MR PAUL RICHARDS

Disqualified from

2022-07-12

Date of birth on record

February 1985

On 4 May 2020, Mr Paul Richards ("Mr Richards"), on behalf for CS Malbrook Ltd ("CSML"), applied for and subsequently received a Government backed Bounce Back Loan totalling £50,000 (" BBL 1"). On 20 May 2020, Mr Richards, on behalf for CSML, applied for and subsequently received a further Government backed Bounce Back Loan totalling £50,000 ("BBL 2") despite having already applied for and received BBL 1. Further, the funds advanced were not used in their entirety for the economic benefit of CSML's business, but were used to make payments to Mr Richards and to a company connected to him and of which he is sole director and shareholder. In that: BBL 1 On 4 May 2020, Mr Richards made an application on behalf of CSML for a bounce back loan. On 11 May 2020, the sum of £50,000 was paid into CSML's bank account. The balance on the account prior to receipt of the BBL was overdrawn in the sum of £21,972.33. BBL 2 On 20 May 2020, Mr Richards made a further application on behalf of CSML for a bounce back loan. On 22 May 2020, the sum of £50,000 was paid into the CSML's other bank account. The balance on the account prior to receipt of the BBL 2 was £3,505.85. When making the application for BBL 2, Mr Richards falsely declared that the BBL 2 application was CSML's only application for a Bounce Back Loan. Use of funds Net payments in the sum of £52,520.56 were paid to a company connected to Mr Richards between receipt of the first BBL on 11 May 2020 and 15 December 2020 of which £28,027.67 was funded by BBL 1. On the 26 May 2020, the sum of £28,000 was transferred from CSML's other bank account which had been credited with BBL 2 to an account understood to be held in the name of Mr Richards personally. As at the date of liquidation, both BBL 1 and BBL 2 remained outstanding in full.