Read on for the reasons the Director named got slapped with a 10 year ban.
Atanas Rangelov Mademdzhiev (“Mr Mademdzhiev”) caused ATMD UK Limited (“ATMD”) to breach the terms & conditions of the Bounce Back Loan (“BBL”) scheme by applying for a BBL of £50,000 to which it was not entitled.
Consequently, ATMD received at least £44,639 more than it was entitled to from the BBL scheme.
In that:
- The Bounce Back Loan (“BBL”) criteria allowed a company to borrow between £2,000 and a maximum of £50,000 based on 25% of the company’s turnover.
- The turnover figure required was that for the calendar year 2019 or where a business was established after 01 January 2019 it is their estimated turnover.
- ATMD was incorporated on 05 August 2015. In the BBL application form completed on 06 May 2020 the turnover for the 2019 calendar year was stated to be £250,000.
- The BBL of £50,000 was paid into the company bank account on 12 May 2020.
- The company accounts for the year ending 31 March 2019 show a turnover of £21,444, the accounts for the year ending 31 March 2020 show turnover as nil.
- Based on the above turnover ATMD would only have been eligible for a BBL in the amount of £5,361 at most.
- At liquidation the liabilities of ATMD total £45,012 and are in respect of the BBL
