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Tough action taken against directors to tackle Covid loan misconduct 831 company directors banned in 2023-2024 for Covid support scheme abuse, up more than 80% on the previous year The average length of director disqualification for Covid misconduct in 2023-2024 was almost 10 years During 2023-2024, a total of 831 directors were banned for Covid … Continue reading Over 800 directors banned for abusing Covid support
Bounce Back Loans were a government scheme in which active businesses impacted by the COVID-19 pandemic could take out interest-free, taxpayer-backed loans of up to £50,000. Loans were for the economic support of the business. Three businessmen from southeast England each claimed the maximum £50k Bounce Back Loan and one dissolved his company to avoid … Continue reading Ban and tagging for those who abused Bounce Back Loan
Directors disqualified under new powers to tackle directors from dissolving companies and walking away without paying their debts. The four directors were disqualified after they all secured bounce back loans before dissolving their companies to avoid paying their liabilities back. In the most recent case, Sirfraz Ahmad, from Leeds, was disqualified for 10 years after … Continue reading Directors banned for abusing dissolution process
The traffic commissioner for the West Midlands, Nick Denton, recently held a public inquiry into Mafuwer Logistics Ltd. The company was granted a standard international licence for three vehicles in December 2020. The traffic commissioner found that almost all of the company’s financial resources had been provided by a £50,000 bounceback loan (BBL) in May … Continue reading Improperly obtained bounce-back loan