A Craigavon business owner has been banned from being a director for eight years after applying for a Bounce Back loan she was not entitled to.
The Department for the Economy accepted a disqualification undertaking from the director of a company involved in fitness facilities.
The undertaking was received from Angela McConville (62) of Oakdene Park, Bleary, in respect of her conduct as director of Take Thirty Ltd.
The Company was involved in fitness facilities with a registered office at 31-33 Cido Business Complex, Lurgan.
The Company went into liquidation on June 9, 2022 with an estimated deficiency as regards creditors of £30,797.22. There was a total of £2 owing as Share Capital, resulting in an estimated deficiency as regards members of £30,799.22.
The Department accepted the disqualification undertaking from McConville on January 9, 2024 based on the following unfit conduct which solely for the purposes of the disqualification procedure were not disputed:
– Applying for and receiving a Bounce Back Loan of £20,000 from Bank of Ireland which she knew or ought to have known the Company was not entitled. She originally certified that her annual turnover was £38,000 which was in line with the actual turnover. She then changed her turnover and declared that it was £80,000 when it was £40,434.66 for the 2019 calendar year, obtaining an additional £9,892 as a result. She therefore knew that she had certified a turnover of £80,000 which was not correct; and
– Causing and / or permitting the misapplication of Company funds and / or acting in a manner to benefit herself rather than the Company by using the Company turnover and / or Covid Grants and / or the Bounce Back Loan to pay herself a significant increase in remuneration when the Company’s turnover had decreased. If she had not paid herself this increased salary, the Company would have had additional money available to repay creditors. The Bounce Back Loan ultimately did not provide any economic benefit to Take Thirty Ltd and therefore contravened the conditions attached to the Bounce Back Loan.
The Department has accepted 23 Disqualification Undertakings and the Court has made six Disqualification Orders in the financial year commencing April 1, 2024.
