Ioan Marcu, a Romford builder, has been disqualified as a company director for 10 years due to Covid loan abuse. He inflated his company, Imbusi Ltd's, turnover to secure a £50,000 Bounce Back Loan, which he was not entitled to because actual turnover dictated a maximum loan of only £11,451. After going into liquidation with substantial liabilities, Marcu agreed to repay £38,549 and faces legal restrictions on company management until 2035.
Ioan Marcu significantly overstated his company's turnover in order to receive the maximum amount of money businesses were entitled to under the Bounce Back Loan Scheme.
This was clearly an inaccurate declaration which has resulted in him being banned as a director until the start of 2035.
Marcu has now signed a compensation undertaking which legally requires him to pay back all the public money the company should never have received.
An analysis by the Insolvency Service revealed that the company was only entitled to a loan of 11,451 based on its actual turnover.
#covid-loan-abuse #bounce-back-loan-scheme #business-fraud #director-disqualification #financial-misconduct
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