Here is the story behind another wayward HSBC BBL.
Rikus Bruwer (“Mr Bruwer”) caused Bruwer Construction Services Ltd (“Bruwer”) to breach the terms of a Government backed bounce back loan (“BBL”) by failing to ensure that the BBL was used in its entirety for the economic benefit of Bruwer.
In that:
- Under the BBL scheme the applicant had to self-certify that they will use the loan only to provide economic benefit to the business and not for personal use
- On 15 September 2020 Bruwer received funds totalling £50,000 from a BBL into the company bank account resulting in a balance of £55,598.11 in credit
- Between 18 and 25 September 2020 further inward payments of £5,940 were received into the company bank account
- Between 19 and 26 September 2020 Mr Bruwer transferred £28,461.89 of the BBL funds to himself.
- No records have been delivered up to demonstrate that the funds were used for the economic benefit of Bruwer
- The amount owed to Creditors totalled £54,100 at liquidation, including the entire £50,000 BBL
