Daily Mirror (Northern Ireland)
Former boxer handed an eight-year knockout
A string of directors have been given bans even though it could not be proven that they’d abused the loan scheme, because they either refused to hand over company accounts, or never kept proper records in the first place.
Former boxer Adam Etches ran 2020 Boxing Limited, which received a £50,000 loan.
The lack of records meant that the Insolvency Service could not establish if the loan “was validly obtained”, or discover the reason for the transfer of £100,000 from the company to unknown third parties.
Etches, 30, from Sheffield, was given an eight-year director’s ban.
Meanwhile Danny Baxter of Prospect Home Improvements
Limited of Canvey Island, Essex, received a seven-year ban.
His company failed to produce records showing whether it was entitled to the £50,000 loan it received, or whether it should have registered for VAT given that it declared a turnover of £200,000 on the loan application paperwork.
There’s a similar story of missing records at Agnitio Plumbing & Heating Limited of Ebbw Vale, South Wales, which was given a £20,000 loan.
Director Rhys Jones, 30, got a seven-year ban.
As did Augustas Gujis of A&C Motor Service Limited of Manchester, which got a £50,000 loan but either did not keep company records or, if it did, failed to hand them to the liquidator.
The bookkeeping at Ari Fashions Limited of Leicester was so bad that it did not even include employee and payroll details, yet the company got a £40,000 loan.
Director Bestun Muhamad, 33, has now been given a seven-year ban, and the Insolvency Service said: “In the absence of accounting records, it is not known if Ari Fashions was eligible for the loan or if these funds were used for the benefit of the company.”