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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 in Scotland.

Camardo Coffee (Scotland) Limited

He was sole director of Camardo Coffee (Scotland) Ltd, which was incorporated in 2015 and was registered initially at an address in East Kilbride, before relocating to Glasgow around May 2018.

Dioguardi was appointed as a director in September 2019, becoming sole director two months later.

Liquidation Shortly After Bounce Back Records Missing

The business went into liquidation shortly afterwards, in August 2020, at which point the last filed accounts showed assets totalling over £800,000.

However, due to the lack of company records kept by Filippo Dioguardi, it was impossible for the liquidator or the Insolvency Service to establish the accuracy of these, or whether any assets were disposed of at fair value and to the benefit of the company or its creditors.

Instead, Dioguardi refused to co-operate with the Insolvency Service investigation, which also identified he had taken out a taxpayer-backed Bounce Back Loan of £50,000 on 27 May 2020, less than two months before liquidation.

Insolvency Service Investigation Of Bounce Back Loan

The investigation also noted outgoings from the company account between April 2020 and August 2020 of nearly £150,000, including cash withdrawals of over £70,000. Whether these funds were used for legitimate business use or for repaying creditors could not be established.

The Secretary of State for Business, Energy and Industrial Strategy accepted a disqualification undertaking from Filippo Dioguardi after he admitted failing to maintain or preserve, or provide, adequate accounting records. His ban runs from 25 March 2022 to 24 March 2031.

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

Rob Clarke, Chief Investigator at The Insolvency Service said:

Keeping proper records is a pivotal duty for directors and there is no place in the corporate arena for those who neglect their responsibilities in this area and thereby cover up the activities of the companies they manage.

The lack of records in this case made it impossible to determine whether there was other, more serious, misconduct involved and what became of £50,000 in Government backed funds which have not been accounted for. This is reflected in the lengthy period of disqualification.

Cannot Repay A Bounce Back Loan?

If you cannot repay a Bounce Back Loan with your company ceasing to trade and you want to close it down then we can help you with that process. We are fully licensed to enable you to consider placing a company into Creditors Voluntary Liquidation and if it is right for the circumstances. This may enable you to make a fresh start but in any event, the Liquidation can look to address the Bounce Back Loan. Contact us for a quote and free initial confidential advice.

Are you a Director of a UK Company?

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

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Disclaimer: Bounce Back Loan Records Missing In Scotland

This page Bounce Back Loan Records Missing In Scotland is not legal advice and should not be relied upon as such. This article Bounce Back Loan Records Missing In Scotland 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.

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