MR MATLOOB HUSSAIN

Disqualified from

2021-12-01

Date of birth on record

August 1976

1. Matloob Hussain (“Mr Hussain”) whilst appointed as a director from 07 April 2020 of N A Collection MCR Limited (“NAC”) failed to ensure that it maintained and/or preserved adequate accounting records, or in the alternative, has failed to deliver up such records as were maintained to the Liquidator. The records Mr Hussain has delivered up to the Liquidator do not adequately explain NAC’s transactions or financial position at Liquidation and it is not possible to determine: • Whether, in the absence of adequate sales records, the payments into 3 of NAC’s bank accounts totalling at least £1,016,303 as identified in available bank statements between 07 April 2020 and Liquidation on 24 July 2020 constitute all of NAC’s sales and if there were any sales before and after that which were not paid into its bank account. • Whether, in the absence of adequate purchase records, payments from 3 of NAC’s bank accounts totalling £1,582,787 (including 34 payments totalling £1,262,009 paid to a foreign exchange platform) as identified in available bank statements between 07 April 2020 and Liquidation, were to NAC’s benefit. • What 35 payments totalling 1,513,213 in USD received from third parties between 24 April 2020 and 07 July 2020 on a foreign exchange platform registered to NAC represented. • What 37 payments totalling 1,277,309 in GBP and 19 payments totalling 689,477.76 in USD made to third parties between 24 April 2020 and 07 July 2020 on a foreign exchange platform registered to NAC represented and whether they were to NAC’s benefit. • Whether the proceeds of two Bounce Back Loans of £50,000 each received on 13 May 2020 and 29 May 2020 were used to the economic benefit of NAC. • What assets, including stock, NAC acquired and disposed of between 07 April 2020 and Liquidation, and if it did if any sale proceeds were used for its benefit or if it had any assets, including outstanding book debts, at Liquidation. • Whether Mr Hussain received any remuneration and benefits between 07 April 2020 and Liquidation. • The final deficiency to creditors at the date of NAC’s Liquidation. 2. Matloob Hussain (“Mr Hussain”) caused N A Collection MCR Limited (“NAC”) to obtain two Bounce Back Loans (“BBL”) with two separate banks of £50,000 each which breached the conditions of the BBL scheme as only one BBL up to a maximum value of £50,000 was permitted with one lender in that: • On 07 May 2020 Mr Hussain submitted a BBL application to ‘Bank A’ on behalf of NAC for £50,000 and the BBL proceeds of £50,000 were paid into NAC’s bank account on 13 May 2020 which it held with ‘Bank A’. • The application submitted to ‘Bank A’ and signed by Mr Hussain included a declaration confirming that it was NAC’s only application for a BBL. • On 29 May 2020 a second BBL of £50,000 from ‘Bank B’ was paid into a separate bank account held by NAC with ‘Bank B’. • Mr Hussain has confirmed that he completed the two BBL applications on behalf of NAC with two different lenders.