Insolvency Practitioners Duties Regarding Bounce Back Loan Abuse!

[ChrisCallaghan]

Starling Bank & Lloyds Off to Court with Winding Up Orders! The BBL Bounty Hunters will be out & about soon!​

Court filings show that since May, Starling has filed winding-up petitions against 24 companies over unpaid debts. An analysis of corporate records indicates most of these entities have reported minimal business activity, with three having never filed accounts and six being dormant since incorporation. Eight were newly formed in 2019 or later before successfully obtaining loans from Starling Bank.

Interesting! Thank you for sharing.

I wonder if they are focussing on cases where they are pretty confident of BBL miss-use and/or fraud.

 

[Lisa Thomas]

Chris - Yes I think you're right. I believe the banks are now going after those companies who they believe fraudulently obtained Bounce Back Loans, having done retrospective due diligence (and possibly having been rejected by the government to pay out under the guarantee...,)

 

[UK Contractor Accountant]

(and possibly having been rejected by the government to pay out under the guarantee...,)

hence the Bounty Hunters come into play!

 

[UK Contractor Accountant]

Double Wammy this one! - father & son combo both decided to abuse the BBL scheme using the same Construction Company . 24 mths & 16 mths prison sentences handed down. Interestingly mention of confiscation Orders were issued against both of them.

Father and son sentenced for Bounce Back Loan abuse

• James Leslie submitted grossly inflated turnover figures to obtain two Covid Bounce Back Loans worth £50,000 each for construction firms which were not trading at the start of the pandemic
• Leslie made the applications for the taxpayer funds knowing they were dishonest, but said he was desperate for the money
• His father, William Leslie, also ignored the rules of the government scheme by applying for a second Bounce Back Loan just three days after an application had been submitted for the same business

A Bristol builder who overstated the income from his construction companies to secure two Covid Bounce Back Loans totalling £100,000 has been handed a suspended sentence.

James Leslie, 45, of Upton Lane, Dundry, was sentenced to two years in prison, suspended for 18 months, when he appeared at Bristol Crown Court on Tuesday 23 July.

His father William Leslie, 74, and of the same address, pleaded guilty to one count of fraud in June after making a second Bounce Back Loan application for the Logan Housing Limited business where he and his son were the sole directors.

He was sentenced at the same hearing to 16 months in prison, suspended for 12 months.

David Snasdell, Chief Investigator at the Insolvency Service, said:

James Leslie made numerous deliberate false representations to secure money he was not entitled to during a national emergency.

His father William Leslie also knowingly made a fraudulent application under the Bounce Back Loan Scheme, which was introduced to support viable businesses through the pandemic.

The Insolvency Service will not hesitate to prosecute these cases, and both the father and son now have criminal convictions as a consequence of their actions.

James Leslie applied for a £50,000 Bounce Back Loan on behalf of Dartmouth Homes Ltd, where he was a director.

In the application, Leslie claimed the turnover for Dartmouth Homes in 2019 was £250,000 and that the company had been badly affected by the pandemic.

He said he was aware he was committing an offence by making such a false declaration but was “desperate for the money”.

Leslie later admitted that Dartmouth Homes had been dormant for a number of years, was not trading, and had no turnover.

Money from the loan was transferred by Leslie to Logan Housing Limited and Northwick Homes Limited, both companies where he was a director.

Leslie made a second fraudulent Bounce Back Loan application one month later in June 2020, claiming a £300,000 turnover for his Bampton Developments Ltd business.

As with the previous application, the figure was overstated, with analysis of the company’s bank account showing a turnover of little more than £18,000 for 2019.


Bampton Developments was also not trading at the time Leslie made his application.

In interviews, Leslie admitted using the funds from this loan for the benefit of Northwick Homes.

Leslie’s father, William Leslie, also broke the rules of the scheme when he applied for a Bounce Back Loan worth £50,000 for Logan Housing in May 2020.

An application for a separate £50,000 Bounce Back Loan for the same company had been made just three days earlier.

William Leslie admitted that the first application had been made with his knowledge and consent and that he was acting dishonestly in making the second application.

Confiscation proceedings under the Proceeds of Crime Act 2002 are now being pursued against each defendant.

 

[UK Contractor Accountant]

This one was convicted following a City of London Investigation & CPS Review - adds new ones to the bow that are looking for BBL abusers?

An entrepreneur was convicted on 19 July 2024 of fraudulently obtaining a COVID-19 Bounce Bank Loans to a value of £50,000.

Gerald Smith, 69, was found guilty of one count related to fraud and will be sentenced on 20 September.

On one occasion, Smith submitted a fraudulent application for the loan.

On one application, he claimed he needed the money to help his business and succeeded in obtaining a £50,000 loan. Once received, he used the funds for his personal use.

After the City of London investigation and Crown Prosecution Service review it was uncovered that he used the £50,000 bounce back loan for personal expenses and to pay an existing £22,000 court costs order.

 

[Newchodge]

Has anyone heard anything about an allegation that, during lockdown, Manchester United, allegedly, received £40 million form HMRC, while all the other Premier League clubs received around £1 million? And that this is now under investigation?

 

[UKSBD]

Has anyone heard anything about an allegation that, during lockdown, Manchester United, allegedly, received £40 million form HMRC, while all the other Premier League clubs received around £1 million? And that this is now under investigation?

I don't think they received £40 million, it was a £40 million allowance against a loss under the profit and Sustainability rules.

Had they not received the allowance, the £40 million loss could have resulted in a points reduction (Like Everton received)

 

[UK Contractor Accountant]

We've had father & son combo committing skulduggery with taxpayers money now we have Father & Daughter just convicted of BBL fraud & playing fast and loose with the funds received. The pair managed to get approved for £140,000 worth of Covid loans when the duo were entitled to £75,000

Catherine Deegan,43, and Gerard Deegan, 65, of Merseyside, obtained £65,000 more than what they were entitled to during the pandemic to spend on themselves.

The father and daughter team ran two companies, Bootle Car and Commercial, and Bootle Cars & Commercials. Both companies received £140,000 in total from the generous Covid loan scheme introduced to help companies survive dire financial situations during the pandemic. But, as so many did, the family members took advantage of the situation, and taxpayers’ money.

Bootle Car and Commercial was established in 1984 but is now under liquidation owing £362,106.27 to banks, businesses and HMRC. £83,600 of this is owed to HMRC in PAYE and VAT, while £102,000 is owed to banks.

Bootle Cars & Commercials is listed as still active on Companies House, with its accounts overdue by almost 10 months. The reason the pair gave for opening a second business was for the expansion of the company into the Isle of Man, but just three months after incorporating the company had received a £25,000 bounce back loan. Two weeks later a further bounce back loan for £15,000 was accepted from another bank.

Money from these loans was intended to benefit the companies, while Catherine Deegan used some of the £65,000 they were not entitled to, to pay herself and also pay for her rental caravan.
Claire Entwistle, assistant director of operations at the Insolvency Service said: ‘Catherine and Gerard Deegan deliberately abused a scheme established to support small and medium-sized businesses during the pandemic.

‘As part of the Bounce Back Loan application process, companies said they would use the loan only to provide economic benefit to the business, not for personal purposes. ‘Both of the defendants showed complete disregard for the scheme and this behaviour will not be tolerated by the Insolvency Service.’

After securing the illegitimate loans the pair went on to then apply for £50,000 each in bounce back loans, with Gerard saying he was aware his daughter had already applied before him.
Catherine was sentenced to 10 months in prison, suspended for 18 months, and ordered to complete 150 hours of unpaid work.

Her father was sentenced to 16 months in prison, also suspended for 18 months, as well as being disqualified from being a company director for 10 years. Gerard was also placed under an electronic curfew for eight months. Both were charged with fraud by false representation.

 

[UK Contractor Accountant]

Anybody thinking of applying?​

Summary​

Organisation Covid Counter-Fraud Commissioner

Sponsor department HM Treasury

Location London

Sectors Finance and Audit

Skills Audit and Risk, Commercial, Procurement

Number of vacancies 1

Time commitment 3 day(s) per week

Remuneration £84000 per annum

Length of term 1 year

Application deadline 11am on 30 September 2024


The Commissioner will also receive assessments of fraud recovery work to date in other major covid schemes such as Furlough, Bounce Back Loans, Business Support Grants, Eat Out to Help Out and covid-era Universal Credit fraud. These will be produced by the relevant departments and the Public Sector Fraud Authority. Where the Commissioner deems necessary, the Commissioner will lead additional assessments into these schemes

 

[UK Contractor Accountant]

Rachel Reeves incentives to lenders for the "BBL forced Liquidation Pilot Scheme"

Word has it as part of the Labour Party's the new drive to route out BBL scammers and to get those companies currently in the state of limbo at Companies House is to give a little nudge to Lenders to put suspected limited company BBL wrong doers into Liquidation.

Lenders Incentives include Government Contracts ...... hmmm!

labour Party and freebies.... who would have thought!

 

[JEREMY HAWKE]

Rachel Reeves incentives to lenders for the "BBL forced Liquidation Pilot Scheme"

Word has it as part of the Labour Party's the new drive to route out BBL scammers and to get those companies currently in the state of limbo at Companies House is to give a little nudge to Lenders to put suspected limited company BBL wrong doers into Liquidation.

Lenders Incentives include Government Contracts ...... hmmm!

labour Party and freebies.... who would have thought!

Would it be viable for a bank to do that .
On top of the standard costs of liquidising the firm. The lawyers and staff cost to them could be telephone numbers per case There may be no way to retrieve any funds from zombie companies that have already stopped trading .If they ever traded at all

 

[UK Contractor Accountant]

There may be no way to retrieve any funds from zombie companies that have already stopped trading .If they ever traded at all

its not from the companies - they retrieve it from the Directors who swiped the BBL funds.

Forced Liquidation” Pilot Scheme – Initial Results Sees £456,477.48 Recovered from 31 People and 6 People “Vanish”​

 

[ChrisCallaghan]

its not from the companies - they retrieve it from the Directors who swiped the BBL funds.

Technically the banks won't retrieve this from directors. The liquidator, likely the Official Receiver, and potentially the Insolvency Service would investigate and consider what actions can be taken against the directors.

It seems unclear if the banks will be able to reclaim any of their costs. If a liquidator ends up with any funds available to distribute to creditors, after the costs, then the banks would get back the petition deposit (£2,600) and court fees (£332).

@Lisa Thomas what are your thoughts?

 

[Lisa Thomas]

Hi Chris

Agreed they will likely only recover their petition costs from the company in liquidation, if sufficient funds available, but it might unlock any issues they are having as regards getting the government to pay out under the guarantee if there has been a stumbling block in that particular case.

 

[Lisa Thomas]

Hi Chris

Agreed they will likely only recover their petition costs from the company in liquidation, if sufficient funds available, but it might unlock any issues they are having as regards getting the government to pay out under the guarantee if there has been a stumbling block in that particular case.

If there was a surplus they might also get a bite from the unsecured creditor dividend, but there are often HMRC debts left behind too, so likely any surplus will be snaffled by the secondary preferential dividend.

 

[UK Contractor Accountant]

Technically the banks won't retrieve this from directors. The liquidator, likely the Official Receiver,

Yes of course. Seen a few cases recently where the Liquidator has appointed Prosecuting Solicitors to go after Directors where BBL funds swiped transpired into overdrawn Director Loan accounts.

 

[Michael Loveridge]

Technically the banks won't retrieve this from directors. The liquidator, likely the Official Receiver, and potentially the Insolvency Service would investigate and consider what actions can be taken against the directors.

It seems unclear if the banks will be able to reclaim any of their costs. If a liquidator ends up with any funds available to distribute to creditors, after the costs, then the banks would get back the petition deposit (£2,600) and court fees (£332).

If the banks are successful in recovering funds from the directors of an insolvent company then the court would normally also order those directors to pay the banks' legal costs. As I've no doubt the vast majority of such claims would be settled by the deviant directors such settlements would also often include payment of costs.

Also, most actions like this are run by liquidators under Conditional Fee Agreements, where the lawyer agrees to pursue the claim in the hope of extracting their fees from the directors. If the claim fails the liquidator doesn't have to pay any legal fees.

 

[japancool]

its not from the companies - they retrieve it from the Directors who swiped the BBL funds.

Forced Liquidation” Pilot Scheme – Initial Results Sees £456,477.48 Recovered from 31 People and 6 People “Vanish”​

Only another £16.5 billion to go then.

 

[japancool]

It seems not enough care is taken with most BBLs.

'My liquid BBL was safe – I still regret it'

Cairo Nakhate-Chirwa booked her procedure on Instagram and has no idea if the practitioner was qualified.

www.bbc.co.uk

 

[JEREMY HAWKE]

It seems not enough care is taken with most BBLs.

'My liquid BBL was safe – I still regret it'

Cairo Nakhate-Chirwa booked her procedure on Instagram and has no idea if the practitioner was qualified.

www.bbc.co.uk

Thanks for the heads up

I was thinking of having this procedure along with Turkey teeth

 

[N-UPS]

Any more court cases ticking along?
It would fill the spending black hole for a year.
Instead of tax rises as per the budget

 

[UK Contractor Accountant]

Any more court cases ticking along?
It would fill the spending black hole for a year.
Instead of tax rises as per the budget

here's a juicy one - involving 26 Fraudulent BBL's

Twelve members of a national ‘organised crime group’ have been convicted of fraudulently claiming in excess of £2.5 million worth of Covid-19 support grants.

The group, from Birmingham, Walsall and Yorkshire, used non-trading businesses and stolen identities to cash in on support packages set up during the Covid crisis, making hundreds of fraudulent claims for Covid grant, Bounce Back Loans and HMRC support payments.

Following a long-running investigation by the council’s Trading Standards service, they appeared before Birmingham Crown Court over two trials – split because of the number of defendants – each of the 12 either entered guilty pleas or were convicted after trial of offences including conspiracy to defraud and money laundering.

Mr Mark Jackson and Lucinda Wilmott-Lascelles, prosecuting on behalf of Birmingham City Council, said the group was 'responsible for a very well-planned, sophisticated and sustained attack upon the financial support measures put in place by the UK government to try to support businesses and individuals struggling during and as a result of the Covid 19 pandemic.

The court heard that there were a number of support packages set up during the pandemic, including Small Business Grants, Bounce Back loans and the Eat Out to Help Out scheme. They were all designed to offer financial support to businesses and individuals who were struggling during the Covid-19 crisis that began in 2020. Fraudulent HMRC Self-Assessment and VAT claims were also submitted.

The court heard that the group saw an opportunity to take advantage of the schemes and became directors of companies that were not trading or used stolen identities to make fraudulent applications for cash. They opened multiple bank accounts and also persuaded other people to use theirs in exchange for payment before the money was laundered through multiple accounts before being transferred out of the UK jurisdiction via accounts in the Netherlands and the United Arab Emirates.

The crime group were responsible for submitting fraudulent applications for at least 53 Small Business Grant Fund to the total value of over £530,000 from five different local authorities.
They obtained public funds in the form of HMRC Self-Assessment and Eat Out To Help Out scheme payments to the value of in excess of £530,000.00.

They also obtained at least 26 Bounce Back loans totalling £1,300,000+ from seven different banks.
The court head that the defendants used more than 50 different companies and over 100 different bank accounts in their fraud and money laundering operation.

Birmingham City Council initially started an investigation into the organised large scale obtaining of funds – initially the Small Business Grant Funds – back in 2020.

As the investigation progressed, evidence was found that indicated the defendants were working with and as part of an organised crime group. The investigation was supported by West Midlands Police.
Cllr Sam Forsyth, chair of Birmingham City Council’s licensing and public protection committee, said: “These were wicked crimes during a national emergency. Across the country people were suffering during the pandemic but most people were determined to help each other. However, these men saw an opportunity to fraudulently make money, taking funds from the public purse.

“These convictions should make absolutely clear that if you behave like this you will be caught and face the consequences of your actions. The investigation has been long and complex and I would like to extend huge thanks to everyone involved.”

Cllr John Cotton, leader of the city council, added: “To attempt to defraud the taxpayer, and potentially deprive others of vital funds, during a global pandemic is an abhorrent crime. My thanks go to the council officers and our partners who have worked so hard to bring these criminals to justice.”

 

[Michael Loveridge]

The group, from Birmingham, Walsall and Yorkshire,

Well there's a surprise. I bet I can guess at some of their surnames, as well! I just hope that they go after the individual directors and bankrupt them.

 

[UK Contractor Accountant]

Well there's a surprise. I bet I can guess at some of their surnames, as well! I just hope that they go after the individual directors and bankrupt them.

here you go

Appearing before the court were:

Qirat Deeas, 50, (51 on the 25th AUG) of The Hurst, Moseley, Birmingham
Ummer Yousaf, 40, of Bent Avenue, Quinton
Usaamah Bin Taariq, 25, of The Hurst, Moseley, Birmingham
Zishan Ahmed, 30, of Higgins Lane, Quinton
Noah Deen, 31 of Wood End Road, Birmingham
Sajid Hussain, 36, of Flackwell Road, Birmingham
Naqeeb Shakurt, 26, of Springcroft Road. Birmingham
Harun Shehzad, 29, of City Road, Birmingham
Sameer Ali Mohammed, 34, of Waterfront Way, Walsall
Tasaddaq Hussain, 54, of Northfield Crescent, Bingley
Imaan Hussain, 24, of Northfield Crescent, Bingley
Al-Harris Hussain, 29, of Thornbury Grove, Bingley

Sentencing & proceeds of crime orders I suspect to follow at some stage!

 

[N-UPS]

Thank you for the information.
I think this is the biggest one yet.
Was there any information on the sentencing?

 

[UK Contractor Accountant]

Well the new Labour COVID Corrupt Commissioner is getting down to business:

Has tasked HMRC &, Dept for Business & Trade to flag flag Bounce Back Loan recipients whose actual Turnover Didn’t Match Their BBL Application and/or LTD Companies who were not registered for VAT but declared a BBL Turnover figure that required VAT Registration.

 

[N-UPS]

I mean its got to be one of the simplest possible things to find out.
I hope they aggressively pursue recovery to help fill "the hole"

 

[UK Contractor Accountant]

UPDATE ON GERALD SMITH (MAYBE "IAN DUNBAR") CONVICTION - THE MASTER OF DECEIT AT WORK!

A man has been jailed for 18 months after he fraudulently received a government-backed £50,000 bounce-back loan to help pay back court order fees linked to a historic £72 million pound fraud case.
Gerald Smith, 69, of Southampton Row, London, exploited the bounce back loan that was offered by the government in 2020 to support UK businesses during the Covid-19 pandemic.

The bounce back loan allowed UK business to apply for an interest free and/or low interest loan to a maximum value of £50,000.00 to support the difficult period retailers faced during COVID. The applicant would make an application to one of the nominated lenders and the loan value was guaranteed (backed) by government.

In the case of Gerald Smith, a £50,000 loan was applied for in the name of “Ian Dunbar”, who was listed as being a director of Arcana Solutions Ltd. The loan was subsequently paid out to Arcana Solutions Ltd. and signed via electronic signature by “Ian Dunbar”.

However, it transpired that Ian Dunbar and Gerald Smith were the same person. City of London Police detectives were able to show that the money received via the bounce-back loan was being used by Gerald Smith, through IP addresses, email addresses on online invoices and train tickets. This was used to fund a lavish lifestyle of eating at Mayfair restaurants and purchasing designer clothes, Apple products and flights abroad.

Gerald Smith was first arrested in 2022 and questioned where he remained silent throughout all the questions put to him.

Detective Inspector Andrea Bakewell, from the fraud operations team at the City of London Police said:

“When many businesses were struggling to keep their head above water during the COVID pandemic, criminals were making use of the financial aid on offer.

“Gerald Smith demonstrated an incredible degree of manipulation, conceit and greed as he exploited the bounce-back loan scheme offered by the government. This level of exploitation during one of the hardest periods this country has ever faced is something we will not tolerate".
Of the £50,000 received, £22,000 was also used to pay for court fees relating to a historic 2006 fraud case that Gerald Smith was involved in.

In 2006, following an investigation by the Serious Fraud Office (SFO), Gerald Smith pled guilty to eight counts of theft and false accounting of over £34 million belonging to company Izodia Plc.
Smith acquired a stake in the firm Izodia through his Jersey based Orb Group where he transferred over £34 million of Izodia Plc cash assets to Jersey, which Smith took it for himself. He received eight years imprisonment.

Following his imprisonment, Smith became the subject of a confiscation order and was ordered to pay £40.956,911.00 within 12 months or face a default eight-year sentence. With interest, the total amount owed by Smith sits at over £72 million.

 

[N-UPS]

8 Years in prison
took 34 Million pounds out to Jersey
Still did a BBL fraud?

Owes HMRC 72 million?

You can read more and see what he looks like here. Hes claiming he cant afford to pay anything as its all tied up in a civil case, but has multiple million pound houses.

'Charming' fraudster who 'spent £7million on art owes taxpayer £72million'

EXCLUSIVE Dr Gerald Smith was ordered to pay £41million under Proceeds of Crime laws after he was jailed for stealing £35million in 2008, with his debts rising by £8,000 a day with interest

www.mirror.co.uk

 

[UK Contractor Accountant]

8 Years in prison
took 34 Million pounds out to Jersey
Still did a BBL fraud?

Owes HMRC 72 million?

You can read more and see what he looks like here. Hes claiming he cant afford to pay anything as its all tied up in a civil case, but has multiple million pound houses.

Catch me if you Can! - should make a film about this

 

[WaveJumper]

Well when you have a spare hour or so over a cup of coffee just follow the web on CH around
Arcana Solutions Ltd

I know we have said it before but a quick little check by the banks dishing out our tax payers money might one would think have raised a few alarm bells

 

[Newchodge]

8 Years in prison
took 34 Million pounds out to Jersey
Still did a BBL fraud?

Owes HMRC 72 million?

You can read more and see what he looks like here. Hes claiming he cant afford to pay anything as its all tied up in a civil case, but has multiple million pound houses.

'Charming' fraudster who 'spent £7million on art owes taxpayer £72million'

EXCLUSIVE Dr Gerald Smith was ordered to pay £41million under Proceeds of Crime laws after he was jailed for stealing £35million in 2008, with his debts rising by £8,000 a day with interest

www.mirror.co.uk

'charismatic'? Looks like a smarmy git to me. I don't know why but I am put in mind of an ex UK prime minister.

 

[N-UPS]

If they made a film, they need to make sure to concentrate on how bad this kind of be
They glamorised wolf on wall street and catch me guy, kids idolised it.

I wonder what his cell was like - he went away for 18 months for the 72 million fraud he would not repay. Seems too short, and I worry it was not hard enough.

 

[David Griffiths]

'charismatic'? Looks like a smarmy git to me. I don't know why but I am put in mind of an ex UK prime minister.

Oh come on! Narrow it down a bit!

 

[Newchodge]

Oh come on! Narrow it down a bit!

Sorry. Ex male UK prime minister.

 

[japancool]

Sorry. Ex male UK prime minister.

Ah, Pitt the Elder.

 

[David Griffiths]

Ex male?

Did that happen before or after they were prime minister? Plenty of ex prime ministers, not so many ex males.

 

[Tables Force]

Nine-year ban for Dubai-based sales consultant who abused Covid support scheme​

• Nazia Khan created a fictitious turnover to secure a £25,000 Bounce Back Loan for her company, which she claimed provided a business development consultancy service for items ranging from luxury vehicles to health and beauty products.
• The company was dormant and was not entitled to the taxpayer-backed funds it received.
• Khan has been banned as a company director until December 2033.

A sales consultant who provided false information to secure a Covid loan has been banned as a company director for nine years.

Nazia Khan invented a turnover for her dormant business, called LC247 Limited, when she applied to a bank for a £25,000 Bounce Back Loan in July 2020.

The 50-year-old then used money from the company bank account to make payments of more than £23,000 and cash withdrawals for mainly non-business purposes.

Khan, who is now based in Dubai, described herself as a sales consultant with two decades of experience. She claimed her company provided a sales consultancy service in retail, fashion, luxury vehicles, consumer electronics and health and beauty products.

Kevin Read, Chief Investigator at the Insolvency Service, said:

Nazia Khan falsely claimed her company had a turnover of £100,000 when in reality it was not trading. The misleading information she provided on her application for a Bounce Back Loan meant she received £25,000 in taxpayers’ money she was not entitled to.
Khan also broke the rules of the scheme by not using all the money to support her business.
Tackling Bounce Back Loan misconduct remains a top priority for the Insolvency Service and we will not hesitate to take action when we identify such blatant abuse of the scheme.

Khan applied for a £25,000 Bounce Back Loan at the start of July 2020 when she was based in Southall, west London.

In the application, she claimed the turnover for LC247 was £100,000. Accounts filed with Companies House for the period ending in February 2020 showed that company was in fact dormant.

LC247’s accounts ending in February 2021 similarly showed minimal trading of just £2,321.

Under the rules of the government scheme, money from Bounce Back Loans also had to be used for the economic benefit of the applicant’s business.

However, analysis of company bank statements revealed payments of £23,407 and cash withdrawals of £3,232.

The majority of these payments were for non-business purposes such as rent for accommodation and small amounts spent on clothing from Primark and Zara.

LC247 entered liquidation in February 2022 with debts of more than £28,000.

The Secretary of State for Business and Trade accepted a disqualification undertaking from Khan, and her ban started on Thursday 5 December. 

The undertaking prevents her from being involved in the promotion, formation or management of a company, without the permission of the court.

 

[japancool]

Yeah, that's going to really affect someone who's based in Dubai.

 

[WaveJumper]

I might have to stop reading this thread god it winds me up something rotten how could the government and banks be so dumb ...... now I suppose that was a stupid question in itself