The Disqualification Files

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 […]

The Disqualification Files

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.   […]

The Disqualification Files

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. […]

The Disqualification Files

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. […]

The Disqualification Files

Insolvency Service Hands Out Another 6 Year Disqualification to Company Director For Using Most of a £42k Barclays Bounce Back Loan For Personal Benefit

It is now almost daily that at least one Company Director gets slapped with a disqualification due to supposed wrongdoing when there is a Bounce Back Loan involved in the liquidation of a company, and today I will give you an insight into one such case which also involves payments from the Job Retention Scheme. […]