The Disqualification Files – Page 150 – Mr Bounce Back – Bounce Back Loan News – Updates

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. […]

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 […]

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. […]

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. […]

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. […]

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 […]

Company Director Uses Over £39k of a £50k Bounce Back Loan to Settle a Personal Loan and Upon Liquidation is Hit With a 7 Year Disqualification

August 30, 2021

The Insolvency Service does not like it when someone winds up their business and it comes to light a Bounce Back Loan was taken out in the name of the business but was not used for the economic benefit of that business, and one Company Director has just been hit with a […]

Insolvent Businessman Paid Over £27k to a Relative After Receiving a BBL and is Hit with a 4 Year Disqualification – Another Bagged £17k Via the Scheme and Was Hit With a 6 Year Disqualification

August 27, 2021

As the Bounce Back Loan scheme slowly but surely implodes, today I bring you another couple of recent Insolvency Service judgements/outcomes, this time regarding an insolvent businessman who secured a BBL and transferred […]

Improper Application for a Bounce Back Loan Worth £50,000 Sees Bankruptcy Restrictions Increased to 10 Years

August 24, 2021

First time I have come across one of these, it’s an increase in bankruptcy restrictions brought on when it came to light someone had made an improper application for a Bounce Back Loan. Lee Thomas […]

Six Year Disqualification for Company Director Who Paid Himself £30,000 from a £46,000 Bounce Back Loan That Provided No benefit to the Company, Creditors and Breached the Conditions of the BBL

August 24, 2021

Another Company Director has just been hit with a six year disqualification for what the Insolvency Service deem to be a breach of the conditions of a Bounce Back Loan. On 05 May 2020 Paul […]