The Disqualification Files

Today’s case involves two Co-Directors hit with a 10 and 11 year disqualification, their joint business was incorporated in 2018, but an estimated turnover for 2019 was used to apply for a BBL, which the Insolvency Service appear to indicate was fine, based on their interpretation of the rules. However, the Insolvency Service put into question the whole aspect of the “estimated turnover” and when it should have been used, but they also indicate a “should have known it was lower” element. […]

I am hoping one day so to see a decline in Company Directors being hit with long disqualifications now that there is a legal route to take to challenge Bounce Back Loans, however until that day arrives here is another case in which a 6 Year disqualification has been handed out. […]

I do recall one of the bosses of Lloyds Bank being quite smug in a Commons Treasury Committee meeting and telling MPs firing questions at him about the BBL scheme, that due to his bank only accepting their own customers for Bounce Back Loans, and not opening up the scheme to new customers, the number of dodgy loans issued by his bank would be low, that has proven not to be the case. […]

Another two Bounce Back Loans worth a total of £80,000 have gone sour resulting in two business owners being slapped with a 6 and 9 year disqualification respectively. The reasons for those disqualifications follow the same pattern as many others, that being the business owners could not prove […]

Just a quick update today for those of you interested in the progress of the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill that is currently making its way through Parliament, the next […]