Read on for the details of this very lenient Bounce Back Loan related Director ban.
Timothy Sean Walker (“Mr Walker”) failed to use the whole of a Government backed Bounce Back Loan (“BBL”) in the sum of £50,000 that he applied for and obtained on behalf of Torak Productions Limited (“the Company”) for the economic benefit of the business.
In that:
- As part of the BBL application, applicants are required to confirm that the BBL will only be used for the economic benefit of the business.
- On 18 May 2020 the company received a £20,000 BBL into its bank account.
- On 11 December 2020 the company received a top up to the BBL of £30,000 into its bank account.
- On 22 April 2021 a payment of £14,000 was paid out of the company bank account to Mr Walker, described as “Director Loan””.
- This payment was not used for the economic benefit of the business
- At the date of Liquidation, the company had trade creditors of £363.72, Bank liability of £50,000 (the BBL) and HMRC PAYE liability of £9,046.94.
