MR. GRAHAM KENNETH BOWERBANK

Disqualified from

2022-11-10

Date of birth on record

September 1954

On 10 February 2021 Graham Kenneth Bowerbank (“Mr Bowerbank”) caused Forty5 New Century Ltd (“FNC”) to make a false Bounce back loan (“BBL”) application of £30,000 on behalf of FNC when he knew or ought to have known that FNC was not entitled to access the scheme. On 24 February 2021 he caused FNC to apply for and receive a further BBL advance of £20,000 which he knew or ought to have known FNC was not entitled to. He made wrongful declarations by overstating FNC’s turnover when it was not eligible to receive a BBL. The BBL funds were not used for the economic benefit of FNC, contrary to the BBL scheme criteria. • Under the Bounce Back Loan scheme businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover. The turnover figure was self-certified by the applicant. The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it is their estimated turnover. To be eligible, businesses were required to be engaged in trading or commercial activity in the UK at the date of the application, carrying on business on 1 March 2020 and be adversely impacted by coronavirus. • FNC was incorporated on 22 August 2019. • FNC filled dormant accounts for year ending 31 August 2020. • On 10 February 2021 he applied for a bounce back loan of £30,000 on behalf of FNC declaring it was adversely impacted by coronavirus, it was trading on 1 March 2020, was trading at the time of application and its estimated turnover was £1,200,000. • On 12 February 2021 bounce back loan funds of £30,000 are received into FNC’s bank account. • On 24 February 2021, a further advance on BBL of £20,00 is received into FNC’s bank account. • Bank account analysis shows that the company received no trading income from date of incorporation to date of Liquidation. • Between15 February 2021 and the date of liquidation payments totalling £44,000 were made to an associated company, £4,002 by way of cash withdrawals and £1,611 towards his personal expenses. • Total liabilities at liquidation amount to £75,100 which include debts of £50,000 in respect of BBL, £25,000 to the director.