A Wokingham man has been disqualified from acting as a company director for 10 years for inflating his company’s turnover to obtain a larger Government-backed bounce-back loan.
A statement issued by the Insolvency Service stated that on in May 2020, Graham Dennis Jeff caused his company, Lola Graham Limited, to apply for a loan totalling £50,000.
It said he used an overstated turnover that resulted in his receiving a higher loan than he was entitled to.
Under the Bounce Back Loan scheme, a business that was established before January 1, 2019, could apply for a loan of 25% of its turnover in the 2019 calendar year, up to a maximum of £50,000.
Lola Graham Limited was incorporated on July 10 2018, and on May 22 2020 Jeff applied for a £50,000 loan and declared a turnover of £200,000.
The Insolvency Service said his company’s turnover in the year to July 31, 2019, was £52,185 and its turnover in the year to July 31, 2020, was £30,741, so its 2019 calendar year turnover could not have exceeded £82,926.
“The maximum loan that Lola Graham Ltd was entitled to apply for was £20,731,” the statement said.
“By Mr Jeff overstating his company’s turnover on the application form resulted in Lola Graham Ltd receiving at least £29,269 in proceeds that it was not entitled to receive.
Upon the liquidation of Lola Graham Ltd, the sum of £44,348 remained outstanding.
Wokingham Today has attempted to contact Mr Jeff for comment.
