A 10 year ban was deemed to be the suitable punishment for the Company Director named in this case.
Gavin David Furniss (Mr Furniss) caused G.D.F. Limited (GDF) to breach the conditions of the bounce back loan scheme (BBL) by providing misleading information overstating the company’s annual turnover in order to obtain a BBL of £30,000 when it was due, at most £12,268.
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 is their estimated turnover.
- GDF was incorporated on 27 March 1997, GDF’s professionally prepared accounts for the years ended 31 March 2019 and 31 March 2020 disclose turnover of £50,510 and £43,489 respectively.
- On 11 February 2021 Mr Furniss applied for a £30,000 BBL for GDF and declared an annual turnover of £120,000.
- GDF would have been entitled to a BBL of £12,268 based on the turnover for the year end 31 March 2019 accounts.
- Therefore, the company received £17,372 more than it was entitled to.
