Here is yet another Company that ended up in the High Court after Barclays decided to wind the Company up, read on for the details of the case and to view a copy of the Winding Up Order, and details on the BBL Bounty Hunters
Winding Up Order
Liquidator Comments Re the BBL Bounty Hunters
**The additional £1 was for the Assignment of the Case.
Overview of the Case
Siboneleni Nkomo (“Mrs Nkomo”) caused Bonnie Events Trading Company Limited (“Bonnie”) to apply for a Bounce Back Loan (“BBL”) of £50,000 on 30 June 2020 using overstated turnover figures in the BBL application form.
Consequently, Bonnie received more monies than it was entitled to from the BBL scheme and/or once the BBL was paid into Bonnie’s bank account, Mrs Nkomo failed to comply with the terms and conditions of the BBL scheme by failing to use the BBL monies for the economic benefit of the Company.
In that:
- Businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover in the calendar year 2019.
- Bonnie was incorporated on 26 July 2018 and thus was required to provide the company’s actual turnover for calendar year 2019 when applying for the BBL.
- On 30 June 2020 Mrs Nkomo applied for a BBL of £50,000 on behalf of Bonnie declaring that its turnover was £200,000.
- Mrs Nkomo stated, during an interview with the Official Receiver, that Bonnie’s turnover was no more than £20,000 in the 2019 calendar year.
- Bonnie’s bank statements confirm it had received credits into its bank account during the 2019 calendar year of £33,323.
- Mrs Nkomo did not deliver up the financial records of Bonnie to the Official Receiver to verify Bonnie’s turnover in the 2019 calendar year.
- Based on the annual turnover of £33,323 the amount of BBL that Mrs Nkomo could have applied for under the BBL scheme was £8,331.
- Bonnie therefore received £41,669 more than it was entitled to under the BBL scheme.
- The BBL criteria included the condition that the applicant must not use funds for personal benefit.
- Having received the BBL of £50,000 on 01 July 2020 Mrs Nkomo made net transfers to her personal bank account in the sum of £49,550
- On 26 October 2022 Bonnie was wound up in the High Court of Justice, Business and Property Court of England and Wales with total liabilities of £50,271 of which the entirety of those liabilities relate to the outstanding BBL.
