Here are the details of three bounce back loans that were never paid back.
10 Year Ban
Mr Joseph Lister (“Mr Lister”) caused Weatherseal Roofing Ltd (‘WRL’) and Weatherseal Roofing (Southern) Ltd (‘WRSL’) to breach the terms and conditions of the Bounce Back Loan scheme (‘BBLS’) by applying, in each company, for a Bounce Back Loan (‘BBL’) using inaccurate statements of turnover.
In that:
- A business could apply for one bounce back loan of up to a maximum of 25% of its turnover for the 2019 calendar year or, if the business started after 01 January 2019, an estimated turnover for the calendar year from the date when the business started.
- Any BBL granted was subject to a minimum of £2,000 and a maximum of £50,000 loaned funds,
- On 02 July 2020, Mr Lister signed a BBL application form which stated that WRL had a turnover of £90,000 for the 2019 calendar year, which allowed for WRL’s application for a BBL of £22,500.
- Bank statements for WRL record that, between 01 January 2019 and 31 December 2019, total deposits (less refunds and returned payments out) into its bank account amount to £60,537 which allowed a BBL of £15,134 to be applied for On 28 June 2020.
- Mr Lister signed a BBL application form which stated that WRSL had a turnover of at £80,000 for the 2019 calendar year, which allowed for WRSL’s application for a BBL of £20,000.
- Bank statements for WRSL record that, between 01 January 2019 and 31 December 2019, total deposits (less refunds and returned payments out) into its bank account amount to £57,016 which allowed a BBL of £14,254 to be applied for Accordingly, WRL received £7,366 more than it was entitled to, and WRSL received £5,746 more than it was entitled to, because of Mr Lister’s inaccurate statements of turnover.
At the date of liquidation, WRL and WRSL owed £22,705 and £18,766 in respect of the BBL creditors.
11 Year BRO
On 30th March 2021 James Daniel Mcginn obtained a bounce back loan of £50,000 to which he was was not fully entitled by over declaring his business turnover
