The Disqualification Files Archives

Insolvency Service Use the “New Rule” To Hit Company Director With an 8 Year Ban For Over-Estimating His Turnover By Over 25% of the Permitted 25% Permitted by the BBL Scheme

May 18, 2022

Bagging a £33k Bounce Back Loan from NatWest by claiming his turnover was £133,000 when it was in fact £1,169 sees a Company Director given an 8-year ban for taking the insolvency route and leaving that BBL still owing. The turnover he used turned out to be for an associated company registered in another country. […]

The Insolvency Service Officially State When Slapping Someone with an 8 Year Disqualification the Bizarre New Rule Imposed By BEIS (Led By the Shifty Kwasi Kwarteng) That Over-Estimating Your Turnover By Over 25% Of the Permitted 25% Turnover Figure Will Lead to a Slapping if You Take Insolvency Route with a BBL Owing Even If you Were Allowed to Estimate Your Turnover!

May 16, 2022

It’s a funny old world, and with the weird character that is Kwasi Kwarteng being the Minister in charge of BEIS (Department for Business, Energy and Industrial Strategy) anything is possible. In the first case I have come across, the Insolvency Service are now stating the “rule” no one knew of and which was not in place when the BBL scheme was live that over-estimating by more than 25% of even your estimated turnover when you applied for as BBL will lead to a good slapping, if you take the insolvency route with that BBL still owing. Whilst this is nothing new, as I revealed it back in December 2021 when the National Audit Office told me about it, it is the first time I have seen it used, as you will discover in the case below that saw a Company Director hit with an 8 year disqualification […]

Failing to Maintain or Preserve Adequate Accounting Records and Not Giving Any To The Liquidator Lands Company Director Who Took Out But Didn’t Repay a £50k BBL With a 6 Year Disqualification

May 14, 2022

Today’s case in another run of the mill Insolvency Service slapping, and is about a Tandoori Restaurant owner who ended up with a 6-year disqualification with Barclays losing another £50k Bounce Back Loan. […]

After Working Out That a Company Director Had Over-Egged His Business Turnover and As He Wouldn’t Explain Where the Funds Went from a £35k Barclays BBL the Insolvency Service Slap Him With an 11 Year Disqualification

May 13, 2022

It has been quiet this week regarding Insolvency Service slapping’s handed out to Company Directors that took the insolvency route with a Bounce Back Loan owing with wrongdoing having been discovered with that loan, but one case has just come to light which saw an eleven-year disqualification being handed out. […]

Going Bankrupt with a Bounce Back Loan Still Owing That It Turns Out He Was Not Even Eligible For Results in an 8 Year Bankruptcy Restrictions Order

May 11, 2022

Many people who bagged a Bounce Back Loan that they were not eligible for and quickly took the insolvency route or bankruptcy route thinking they were pulling a fast one, are realising that was not such a smart move after all. Today’s case saw one such person get an […]