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.

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8 Year Disqualification Handed Out to Company Director For Applying For and Getting a £50k BBL When Only Eligible For a £10k HSBC Bounce Back Loan

June 15, 2022

As for whether people are getting away with taking the insolvency route when they took out a BBL and left it unpaid at liquidation, when for example they over-estimated their turnover to get that loan, well over-estimating by more than an additional 25% of the 25% 2019 turnover figure used to determine a BBL’s value is deemed to be the tolerance limit before a long disqualification is handed out, as you will see in the case below. […]

Crypto Kings and Queens

Another Four Bounce Back Loans Go To BBL Heaven, One Used to Fund a Feature Wall and Bathrooms, One Acquired By Over-Egging Turnover Used to Pay Off a Personal Loan and the Other Two Acquired By One Person Were Used to Trade Cryptocurrency

June 12, 2022

The roll call of one-time business owners, and some who didn’t even own a business who took out one or more Bounce Back Loans and left them unpaid at insolvency/bankruptcy is growing, and here are a few more cases that involve some form of wrongdoing that was uncovered with those BBLs. […]

BBL Legal Advice
The Disqualification Files

Barclays Customer Who Would Have Flown Under the Radar If They Had Made Repayments on Their BBL Even After Over-Egging His Business Turnover Ends Up Taking Insolvency Route and Gets an 8 Year Disqualification

June 6, 2022

Today’s case shows once again the madness of the Bounce Back Loan scheme, for it gives an insight into a Barclays customer who took out a £50k BBL but took the insolvency route and has just been handed an 8-year disqualification. Keep in mind that a Barclays boss has stated if you did over-egg the turnover but continue to repay you are not classed as a fraudster. […]