Read on for the details of this case.
On or before 25 June 2020, Denis Olloni (“Mr Olloni”) caused Olloni Ltd to apply for a Government backed Bounce Back Loan (“BBL”) totalling £45,000 for which it was not eligible and did not use it in its entirety for the economic benefit of the business, contrary to the terms of the BBL
In that:
Eligibility
- The Company applied for a BBL of £45,000 on or before 25 June 2020
- The Company received a BBL of £45,000 into its bank account on 25 June 2020.
- In order for the Company to be eligible for such a BBL its turnover was required to be at least £180,000 Filed accounts for the year ending 30 April 2020 show the Company’s turnover to be zero as the Company had filed dormant accounts and there is no evidence of any trading activity
Use of funds
- On 25 June 2020 the sum of £45,000 was paid into the Company’s bank account by Metro Bank.
- Between 27 and 27 June Mr Olloni transferred the sum of £11,801 to his personal account with the narrative ‘car purchase’.
- Between 04 July and 14 July 2020 he again transferred £35,021 to his personal account with the narrative equipment, tools and truck.
- As the Company was dormant it was not in need of a vehicle or equipment of any kind and no assets were disclosed in the statement of affairs.
