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

Liquidator Unable to Determine When a Company Started and Ceased Trading and Whether Turnover Was Correct or Over-Egged when Director Applied for a £48,750 BBL – Outcome Director Disqualified for 7 Years

July 21, 2021

The list of Company Directors being handed long disqualifications when winding up their companies is growing, and will no doubt continue to grow moving forward, much more so with the new Bill working its way through Parliament that aims to punish those winding up companies “dubiously” when there is a BBL involved. Here is another one I have come across which saw a Company Director being disqualified for 7 years. […]

The Disqualification Files

Businessman Applies for and Secures a Bounce Back Loan Worth a Tasty £30,000 But for a Company Not Trading, Then Liquidates Company and is Disqualified for 6 Years

July 17, 2021

I am now awash with the names and details of Company Directors that have been disqualified by the Insolvency Service for wrongdoing and each of them have a Bounce Back Loan related backstory. This one is regarding a businessman who bagged a BBL worth £30k at a time the Company had ceased trading and then liquidated the company with the BBL still being owed to the bank. […]

The Disqualification Files

Six Year Disqualification for Company Director That Used Just £617 of a £20,000 Bounce Back Loan on Business Expenditure and Paid Himself/Associates the Remainder

July 17, 2021

One day we will know the true scale and the cost of the Bounce Back Loan scheme regarding those who ripped it off, but until that day arrives here is another person that used their loan for personal benefit and not for the good of their business and has now been disqualified for 6 years. […]

The Disqualification Files

Another Person Disqualified for 6 Years This Time for Using Half of a £39,000 Bounce Back Loan for Personal Benefit Which He Applied for Three Days After Instructing Liquidators to Liquidate His Company

July 17, 2021

Whilst many of you have applied for your Bounce Back Loans perfectly legally and legitimately, plenty of business owners have not, and here is another example of someone that has just been disqualified for 6 years for applying for and securing a BBL days after instructing liquidators to wind up his business and using half of the loan for personal benefit and not the benefit of the business. […]

The Disqualification Files

Another Company Director Disqualified for Over-Egging Turnover and Not Supplying Proof That a Bounce Back Loan Was Used to Benefit His Business

July 17, 2021

The list of Company Directors given a slap by the Insolvency Service continues to grow and at pace, and today I am taking a look at another one who has just been disqualified for a whopping 11 years for over-egging his business turnover to bag a BBL whilst not being able to prove the funds were used to provide economic benefit to his business. The chap in question is […]