Read on for the details of this double Bounce Back Loan Blagger.
On 09 May 2020 Yasmeen Ahmed (“Mrs Ahmed”) caused Childcare Gateways Ltd (“Childcare Gateway) to make a Bounce Back Loan (“BBL”) application for £50,000, when she knew or ought to have known that Childcare Gateway was only eligible to apply for a BBL of £13,875
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 application.
- The turnover figure required was that for the calendar year 2019.
- Childcare Gateway was incorporated on 25 April 2018.
- On 09 May 2020 Mrs Ahmed signed a BBL agreement on behalf of Childcare Gateway for an amount of £50,000 declaring that its 2019 turnover was £215,500.
- Bank statements for Childcare Gateway for the period from 01 January 2019 to 31 December 2019 record turnover to be £55,499.
- By making an application to borrow £50,000 Childcare Gateway received £36,125 more than it was entitled to.
- On 11 May 2020 Childcare Gateway received the BBL funds of £50,000 into its bank account.
- Childcare Gateway entered creditors voluntary liquidation on 22 June 2022. Total liabilities at liquidation amounted to £53,318, of which £50,000 related to the amount owed in respect of the BBL.
On 09 May 2020 Yasmeen Ahmed (“Mrs Ahmed”) caused Wisdom Learning Academy Ltd (“WLA”) to make a Bounce Back Loan (“BBL”) application for £50,000, when she knew or ought to have known that WLA was only eligible to apply for a BBL of £9,346.
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 application. The turnover figure required was that for the calendar year 2019.
- WLA was incorporated on 17 July 2017.
- On 09 May 2020 Mrs Ahmed signed a BBL agreement on behalf of WLA for an amount of £50,000 declaring that its 2019 turnover was £210,000.
- Accounts for WLA for the year to 31 July 2019 record turnover to be £32,460.
- Bank statements for WLA for the period from 01 August 2019 to 31 December 2019 record an additional £4,901 income.
- Based on WLA’s accounts up to 31 July 2019 and turnover recorded on WLA’s bank statements it was entitled to a maximum BBL of £9,340
- By making an application to borrow £50,000 WLA received £40,660 more than it was entitled to.
- On 11 May 2020 WLA received the BBL funds of £50,000 into its bank account.
- WLA entered creditors voluntary liquidation on 22 June 2022. Total liabilities at liquidation amounted to £53,318, of which £50,000 related to the amount owed in respect of the BBL.
