Here is the story behind the 9 year ban the Company Director named is starting today, the 4th of July 2023.
On 17 May 2020 Lorraine Johnson caused Reminisce Lounge Ltd (“the Company”) to apply for a Government backed Bounce Back Loan (“BBL”) totalling £30,000 by providing false or misleading information regarding turnover, contrary to the term of the BBL scheme. .
In that:
- The BBL scheme permitted a loan of up to 25% of a business’ turnover in the calendar year 2019, or estimated turnover if it had been established after 01 January 2019.
- The Company was incorporated on 10 November 2016.
- Filed accounts for the year ending 30 November 2019 show turnover of £39,946.
- The Company applied for a BBL from a loan provider on 17 May 2020 stating that the Company’s turnover was £125,000.
- The Company was eligible for a BBL of £9,946.
- By applying for, and securing, a BBL of £30,000, the Company obtained £20,054 more BBL funding than it should have.
- The Company received the BBL totalling £30,000 into its bank account on 29 May 2020.
- No repayments were made in respect of the BBL.
