Here is the tale of another wayward Barclays Bounce Back Loan.
Biser Iliev (‘Mr Iliev’) caused Bulprima Ltd (‘Bulprima’) to breach the terms and conditions of the bounce back loan (‘BBL’) scheme by overstating its turnover on the BBL application resulting in Bulprima receiving more funds from the BBL scheme than it was entitled to.
In that
- A company could apply for a BBL of up to 25% of its turnover for either the 2019 calendar year or, if it started to trade on or after 01 January 2019, it could estimate its turnover for the calendar year from the date when it started to trade.
- The BBL applied for had a minimum of £2,000 and a maximum of £50,000. Bulprima was incorporated on 16 June 2017.
- Annual accounts, agreed by Mr Iliev on 05 July 2019 for the year ending 30 June 2019 record turnover of £34,828.
- Bank statements for Bulprima for the 2019 calendar year record deposits into the account of £29,312, meaning that Bulprima could apply for a BBL of up to £7,328.
- On 31 August 2020, Mr Iliev breached the terms and conditions of the BBL scheme by applying for a BBL of £30,000 and self-certifying that Bulprima had a turnover of £137,735,557 during the 2019 calendar year.
- On 01 September 2020, Bulprima received a BBL of £30,000.
- Based on Bulprima’s 2019 bank deposits, this was at least £22,672 more than it was entitled to.
- Bulprima entered creditors voluntary liquidation on 22 June 2022.
- Total liabilities at liquidation amounted to £27,691, of which £27,570 was owed in respect of the BBL.
