fbpx Skip to main content

Bounce Back Fraud Ban Of Ten Years

Coventry Director’s Bounce Back Loan fraud leads to a ten year ban.

Mobile mechanic disqualified following receipt of £40,000 Bounce Back Loan to which director was not entitled.

32 year old Raitis Dzerkalis from Coventry has been given a ten year disqualification as a director.

RDZ Solutions Limited

He was sole director of a Coventry based company, RDZ Solution Ltd (“RDZ”), which was incorporated in 2015. RDZ provided a mobile vehicle breakdown service. RDZ has gone into Creditors Voluntary Liquidation.

However, in June 2020, he applied for and secured £40,000 through the Bounce Back Loan scheme. The Company’s accounts for the year end October 2019 showed a small turnover of £12,240, but Dzerkalis stated the turnover as more than ten times that figure at £162,240. In reality, the most the Company was eligible for under the scheme was £3,060.

Personal Benefit Of Bounce Back Loan

He then proceeded to spend almost the full loan amount for his own personal benefit, and not for legitimate business requirements, breaching the terms of the Bounce Back Loan scheme.

Recoveries

Recovery of the funds is ongoing with £8,000 recovered to date.

Director Disqualification

The Secretary of State for Business, Energy and Industrial Strategy accepted a disqualification undertaking from Raitis Dzerkalis after he admitted securing the Bounce Back Loan fraudulently. He has a ten-year ban from 28 February 2022.

The disqualification undertaking prevents him from directly (or indirectly) becoming involved in the promotion, formation or management of a company, without the permission of the Court.

Insolvency Service Comment

Dave Elliott, Chief Investigator at The Insolvency Service said:

Covid Support Schemes were a lifeline to businesses across the UK protecting jobs and preserving businesses.

As this case shows The Insolvency Service will take swift firm action against directors who sought to abuse the scheme.

Are you a company Director?

If you are a Director of an insolvent company, Oliver Elliot can help you. We Know Insolvency Inside Out.

We Know Insolvency Inside Out
Contact us for help

Share This Page!

What Next?

Expert Advice Is Just A Click Away

If you have any questions in relation to Bounce Back Fraud Leads To 10-Year Ban then contact us as soon as possible for advice. Oliver Elliot offers a fresh approach to insolvency and the liquidation of a company by offering specialist advice and services across a wide range of insolvency procedures.

Our expertise is at your fingertips.

By submitting this form you agree with the storage and handling of your data by Oliver Elliot. For more details, please read our Privacy Policy.

Disclaimer: Bounce Back Fraud Leads To 10-Year Ban

This page Bounce Back Fraud Leads To 10-Year Ban is not legal advice and should not be relied upon as such. This article Bounce Back Fraud Leads To 10-Year Ban is provided for information purposes only. You can contact us on the specific facts of your case to obtain relevant advice via a Free Initial Consultation.

Recent Posts / View All Posts

Bounce Back Loan Fraud Prevention

Bounce Back Loan Fraud Prevention

| Bounce Back Loan | No Comments
Bounce Back Loan Fraud Prevention There have been various parliamentary reports and government reports about Bounce Back Loan Scheme fraud prevention that appear to suggest that checks may not have…
all on black to bounce back

Put It On Black You’ll Be Paying It Back

| Bounce Back Loan | No Comments
We do not know if David Godderdge put it all on black but we do know from the Insolvency Service report dated 20 April 2022 he vacuumed up a Bounce…
Bounce Back Loan Records Missing In Scotland

Bounce Back Loan Records Missing In Scotland

| Bounce Back Loan | No Comments
9-year ban for Glasgow Bounce Back Loan's Missing Records Filippo Dioguardi, 58, based in Glasgow has been disqualified as a director for nine years for Bounce Back Loan records missing…
Blackburn Automotive Director Banned

Blackburn Automotive Director Banned For Bounce Back Badness

| Bounce Back Loan | No Comments
Blackburn Director's Bounce Back Badness A Blackburn Automotive Director has been Banned For 8 Years. Anthony Stephen Miller, 48, from Blackburn was director of Millers Commercial Refinishers Ltd which traded…
Elliot Green

Licensed Insolvency Practitioner & Chartered Accountant. We Know Insolvency Inside Out.