MR DARREN WADE

Disqualified from

2025-03-27

Date of birth on record

December 1970

Darren Wade (“Mr Wade”) breached the terms of the Bounce Back Loan (“BBL”) scheme by causing DLZ Trucking Limited (“DLZ”) to overstate its turnover on its application for a BBL, resulting in the company receiving a BBL of £50,000 when he knew, or ought to have known, that DLZ was not eligible for a loan of that value. In that: • The BBL scheme terms allowed businesses to receive a loan of up to 25% of their annual turnover for the 2019 calendar year, which the applicant would self-certify when completing the BBL application. • If a company was established after 01 January 2019, they were allowed to estimate the company turnover from the date the company started to trade. • DLZ was incorporated on 24 October 2018. • Mr Wade declared on the company’s BBL application form an annual turnover of £220,000, and consequently on 11 May 2020 DLZ received a £50,000 BBL. • Annual accounts for year ending 30 October 2019 show a declared turnover of £72,244. • Bank statements for the period 01 November 2019 and 31 December 2019 show a turnover of £12,477.24 • Using annual accounts and bank statements the turnover for 2019 could be calculated as £84,722. • This would have meant that DLZ would have been entitled to apply for a BBL of £21,181. • The overstatement of turnover totalling £135,278 meant that DLZ received £28,819 more than it was entitled to from the BBL scheme. • DLZ entered Creditor’s Voluntary Liquidation on 11 January 2023. • At liquidation, DLZ had liabilities totalling £71,629.91, of which £50,839.05 was owed to the bank in respect of the BBL.