The Disqualification Files

Just 5 years was the length of the ban given to the Company Director named in the case below, who was found to have used his Company’s Bounce Back Loan for his own benefit and not the benefit of the business. […]

The failure by the powers that be to have a system in place in the first few weeks of the BBL scheme that allowed lenders to see if a business had already got a Bounce Back Loan led to people like the Company Director below being able to bag two of them. He didn’t pay back either of them and is now starting an 11 year disqualification for his wrongdoing, […]

Over-egging your business turnover to blag a bigger Bounce Back Loan than you were entitled was not uncommon, however taking the bankruptcy route as a Sole Trader and leaving […]

There is certainly a pattern forming with some Company Directors who have taken the Insolvency route with a Bounce Back Loan left unpaid, of not delivering the accounting records of their Company to the Liquidator. That then leaves the powers that be often unable to determine whether a BBL was legitimately applied for and them also being unable to verify where the money went. When taking that stance, the ban they then ultimately are hit with is often lower in length than if they […]

The Company Director named in this case does appear to have got off light for his Bounce Back Loan wrongdoing, for I have seen lots of others who also used their BBL for personal benefit get much longer disqualifications when taking the Insolvency route. […]