The Disqualification Files

This section of the website looks in detail at everyone given a Director Ban or a Bankruptcy Restrictions Order for Bounce Back Loan related wrongdoing, along with full details of what each person did, and occasionally other wrongdoing that resulted in a defaulted BBL.

The Insolvency Service recently said: “We expect to see a reduction in Covid Scheme related outcomes during 25/26 as we work through the pool of Bounce Back Loan cases”.

They have also warned that a BBL must be repaid and if the money your company borrowed is not repaid; your company may be investigated by the Insolvency Service, even if it has been dissolved.

If we find there was misconduct in the use of the BBL, action may be taken against you and your company.

Types of misconduct can include, providing false information on loan application, the loan being used for personal benefit and/or dissolving your company to avoid repaying the loan

As a result of the misconduct your company could be wound up by the Court, you could be disqualified as a director, and a Court Order may be made for you to pay compensation.

The Disqualification Files

Using a TSB £20K Bounce Back Loan For Foreign Exchange Trading and Leaving That Loan Owing at Liquidation Sees Company Director Given a Modest 3 Year 6 Month Disqualification

August 19, 2022

They are the easiest people for the powers that be to go after for Bounce Back Loan wrongdoing, those being the Company Directors who took out one of those loans, used it for personal benefit and not the benefit of the business then took the Insolvency route. That is what the Director in today’s case did and ended up with a 3-year 6-month disqualification when the wrongdoing came to light. […]

The Disqualification Files

Just a 6 Year Disqualification for Using a Hefty Chunk of a Bounce Back Loan for Personal Benefit and Leaving it Unpaid at Liquidation

August 18, 2022

Taking the Insolvency route with a Bounce Back Loan still owing is always going to see great scrutiny being given to how the BBL was applied for and what it was spent on. The Company Director named in this case was found to have used a chunk of his Company’s BBL for personal benefit and as such got a 6-year disqualification. […]

The Disqualification Files

Another Hefty 11 Year Disqualification Handed Out to a Business Owner Who Was Permitted to Estimate Their Turnover but “Over-Estimated” It

August 18, 2022

The Company Director in this case had a business with a turnover that was worked out to be £12,340 but even though he was allowed, due to the business starting to trade in August 2019, to estimate the turnover, he got an 11-year disqualification for estimating the turnover was £190,241, and also not using it all for the benefit of the business. […]