Vincent DOUGLAS

Disqualified from

2025-02-13

Date of birth on record

July 1962

On 19 November 2020, Vincent Douglas (“Mr Douglas”) caused SnapWatch Limited (“SnapWatch”) to breach the Terms and Conditions of the Bounce Back Loan (“BBL”) Scheme by making a declaration that he knew or ought to have known was incorrect regarding SnapWatch’s turnover in order to obtain a BBL of £50,000 BBL. As a result, SnapWatch received a BBL to which it was not entitled. In that: Under the BBL 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 01 January 2019, an estimated turnover could be used. SnapWatch was incorporated on 09 December 1999. On 19 November 2020, Mr Douglas submitted an application to obtain a £50,000 BBL on behalf of SnapWatch, declaring that its turnover for the calendar year 2019 was £397,000. The BBL funds were paid into SnapWatch’s bank account on 23 November 2020. Company accounts approved by the Board and signed by Mr Douglas on 11 April 2020, show that SnapWatch had a turnover of £0 during the calendar year 2019 and as such was not entitled to a BBL of any amount. Analysis of SnapWatch’s bank account shows that between 01 January 2019 and 31 December 2019, SnapWatch did not receive any trading or sales income. SnapWatch entered liquidation on 03 May 2023 with liabilities totalling £132,560.18 of which £50,095.89 is owed in respect of the BBL.