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Using Funds from a Bounce Back Loan for Crypto Trading Lands Sole Trader with a Six Year Bankruptcy Restrictions Order

One recurring explanation given for hitting LTD Company Directors with a long disqualification or a Sole Trader with a  long Bankruptcy Restrictions Order when they wind up their business and a Bounce Back Loan was secured for that business is that the loan was “not used to provide economic benefit to the business”. It is true to say that currently the majority of businesses that are being wound up that have a BBL […]

BBL Complaints and Outcomes

Two Recent Financial Ombudsman Service Determinations Regarding a Royal Bank of Scotland and a Bank of Scotland BBL Related Complaint – They Find Errors Were Made by The Banks But Do Not Uphold Complaints

As you will see from the following two complaints sent to the Financial Ombudsman Service even though errors were made by the Royal Bank of Scotland and the Bank of Scotland the do not uphold the complaints, one relating to the decline of a BBL and the other regarding a blocked bank account after customer received a Bounce Back Loan. […]

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Three Company Directors Hit With 6 Year Disqualifications When Winding Up Their Companies for Using Funds From 2 Santander BBLs Worth £23k and £29k and a Lloyds Bank BBL Worth £25k For Personal Benefit

Energy guzzling businesses are now being promised some form of Government backed loan to help them survive over the Winter, whether any additional help for SMEs will be forthcoming regarding BBLs or even a new loan scheme, we should know on the 27th of this month, but don’t hold your breath. Today I bring you news of three more LTD Company Directors all hit with a 6 year disqualifications for using funds from their BBLs for personal benefit.   […]

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Company Director Gets a 9 Year Disqualification Upon Winding Up Business for Obtaining a Starling Bank BBL Worth £25k and a £25k Top Up When It is Revealed His Turnover for 2019 Was Zero and He Used BBL Funds for Personal Benefit

It will be later this month on the 27th of October that Rishi Sunak will give his Autumn Budget and it will be then we will know if any changes to the BBL scheme will be made, just in time to help those who took the6 month repayment holiday PAYG BBL option. Today I bring you the story of another Company Director hit with a 9 year disqualification related to a Bounce Back Loan. […]

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Traffic Commissioner Calls a Public Inquiry and Subsequently Revokes Hauliers Operating Licence After Deciding Among Other Things the Business Owner Was Not Eligible for a BBL Some of Which Was Spent on Shoes, Food and Taxing His Car

I thought I had seen it all when it comes to Bounce Back Loans, alas that is not the case, and today I will bring you the story of how a Traffic Commissioner called a Public Inquiry at which he discovered a business owner obtained a BBL to which he was not apparently entitled, and subsequently revoked the operating licence of that business owner. […]

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Over-Egged Turnover, Claiming Business Was Not in Difficulty When Applying for a Barclays BBL When it Was and Using the BBL for Personal Benefit Lands Company Director with a 9 Year Disqualification

There are many reasons why a Company Director could be slapped with a long disqualification when winding up their company, and they will if a Bounce Back Loan is involved and the Insolvency Service can prove wrongdoing with that loan, and here is the story of one Director slapped with a 9 year ban for several such wrongdoings. […]