Latest news with #BounceBackLoan
Belfast Telegraph
5 days ago
- Business
- Belfast Telegraph
Boss of Belfast cleaning company receives eight-year boardroom ban for misconduct
The Department for the Economy said it had accepted a disqualification undertaking for eight years from Roberta Carson (42) of Clonduff Drive in Belfast over her conduct as a director of Fourwinds Cleaners. Her business was set up in July 2019 to provide cleaning services from a registered office at 2 Market Place, Carrickfergus. It went into liquidation on May 22 2022 owing creditors £18,000. In giving the undertaking, Ms Carson accepted unfit conduct including certifying in an application for a Bounce Back Loan that her company's annual turnover was £72,000 when it was estimated at £1,296. According to DfE, she knew or ought to have known that the turnover was significantly lower than the amount she had given in the application. Because of the low turnover, DfE said the company was not eligible to apply for the minimum Bounce Back Loan available. DfE said Ms Carson had also used the Bounce Back Loan to pay herself an increased salary when the company's turnover was only £648. That meant that she had caused or permitted the misapplication of company funds and/or acted in a manner to benefit herself rather than the company. Since the start of the new financial year, the department has now accepted two disqualification undertakings, it said. Bounce Back Loans were a form of government-backed lending for smaller businesses made available during the Covid-19 pandemic.
BBC News
06-02-2025
- Business
- BBC News
Slough company director jailed over £100,000 Covid loan fraud
The director of a construction frim who admitted fraudulently obtaining two loans designed to help businesses recover from the Covid-19 pandemic has been Deda, 31, overstated the turnover of his company, Knight Workers Ltd, to obtain the maximum value of Bounce Back Loans worth £50,000 in 2020, when companies were only entitled to of the £100,000 was used for the economic benefit of the business as was required under the terms of the scheme, the Insolvency Service from Slough, was sentenced to two-and-a-half years in prison at Reading Crown Court on Wednesday. He had previously admitted two counts of fraud, one count of transferring criminal property and one count of failing to take all reasonable steps to securing compliance with company was also disqualified from serving as a company director for 10 Snasdell, chief investigator at the Insolvency Service, said the "significant" sentence reflected the "seriousness of Covid-related fraud"."Bounce Back Loans were designed to support small and medium-sized businesses through the pandemic."Taxpayers' money should not have been used for personal purposes by company directors," he Snasdell said that the Insolvency Service was "committed to investigating" crimes which had a "substantial impact on the public purse".Knight Workers, which claimed to be in the business of construction of domestic buildings, was incorporated in December 2017 with Deda as its sole Service investigators found minimal evidence of any trading in the construction made the fraudulent applications to two separate banks for Bounce Back Loans in July 2020, falsely declaring the firm's turnover was both £390,000 and £495,000 for also claimed in securing the second Bounce Back Loan only to have made one applied to have Knight Workers liquidated in November 2021 in an attempt to avoid having to repay the Insolvency Service said it was currently attempting to recover the fraudulently obtained funds under the Proceeds of Crime Bounce Back Loan scheme was part of then chancellor Rishi Sunak's efforts to ease the effects of the pandemic lockdowns on 2021, about £45bn had been borrowed by more than 1.4 million small firms. You can follow BBC Berkshire on Facebook, X (Twitter), or Instagram.
