Here are the details of another Company Director who is starting a 10 year ban for wrongdoing uncovered with a Barclays Bounce Back Loan Uncovered by an Insolvency Practitioner.
This is what an Insolvency Practitioner is obliged to do:
This is what the one liquidating the Company named below has said:
10 Year Disqualification
Bradley Malone (“Mr Malone”) caused ONENETPRINT LTD (“ONENETPRINT”) to apply for a government backed Bounce Back Loan (BBL) totalling £50,000 which under the BBL scheme it did not have sufficient turnover to qualify for, resulting in ONENETPRINT receiving a larger BBL than it was entitled to.
In that:
- The BBL criteria allowed a business to borrow between £2,000 and up to 25% of the company turnover in calendar year 2019, with a maximum loan of £50,000.
- ONENETPRINT was incorporated on 12th March 2012.
- Mr Malone applied for a BBL of £50,000 on 17th June 2020 stating that the company’s annual turnover was £200,000 confirming that the information provided in the application was complete and accurate.
- Professionally prepared financial statements for ONENETPRINT for the period ending 31st March 2019 show turnover of £94,867. Bank statement analysis for the calendar year 2019 shows a total turnover of £90,246.
- The result of Mr Molone’s actions was a BBL of £50,000 being paid into ONENETPRINT’s bank account on 18th June 2020.
- However based on the turnover of £90,246 for the calendar year 2019 the maximum BBL that ONENETPRINT LTD was entitled to apply for was £22,561.
- Mr Malone has overstated the company turnover on the application form resulting in ONENETPRINT receiving at least £27,438 in BBL proceeds that it was not entitled to receive.
- ONENETPRINT entered liquidation on 22nd February 2022 with a debt of £50,000 owed to the BBL provider.
