A very lenient 3 year 6 month ban has been handed to the Company Director named in this case, that ban starts today the 13th of July 2023.
On 01 December 2020 Laura Michelle Harris (“Ms Harris”) allowed the provision of false or knowingly inaccurate information concerning P&L Energy Limited’s (“the Company”) turnover and as a result, the Company obtained more funds from the Government backed Bounce Back Loan (“BBL”) scheme than entitled to.
Ms Harris further failed to provide evidence that the loan was used in its entirety for the economic benefit of the Company, contrary to the terms and conditions of the scheme.
In that:
- The BBL scheme enabled a business to obtain a BBL of up to 25% of a business’s turnover (for the calendar year 2019) up to a maximum amount of £50,000.
- However, in circumstances where a business was established after 1 January 2019, the applicant was required to apply a 25% limit to the estimated annual turnover from the date they started the business.
- Further loan terms included the requirement to use the loan to provide economic benefit to the business and not for personal use.
- The Company was incorporated on 31 January 2017.
- Ms Harris was appointed as a director of the company on 10 February 2020.
- Filed accounts for the year ending 31 January 2020 show turnover of £43,814.
- On or around 12 November 2020 a bank account was opened for the Company.
- On 01 December 2020, Ms Harris allowed (either positively or through inactivity) her co-director to apply for a BBL of £50,000 on the Company’s behalf, stating that the Company’s turnover was £200,000.
- As a result, the company received BBL funds totalling £50,000 into its bank account on 03 December 2020.
- This amount the company was not entitled to.
- Prior to the receipt of the BBL the company bank account held a credit balance of £5,000. Other credits paid into the account after receipt of the BBL and prior to Ms Harris’ resignation amount to £6,029.75. £4,513.59 of which was receipts from ‘HMRC JRS Grant’.
- Between 30 December 2020 and 30 April 2021 Ms Harris allowed (either positively or through inactivity) her co-director to make payments that appear to have not been for the economic benefit of the Company totalling £10,658.54.
- On 02 January 2021 Ms Harris received a payment from the Company in the sum of £4,590.20 quoting the narrative “wages”.
- Between 30 January 2021 and 30 April 2021 Ms Harris received sums totalling £3,998.40.
- Ms Harris have failed to provide any evidence to show that the transactions listed above were for the economic benefit of the company.
- Ms Harris resigned as a director on 05 May 2021.
- The £50,000 BBL remained outstanding at Liquidation.
