Read on for the full details of this case, involving another wayward HSBC Bounce Back Loan.
On or around 06 May 2020, Kanokkan Panthong (“Ms Panthong”) caused EBusiness Enterprise LTD (“EBusiness”) to apply for a government backed Bounce Back Loan (“BBL”) of £49,600, which under the BBL scheme it did not have sufficient turnover to qualify for, resulting in EBusiness receiving a BBL of an amount to which it was not entitled.
In that:
- The BBL criteria allowed a business to borrow between £2,000 and up to 25% of the company turnover in the calendar year 2019, with a maximum loan of £50,000.
- EBusiness was incorporated on 6th March 2007.
- Financial statements for EBusiness for the period ending 31st March 2019 show turnover of £44,981.
- Bank statement analysis for the calendar year 2019 shows a total turnover of £46,043.61.
- Ms Panthong applied for a BBL of £49,600 on or around 6th May 2020, stating that the company’s annual turnover was £198,500 and confirming that the information provided in the application was complete and accurate.
- The result of Ms Panthong’s actions was a BBL of £49,600 being paid into EBusiness’s bank account on 13th May 2020.
- By overstating the company turnover on the application form, Ms Panthong caused EBusiness to receive more BBL funds than entitled to.
- EBusiness entered liquidation on 28th September 2022 with a debt of £49,782.80 owed to the BBL provider.
