MCD PLASTERING SYSTEMS LIMITED

IAN MCDONOUGH

April 1967

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

9 Years 0 Month(s)

Disqualification starts from

11 May 2023

Improper conduct which resulted in their disqualification

In contravention of the express terms of the Government-backed Business Bounce Back Loan (“BBL”) Ian Vincent McDonough (“Mr McDonough”) caused MCD Plastering Systems Limited (“MCD”) to apply for and obtain a BBL of £50,000 from MCD’s bank on 27 July 2020. In that: The BBL application was made by Mr McDonough on 26 July 2020 for £50,000, and this sum was paid into MCD’s bank account on 27 July 2020. The balance of MCD’s bank account on 20 July 2020, prior to the BBL being received, was £498.43. Mr McDonough stated that MCD had an annual turnover of £230,000 based on verbal agreements and estimated future work for which no evidence has been provided. Profit and Loss accounts for year ending 30 June 2019, approved by Mr McDonough on 30 June 2020 state MCD’s turnover to be £22,170. Profit and Loss accounts for year ending 30 June 2020, approved by Mr McDonough on 6 April 2021 state MCD’s turnover to be £19,642. The maximum BBL MCD was eligible for was £5,550. An analysis of MCD’s bank account discloses that following receipt of the BBL, payments were made by MCD to Mr McDonough. To include: £5,000 on 03 August 2020; £10,000 on 19 August 2020; £2,000 on 21 December 2020; £3,000 on 05 January 2021; £2,000 on 23 February 2021; £8,000 on 26 March 2021; £3,000 on 04 May 2021; £3,000 on 10 June 2021; and £3,500 on 22 June 2021. A total of £39,500 was dispersed in respect of payments to Mr McDonough which were not business related and not for the economic benefit of MCD. Cash withdrawals of £20,000 were also made during the period of August 2020 and June 2021. No repayments were made in respect of the BBL. MCD was subsequently placed into liquidation on 23 March 2022.