Here is the backstory that led to the Company Director named being given a 10 year ban for BBL related wrongdoing.
Ryan William Moir (“Mr Moir”) caused Croxton Group Ltd (“Croxton”) to apply for a Bounce Back Loan (“BBL”) using an overstated turnover figure of £250,000 in breach of the scheme terms, and as a consequence Croxton received more funds than it was entitled to from the BBL scheme.
In that:
- Companies incorporated before 01 January 2019 could apply for a loan of up to 25% of turnover in the 2019 calendar year, from a minimum of £2,000 up to a maximum of £50,000.
- If the company was incorporated after 01 January 2019, then an estimated annual turnover could be used by the applicant.
- Croxton was incorporated on 17 May 2017. Croxton’s banking transactions show that in 2019 Croxton received income totalling £20,555.81 in its bank account, which would entitle Croxton to obtain a BBL of £5,138.95.
- In May 2020, Croxton applied for and obtained a £50,000 BBL.
- Croxton informed its bankers that its turnover for 2019 was £250,000.
- On 27 May 2020, Mr. Moir signed the BBL agreement for the £50,000 BBL.
- BBL funds totalling £50,000 were credited to Croxton’s bank account on 28 May 2020.
- Croxton entered liquidation on 19 May 2022 with declared liabilities of £184,564.07 of which £49,479.81 is owed in respect of the unpaid BBL.
