At least the two Company Directors named in this case will have plenty of time to use their caravan purchased with a BBL, most of which they never paid back.
8 Year Disqualification
Janice Maher (“Mrs Maher”), caused or allowed Salisbury Hog Roasts Ltd (“SHR”) to overstate its turnover on its application for Bounce Back Loan (BBL) of £37,000 to which it was not eligible for and did not use the BBL in its entirety for the economic benefit of SHR.
In that:
- Mrs Maher was a director of SHR from incorporation on 11 March 2016 BBLs were limited to 25% of 2019 calendar year turnover, if it had been established before 01 January 2019 to a maximum loan value of £50,000 and were to be used for the economic benefit of the company.
- SHR’s accounts for the year ended 31 March 2019 and 31 March 2020 show that the turnover figures were £55,224 and £57,854 respectively
- Accounts show that the highest annual turnover achieved by SHR was for the accounting period ending 31 March 2020, when turnover was £57,854.
- Based on this highest annual turnover, SHR was eligible for a BBL of no more than £14,135.
- In the BBL application dated 09 May 2020, the turnover for SHR was stated as £150,000 SHR received a BBL of £30,000 on 11 May 2020, with a top-up BBL of £7,500 received on 13 November 2020. Before the receipt of the BBL, the bank account was £2,309.31 in credit
- Between 11 May 2020 and 22 January 2021, payments totalling £19,025 made which included £9,000 to a connected company of which Mr Maher was the sole shareholder and the appointed director and £10,025 for a purchase of a caravan and associated fees.
- During the same period, the trading income received was £2850 SHR was placed into creditors voluntary liquidation on 31 January 2022 At Liquidation, £49,401 owed of which £37,887 was in respect of outstanding BBL
11 Year Disqualification
Nicholas Francis Maher (“Mr Maher”), caused Salisbury Hog Roasts Ltd (“SHR”) to overstate its turnover on its application for Bounce Back Loan (BBL) of £37,000 to which it was not eligible for and did not use the BBL in its entirety for the economic benefit of SHR.
In that:
- Mr Maher was a director of SHR from incorporation on 11 March 2016.
- BBLs were limited to 25% of 2019 calendar year turnover, if it had been established before 01 January 2019 to a maximum loan value of £50,000 and were to be used for the economic benefit of the company.
- SHR’s accounts for the year ended 31 March 2019 and 31 March 2020 show that the turnover figures were £55,224 and £57,854 respectively
- Accounts show that the highest annual turnover achieved by SHR was for the accounting period ending 31 March 2020, when turnover was £57,854. Based on this highest annual turnover, SHR was eligible for a BBL of no more than £14,135.
- In the BBL application dated 09 May 2020, Mr Maher stated that the turnover was £150,000 SHR received a BBL of £30,000 on 11 May 2020, with a top-up BBL of £7,500 received on 13 November 2020.
- Before the receipt of the BBL, the bank account was £2,309.31 in credit Between 11 May 2020 and 22 January 2021 payments totalling £19,025 made which included £9,000 to a connected company where he was the sole shareholder and the appointed director and £10,025 for a purchase of a caravan and associated fees.
- During the same period, the trading income received was £2850 SHR was placed into creditors voluntary liquidation on 31 January 2022 At Liquidation, £49,401 owed of which £37,887 was in respect of outstanding BBL
