Here are the details of this case which led to the Director named getting his 10 year ban.
On 2 December 2020, Sajid Iqbal, (“Mr Iqbal”) caused Snow Hill Snooker Club Ltd (“Snow Hill”) to apply for a Bounce Back Loan (“BBL”) of £50,000 using overstated turnover figures, which resulted in Snow Hill obtaining a BBL for at least £27,931 more than it was entitled to.
In that:
- Under the BBL scheme businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover.
- The turnover figure was self-certified by the applicant.
- The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it was their estimated turnover.
- Snow Hill was incorporated on 2 December 2016.
- On 2 December 2020, Mr Iqbal applied for a BBL of £50,000 on behalf of Snow Hill, declaring that its turnover for the calendar year 2019 was £201,250.
- Accounts for period ended 31 October 2019, approved by Mr Iqbal on 30 September 2020, disclose turnover of £88,273.
- Accounts for period ended 31 October 2020 disclose turnover of £59,893.
- Snow Hill received the BBL funds of £50,000 on 7 December 2020.
- Total liabilities at liquidation amount to £60,709 of which £41,629 relates to the amount owed in respect of the BBL.
