services Limited (“NGE”)

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Mr Ellison caused NGE to breach the conditions of the Bounce Back Loan (“BBL”) Scheme by falsely applying for a BBL in the sum of £50,000 at a time when Mr Ellison knew or ought to have known that NGE was not eligible for a BBL of £50,000 and Mr Ellison caused funds totalling £47,560 from the BBL to be transferred to his personal account with no economic benefit of NGE.

In that:

  • On 13 May 2020 Mr Ellison submitted an application for a BBL of £50,000 confirming that NGE’s annual turnover was £220,000 An analysis of NGE’s bank account shows receipts of £12,797 in the period 24 February 2020 to 11 May 2020.
  • On 14 May 2020 £50,000 was paid into NGE’s bank account.
  • An analysis of NGE’s bank account shows £47,560 was transferred to a bank account in the name of Mr Ellison between 18 May 2020 and 20 July 2020.

AJP Tiling and Bathroom Services Ltd (“AJP”)

  • Mr Ellison caused AJP to breach the conditions of the Bounce Back Loan (“BBL”) Scheme by falsely applying for a BBL of £50,000 at a time when Mr Ellison knew or ought to have known that AJP was not eligible for a BBL of £50,000 and Mr Ellison caused AJP to expend the sum of £45,961 with no economic benefit to AJP.

In that:

  • On 26 August 2020 Mr Ellison submitted an application for a BBL of £50,000 confirming that AJP’s annual turnover was £250,000 AJP’s accounts to 31 October 2019 showed an annual turnover of £90,246.
  • On 23 September 2020 £50,000 was paid into AJP’s bank account .
  • An analysis of AJP’s bank account shows £24,575 was withdrawn in cash, £10,421 was transferred to an account in the name of Mr Ellison and £10,965 was expended on clothes, food & electrical retailers, days trips and a holiday.