Bolton directors disqualified after fiddling 50K loan during pandemic
Nathan Aspin, now aged 36, and Leah Evans, now aged 35, applied for the BBL on October 21, 2020, for the company 'Faith Aspin Ltd' - they were both directors of the company.
Documents on the Insolvency Service website state that the company applied for a loan of £50,000 from the Government, which was granted.
Companies were allowed to apply for a loan of between £2,000 and £50,000, subject to a maximum of 25 per cent of turnover.
Ms Evans declared the annual turnover of the company to be £600,000 when applying for the loan.
The turnover figures for companies either had to be for the calendar year 2019, or where a business was established after January 1, 2019, it would have been their estimated annual turnover from the date the business was started.
The latter case was true for Faith Aspin Ltd, which was incorporated on February 19, 2019.
The company filed dormant accounts for the year ending February 28, 2020, before its bank account was opened on or around May 20, 2020, with no transactions recorded prior to the receipt of the BBL on October 26, 2020.
The Insolvency Service says that the first trading income into the bank account appears to have been on July 5, 2021.
The service adds: "On September 23, 2024, Faith Aspin Ltd entered Creditors Voluntary Liquidation with known liabilities of £62,951, of which £50,801 is owed in respect of the BBL."
Mr Aspin and Ms Evans, both of Newland Drive, Over Hulton, were disqualified from being a director of a company for 10 years.
The order for Mr Aspin started on Tuesday, February 17 this year, and Ms Evans' order started on February 12.
BBL measures were introduced during 2020 to support businesses affected by Covid such as loans, grants and tax allowances.
The Bounce Back loan scheme helped small and medium-sized businesses to borrow between £2,000 and £50,000, at a low interest rate, guaranteed by the Government.
