26/02/2021 Directors At 3 Companies Punished For Misusing Almost £100,000 Of Covid Bounce Back Loans
The service said: “The use of a Bounce Back Loan must be for the benefit of the business and never for personal use. "Failure to account for how a Bounce Back Loan was used, or using it for personal payments, can result in being disqualified as a director or the extension of bankruptcy restrictions.".Read Full Article.
25/02/2021 Insolvency Service Cracks Down On Bounce Back Loan Abusers
Director banned for 9 years and three further directors receive extended bankruptcy restrictions for misusing COVID-19 financial relief schemes.Read Full Article.
07/02/2021 Accountants Obliged To Report Suspected Misuse Of The Bounce Back Loan Scheme
Although accountants are not required to identify what a BBL was used for, it is likely they will receive this information when preparing their client's accounts. If accountants consider their clients may have used funds provided through a BBL for personal purposes, for example, transfers to personal accounts or third parties, rapid cash withdrawals, a large jump in dividends and wages, the purchase of new personal assets such as a car or house or multiple loan applications using different business names, they may, depending on the circumstances, have an obligation to submit a SAR.Read Full Article.
07/02/2021 Directors Guilty Of BBL Abuse Face Disqualification
The sad truth is that in recent years, a worrying number of company directors and business owners have been guilty of abuse. In attempting to survive the fallout from the Covid-19 pandemic, many have committed acts of wrongdoing. Some consciously, others less soRead Full Article.
25/10/21 Insolvency Service cracks down on Bounce Back Loan abusers
Director banned for 9 years and three further directors receive extended bankruptcy restrictions for misusing COVID-19 financial relief schemes. Read Full Article.
07/09/21 Directors guilty of BBL abuse face disqualification
The sad truth is that in recent years, a worrying number of company directors and business owners have been guilty of abuse. In attempting to survive the fallout from the Covid-19 pandemic, many have committed acts of wrongdoing. Some consciously, others less so. Read Full Article.
07/09/21 Accountants obliged to report suspected misuse of the Bounce Back Loan Scheme
Although accountants are not required to identify what a BBL was used for, it is likely they will receive this information when preparing their client's accounts. If accountants consider their clients may have used funds provided through a BBL for personal purposes, for example, transfers to personal accounts or third parties, rapid cash withdrawals, a large jump in dividends and wages, the purchase of new personal assets such as a car or house or multiple loan applications using different business names, they may, depending on the circumstances, have an obligation to submit a SAR. Read Full Article.