GM FABRICATION AND ACCESS SERVICES LTD

Gerald Hugh McKinney

June 1989

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

11 Years 0 Month(s)

Disqualification starts from

16 June 2023

Improper conduct which resulted in their disqualification

Gerald Hugh McKinney (“Mr McKinney”) caused GM Fabrication and Access Services Limited (the “Company”) to apply for two Bounce Back Loans (“BBL”) totalling £80,000 when he knew or ought to have known that the company was not eligible for the loans. In that: In order to be eligible for a BBL, the applicant must be carrying on business on 1 March 2020 and be trading in the UK at the date of the application. A company could borrow between £2,000 and a maximum of £50,000 based on 25% of the company’s turnover. The applicant had to declare in the application that they had not already applied for or received a BBL. On 13 May 2020 the Company applied to Bank A for a £40,000, which was paid into its bank account held with Bank A. In the BBL application with Bank A Mr McKinney stated the company’s turnover as £177,000 and in the BBL application with Bank B he put turnover as £170,000. However the company was not actively trading at 1 March 2020 given it had filed dormant annual accounts for the period ended 31 March 2020. The bank account held with Bank A was opened on 03 December 2019 and statements show no activity until receipt of the BBL on 13 May 2020. Bank statements for Bank B show no trade activity in the period from 21 January 2020 until receipt of the BBL on 15 May 2020. On 11 May 2020 Mr McKinney made a second application for a BBL of £40,000 and on 15 May 2020 the BBL was paid into the bank account held with Bank B. However only one BBL was permissible per business. Mr McKinney did not use the entire BBL monies for the economic benefit of the Company. The Company made one repayment of £710 to Bank B in respect of the second BBL on 15 June 2021. At liquidation on 15 September 2021 the Company owed its creditors at least £81,965. Bank A submitted a claim in the sum of £40,326 and Bank B submitted a claim in the sum of £39,719.