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Following an investigation Simon Paul Inglis King has been disqualified as a company director
The government has announced the director of Blackfriars Contracts in Plymouth has been disqualified as a company director for ten years.
The announcement comes following an investigation which found the former director had claimed two Bounce Back Loans (BBL) for his business totalling £80,000, an amount well over the £50,000 allowed by the scheme.
Blackfriars Contracts ran as a printing company until the company went into liquidation in 2020 with debts of over £230,000. In the release on the GOV.UK website the business was referred to as a “hidden treasure” in Plymouth due to its long family history in print operations.
Simon Paul Inglis King, who has been dealt the ban was already restricted by a five-year bankruptcy restriction also for Bounce Back Loan abuse. Previously King owed more than £100,000 leading to investigations into his involvement in BBLs.
Martin Gitner, deputy head of insolvent investigations at the Insolvency Service, states: “Bounce back loans were introduced to help viable businesses through an extremely difficult period, providing them with the financial support during the pandemic to protect jobs and return to prosperity.”
In the first case, King had exaggerated his income as a sole trader to claim a £50,000 loan for Blackfriars Contracts Division. The second most recent circumstance saw King apply for a £50,000 loan for Blackfriars Contracts after which he applied for a further £30,000 paid into a different company account.
Under the rules of the Bounce Back Loan scheme, which was set up to support companies through the pandemic, businesses could apply for loans of up to 25% of their previous year’s turnover, up to a maximum of £50,000. Businesses were not allowed to apply for an additional loan unless they had originally borrowed less than the maximum amount.
Gitner adds: “The conduct of Simon Paul Inglis King fell extremely short of the standards required of company directors and he has been removed from the corporate arena for a significant amount of time. His ban should serve as a clear warning that if you abuse Government support schemes you should expect to be caught and punished.”
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