BYTESSTORE SOLUTIONS LIMITED

Nkwachukwu AGUOCHA

October 1969

Disqualified from being a director because of their conduct for the period of

8 years Years 0 Month(s)

Disqualification starts from

26 December 2024

Improper conduct which resulted in their disqualification

Between 23 June 2020 and 29 June 2020, Mr Nkwachukwu Aguocha (“Mr Aguocha”) caused Bytesstore Solutions Limited (“Bytesstore”) to breach the terms of the Bounce Back Loan scheme (“BBL”) by using BBL funds of £38,000 for his personal benefit and not for the economic benefit of Bytesstore. • Under the BBL scheme businesses were required to use the loan only to provide economic benefit to the business, and not for personal purposes, and confirm they have understood the costs associated with repayment of the loan and they are able and intend to complete timely repayments in future. • Bytesstore received a BBL of £38,000 on 01 June 2020. • On 23 June 2020 £8,000 of the BBL was transferred to Mr Aguocha. • On 29 June 2020 £30,000 of the BBL was transferred to Mr Aguocha. • Mr Aguocha submitted an application to dissolve Bytesstore on 09 July 2020. • Bytesstore was dissolved on 13 October 2020 and the BBL of £38,000 remains outstanding. On 09 July 2020 Mr Aguocha applied to have Bytesstore dissolved when he knew or should have known that the company had outstanding debts and failed to give notice of the dissolution to the relevant parties as required by Section 1006 of the Companies Act 2006. • On 09 July 2020 Mr Aguocha submitted an application to Companies House to dissolve Bytesstore. • Section 1006 of the Companies Act 2006 requires the company to notify all interested parties of their intention to be dissolved and to submit final returns and accounts to HM Revenue & Customs (“HMRC”). • Mr Aguocha failed to notify the bank and HMRC of his intention to dissolve Bytesstore, which denied them the opportunity to object to this action. • HMRC were unaware that VAT of at least £26,880 was due as Mr Aguocha failed to ensure that Bytesstore submitted VAT returns for the services it provided between 24 June 2019 and 31 March 2020. Mr Aguocha also failed to submit final accounts and a final Corporation Tax return to HMRC, net income during the period of trading totalled £137,800 and expenses identified in Bytesstore’s bank account totalled £3,400 with payment to Mr Aguocha totalling £166,772. • Bytesstore was dissolved on 13 October 2020 and at least £26,880 remains outstanding to HMRC and £38,000 to the bank in respect of the BBL.