Suzanne Marjory Currie, Director of Newfound Project Services Limited, Banned for 4.5 Years for Transferring Bounce Back Loan and Top-Up to Herself

Here are the details of this wayward Bounce Back Loan.

Suzanne Marjory Currie (“Ms Currie”) failed to ensure that Newfound Project Services Limited (“NPS”) utilised the proceeds of a Government backed Bounce Back Loan (“BBL”) in their entirety for NPS’ economic benefit contrary to the terms of the BBL scheme.

In that:

• The terms of the BBL scheme stipulated that the applicant must use the funds for the economic benefit of the company and the funds must not be used for personal benefit.
• In May 2020 Ms Currie applied on behalf of NPS for a BBL of £25,000.
• On 13 May 2020 the BBL of £25,000 was paid into NPS’ bank account.
• Prior to receipt of the BBL the balance of the Company bank account stood at £80.08 in credit Between 13 May 2020 and 3 June 2020 payments totalling £26,100 were made to Ms Currie by means of eighteen separate transfers.
• Between 13 May 2020 and 03 June 2020 NPS’ bank account received additional credits of £6,043.26.
• Of the £26,100 transferred to Mrs Currie,£19,976 was funded solely from BBL proceeds.
• Of the funds transferred to Ms Currie one onward payment of £1,260 to a car rental company was identified as expenditure for NPS’ economic benefit.
• Ms Currie has not provided evidence that the balance of funds amounting to £18,716 was used for the economic benefit of NPS contrary to the terms of the BBL scheme.

BBL Top-up application & usage

• In November NPS applied for a Top Up BBL of £2,000.
• On 12 November 2020 the top-up sum of £2,000 was paid into NPS’ bank account.
• Prior to receipt of the BBL the balance of the Company bank account stood at £0.19 in credit.
• On the same date following receipt of the Top Up funds payments totalling £1,400 were made to Ms Currie.
• Of the £1,400 transferred to Ms Currie £ 1,399 came from BBL top up funding.
• Ms Currie has not provided evidence that the £1,400 withdrawn from the Company was used for NPS’ economic benefit.
• At liquidation on 11 January 2022 the Company owed its creditors at least £65,503.18, which includes £27,342.07 due to the lender bank in respect of the outstanding BBL and Top Up BBL.