Read on to view a copy of the winding up order and what the Liquidator has to say about this case regarding the BBL Bounty Hunters, that being Manolete Partners.
Winding Up Order
Liquidator Comments
Background of the Case
In June 2020, Qaiser Ali (“Mr Ali”) caused QS Management Consultancy Limited (‘’QS’’) to fraudulently apply for two Bounce Back Loans (“BBL”) totalling £100,000 and to breach the terms of the BBL scheme, when he knew or ought to have known that QS was not eligible for a BBL.
Mr Ali failed to use the entirety of the BBL funds of £100,000 for the economic benefit of QS.
In that
- The BBL criteria allowed a business to borrow between £2,000 and up to 25% of the company turnover, with a maximum loan of £50,000 for the purpose of a business carried on or intended to be carried on by the applicant.
- The business had to be trading as at 01 March 2020. Further loan terms of the BBL scheme included the requirement to use the loan to provide economic benefit for the business and not for personal use
- The company was incorporated on 21 February 2019 under a different name until 27 November 2019.
- On 01 November 2022, Mr Ali confirmed that such company never traded QS submitted dormant financial accounts for the periods ending 28th February 2020 and 28th February 2021 In June 2020, Mr Ali applied for and received a BBL (“BBL 1”) of £50,000 on behalf of QS A BBL of £50,000 required the applicant to declare a turnover of at least £200,000
- There is no evidence available to verify that BBL 1 was used for the economic benefit of QS
- The terms of the BBL issued by the British Business Bank state that borrowers are required to declare, amongst other things, that the business (and any wider group of which it is part) is not already in the process of applying for or has not already received a BBL Scheme facility.
- On 25 June 2020, Mr Ali applied for a further BBL of £50,000 (“BBL 2”) from a different lender, declaring QS’s turnover as £240,000 On 01 November 2022, Mr Ali confirmed that he used BBL 2 for his own income, paying bills and living expenses.
- Both BBL 1 and BBL 2 totalling £100,000, remained outstanding at the date of liquidation.
