The Disqualification Files

In this section of the website you will discover over 2150 defaulted Bounce Back Loans, along with the Company and Directors / Sole Traders names, all of whom received some form of punishment (also revealed) as it was found each of them had abused the BBL scheme in one way or another. Grab a coffee, but please do not choke on it, as you read them, for some of the BBL associated skulduggery is quite shocking.

The Disqualification Files

Company Director Used a Lloyd’s Bank Bounce Back Loan to “Sustain Daily Living Costs” and Insolvency Service Disqualify Him for 6 Years Upon Liquidation of the Company

September 29, 2021

As we rattle through the months, I am seeing more and more Company Directors being hit with long disqualifications when winding up their companies when a Bounce Back Loan is involved when the Insolvency Service discover the funds from that loan were used for personal benefit and not the benefit of the business, here is another one, this time regarding a Lloyds Bank BBL. […]

The Disqualification Files

Company Director Applied for a Bounce Back Loan Top Up and Made Payments Benefiting Himself When He Should Have Known His Business Was Insolvent and Gets Hit With a 6 Year Disqualification

September 27, 2021

Today I present to you another first, that being the story of  a Company Director who got a 6 year disqualification for applying for a BBL Top Up (as opposed to just a BBL) and according to the Insolvency Service used it for personal benefit when he should have known or did know his business was insolvent. […]

The Disqualification Files

Insolvency Service Hits Company Director With a 6 Year Disqualification for Being Both Insolvent When Applying for a £15k BBL and Using £14,980 for Personal Benefit and Not the Benefit of the Business

September 23, 2021

The number of businesses defaulting on their Bounce Back Loans is increasing rapidly, but let’s face it they are going to continue to do so, unless Rishi listens to those offering alternative solutions, and brings out a few more options for those experiencing financial problems. Today I will give you an overview of the reasons why the Insolvency Service has just hit one Director with a 6 year disqualification, and much like all previous cases in my “Disqualification Files it involves a BBL. […]

The Disqualification Files

Director Over-Egged Turnover to Obtain a £50k BBL, Moved Funds to a Different Bank Account to Ringfence Them and Didn’t Disclose BBL at Liquidation – Upshot Is a 7 Year Disqualification

September 22, 2021

I have discovered a new term that I have not seen used before when it comes to the Insolvency Service explaining several reasons for slapping a Company Director with a disqualification, that being “ringfencing” Bounce Back Loan funds. That describes the act of moving funds from one bank account to another. […]

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The Disqualification Files

Lack of Records/Accounts Meant Liquidator Unable to Ascertain Whether a Bounce Back Loan Was Validly Obtained and Whether Those Funds Were Used for Benefit of a Business – Director Hit With 8 Year Disqualification

September 21, 2021

As many people battle to keep their businesses trading right now, many have decided they have no other option but to close down. The number of businesses going bust and being liquidated is increasing, as too are the number of businesses doing so that had obtained a Bounce Back Loan. Today I bring you news of one […]

The Disqualification Files

Lack of Business Due to Lockdown and Mounting Debt Forced the Hand of a Company Director Who Applied for a £25k Santander BBL Which Was Then Used to Repay Personal Loans, the Upshot of Which Was a 6 Year Disqualification

September 14, 2021

Sadly, when it comes to the devastating effects of the pandemic, many business owners made decisions that they now regret. Another 6 year disqualification has been announced this time concerning a businesswoman that used a £25,000 Bounce Back Loan from Santander for personal use. […]

The Disqualification Files

Co-Directors Get a 7 Year Disqualification Each for Applying for a £50,000 BBL When Company Only Eligible for £24,288 and Using Over £10k for the Benefit of Themselves

September 13, 2021

This is the first disqualification I have come across concerning Co-Directors of a LTD Company, however both have been hit with a 7 year disqualification for applying for a BBL more than they were entitled to and using a chunk of it to benefit themselves and not the Company, here is an overview. […]

The Disqualification Files

What Happens If a Sole Trader Goes Bankrupt and Has a Bounce Back Loan BUT Used It for Personal Benefit, Over Egged Their Turnover or Got One When Not Eligible For One – Take a Look at These Recent Cases and the Outcomes of Them

September 10, 2021

Today I will be looking at some recent cases that I have come to light in which sole traders have chosen to go bankrupt, but have a Bounce Back Loan, and either over-egged their turnover, used it for personal benefit, were not eligible from one, or even gambled it away instead of using it for the benefit of their business, and I will give you an insight into how they were dealt with. […]

The Disqualification Files

Whopping 9 Year Disqualification for Businesswoman Who Used £20k of a £37.5k Bounce Back Loan for Her Personal Benefit When LTD Business Only Allowed an £8,800 BBL

September 6, 2021

Stories such as today’s may worry some of you out there, however having seen how many BBL lenders misled some people over their turnover figure, and with the British Business Bank admitting many lenders and brokers did mislead people, when applying for a Bounce Back Loan, and my additional […]