Read on for the Liquidator Comments and an overview of this case.
Liquidator Comments
Overview of the Case
8 Year Ban
On 19 October 2020 Syed Aklasur Rahman (“Mr Rahman”) caused or allowed YOUPOPUP LTD (“YOUPOPUP”) to apply for a Bounce Back Loan (“BBL”) of £50,000 using overstated turnover figures, which resulted in YOUPOPUP obtaining a BBL that it was not entitled to by breaching the BBL terms and conditions.
In that:
- Under the BBL scheme businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover.
- The turnover figure was self-certified by the applicant.
- The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it is their estimated turnover from when the business started.
- YOUPOPUP was incorporated on 29 January 2019.
- YOUPOPUP commenced trading in December 2019.
- On 19 October 2020 your co director applied for a BBL of £50,000 on behalf of YOUPOPUP declaring that its estimated annual turnover from when the business started was £287,000.
- From 01 December 2019, around the date trading commenced, to the date of the BBL application receipts amounting to £7,172 were paid into YOUPOPUP’s bank account.
- Financial accounts for year ending 31 January 2020 and 31 January 2021 show that YOUPOPUP’s turnover was £0 and £2,055.
- YOUPOPUP received the BBL funds of £50,000 on 6 November 2020.
- Total liabilities at liquidation amount to £95,592 of which £50,000 relates to the amount owed in respect of the BBL.
8 Year Ban
On 19 October 2020 Mr Nazrul Islam (“Mr Islam”) caused YOUPOPUP LTD (“YOUPOPUP”) to apply for a Bounce Back Loan (“BBL”) of £50,000 using overstated turnover figures, which resulted in YOUPOPUP obtaining a BBL that it was not entitled to by breaching the BBL terms and conditions.
In that:
- Under the BBL scheme businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover.
- The turnover figure was self-certified by the applicant.
- The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it is their estimated turnover from when the business started.
- YOUPOPUP was incorporated on 29 January 2019.
- YOUPOPUP commenced trading in December 2019.
- On 19 October 2020 Mr Islam applied for a BBL of £50,000 on behalf of YOUPOPUP declaring that its estimated annual turnover from when the business started was £287,000.
- From 01 December 2019, around the date trading commenced, to the date of the BBL application receipts amounting to £7,172 were paid into YOUPOPUP’s bank account.
- Financial accounts for year ending 31 January 2020 and 31 January 2021 show that YOUPOPUP’s turnover was £0 and £2,055.
- YOUPOPUP received the BBL funds of £50,000 on 6 November 2020.
- Total liabilities at liquidation amount to £95,592 of which £50,000 relates to the amount owed in respect of the BBL.
