Stephen Brian Dean DOUGLAS

Disqualified from

2023-01-24

Date of birth on record

March 1982

On 10 November 2020 Paul Stephen Douglas (“Mr Douglas”) caused Mechanically Sound Limited (“MSL”) to make a Bounce back loan (“BBL”) application of £30,000 on behalf of MSL when he knew or ought to have known that MSL was not entitled to access the scheme. He made wrongful declarations by stating MSL was engaged in trading / commercial activity on the date of BBL application and that funds from the BBL would be used only for the economic benefit of MSL. He transferred £28,716 of the bounce back loan funds to himself and to an associate, which did not provide economic benefit to MSL thus breaching the conditions of the bounce back loan scheme. • 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. To be eligible for the loan businesses were required to have been adversely impacted by Coronavirus, carrying on its business on 1 March 2020, be engaged in trading or commercial activity in UK at the date of application, and that credit granted under the BBL will only be used to provide economic benefit to the company and not for personal use. • MSL was incorporated on 18 May 2017. • MSL’s bank statements show no trading income since November 2019 and it had ceased to actively trade by June 2020. • On 10 November 2020 he applied for a bounce back loan of £30,000 on behalf of MSL, declaring its turnover for calendar year of 2019 to be £180,000 • MSL received the BBL funds of £30,000 on 12 November 2020 resulting in a balance of £29,941 in credit. • On 12 November 2020 2 payments totalling £28,716 were made to him and an associate. • At liquidation MSL had declared liabilities of £60,000 which include £30,000 in respect of the BBL, and £30,000 to HMRC.