The Disqualification Files

As Rishi Sunak still refuses to address the many long term problems his Bounce Back Loan scheme has and will cause business owners, the Insolvency Service has uncovered more wrongdoing by three additional business owners who obtained one of those loans, in total those loans were worth some […]

Another £150,000 in BBLs has been lost, this time due to one businessman obtaining a Bounce Back Loan when he had already ceased trading, and another obtained two BBLs to which he was not entitled and spent them on home improvements, gambling and living expenses. […]

The Insolvency Service will soon have to take on a lot more staff to deal with the avalanche of business insolvencies that will come their way moving forward, and reports are that there has been a massive jump in the number of businesses being wound up. Today’s case is yet another Company Director disqualification regarding BBL wrongdoing but also Job Retention Scheme Grant wrongdoing. […]

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. […]