CORE RIGGING SOLUTIONS LTD

Ben Corsair Corsair

September 1980

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

6 Years 0 Month(s)

Disqualification starts from

21 December 2021

Improper conduct which resulted in their disqualification

Ben Corsair (“Mr Corsair”) caused Core Rigging Solutions Limited (“Core Rigging”) to breach the conditions of the Bounce Back Loan (“BBL”) Scheme by applying funds totalling at least £20,000 of £27,500 obtained under the BBL Scheme, for his personal benefit and not for the economic benefit of Core Rigging. On 26 May 2020, Mr Corsair caused Core Rigging to apply for a Bounce Back Loan, (“BBL”) in the amount of £27,500, which was received on 18 June 2020. On 18 June 2020, Mr Corsair caused a payment of £20,000 to himself. The company ceased to trade at the latest in June 2020. • In his Director’s Report dated 24 August 2020, Mr Corsair stated that company was forced to cease trading in March 2020 due to the Covid 19 pandemic. • On 4 May 2020 HM Treasury launched Bounce Back loans to enable small businesses to apply and receive 100% government backed loans of between £2,000 and £50,000 via an online application process. • On 26 May 2020, Mr Corsair applied for a Bounce Back Loan (“BBL”) in the amount of £27,500. • The Creditor’s report states the company ceased to trade in June 2020. • On 18 June 2020, a BBL in the amount of £27,500 was deposited into the bank account of Core Rigging, leaving a balance on the account of £31,082. • On the same day, a payment totalling £20,000 was made described as Ben Corsair BBL loan. • On 19 June 2020, a payment of £3,000 was made to Mr Corsair described as salary and dividend. Between 07 July 2020 and 23 July 2020, payments totalling £8,000 described as salary, dividend and expense were paid to Mr Corsair. • In his Director’s Report, Mr Corsair stated with no cash resource to discharge historical HM Revenue liabilities and with little signs of trading improving in the short and medium he sought professional advice on 23 July 2020 regarding the company’s financial position. • On 27 July 2020, based on the professional advice, Mr Corsair decided that the company was unable to pay its debts. • The financial position of the business at Liquidation was an estimated deficiency of £49,679, with the bank who has loaned the BBL of £27,500 as the majority creditor.