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Three Sole Traders Face Lengthy Bankruptcy Restrictions for Bounce Back Loan Misuse

Three sole traders have been slapped with bankruptcy restriction orders lasting 7, 10, and 11 years for abusing the UK’s Bounce Back Loan scheme, designed to support businesses during the COVID-19 pandemic. The Insolvency Service uncovered that the individuals either overstated their business turnover to secure larger loans or misused funds for personal expenses, prompting severe penalties.
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