MR Adam Thomas DOUGLAS

Disqualified from

2025-10-08

Date of birth on record

November 1987

Mr Adam Thomas Douglas (‘Mr Douglas’) caused Azuli Property Developments Ltd (‘Azuli’) to act in breach of the rules of the Government-backed bounce back loan (‘BBL’) scheme by obtaining a BBL of £50,000 to which Azuli was not entitled by providing false or knowingly inaccurate information concerning Azuli’s turnover and eligibility and by failing to use the BBL monies wholly for the economic benefit of Azuli, in that: - The terms of the BBL scheme were such that an applicant company could obtain a loan of up to 25% of its turnover for the 2019 calendar year if it had been trading before 01 January 2019 or of its estimated annual turnover if trading began after 01 January 2019, up to a maximum value of £50,000. In either case, an applicant company was required to declare that it was carrying on its business as at 1 March 2020 and to have suffered an adverse impact caused by the Covid pandemic. The BBL scheme rules required any BBL provided to be used wholly for the benefit of the applicant company and not for any personal use. - On or around 25 June 2020 Mr Douglas applied to Azuli’s bank for a BBL in the sum of £50,000. The application was approved and Azuli received the £50,000 loan monies on 13 July 2020. - Azuli was not trading before 1 January 2019 and so an estimate of the company’s annual turnover was required on the BBL application form. Mr Douglas stated that Azuli’s estimated turnover was £750,000. - Azuli’s bank account was opened on or before 25 June 2020. According to its bank statements, the first transaction on the account was the receipt of the BBL monies of £50,000 on 13 July 2020. - Between 16 September 2020 and 28 December 2020 the BBL monies were fully withdrawn by means of one cash withdrawal of £5,500 and four payments of £10,000 and one payment of £4,500 (a total of £50,000) to an account held by Mr Douglas. No other transactions took place on Azuli’s account in this period or in the period from 28 December 2020 to liquidation save for two bank charges of £2.50 and £5.50 and a failed first repayment towards the BBL. - Mr Douglas states that the payments to himself using BBL monies represented repayments of sums expended by him on Azuli’s behalf and/or that they were paid onwards to third parties in expectation of producing benefit to Azuli. - Mr Douglas has failed to deliver up and/or to procure the delivery up to the Liquidator of any accounting records of Azuli sufficient to explain any transactions passing through the company’s bank account. There is accordingly no evidence sufficient to demonstrate that the BBL was used solely to serve the economic benefit of Azuli, as required by the BBL scheme’s rules. - Mr Douglas placed Azuli into creditors voluntary liquidation on 22 May 2023 owing at least £50,000 in respect of the BBL.