Two Directors Avoid Disqualification and a Compensation Order Following Bounce Back Loan Investigation

“… We cannot put into words the gratitude we have for Gulshan. At the start of this process, it appeared inevitable that we would both not only be disqualified, but would also be subject to a Compensation Order. This would not only have been unfair, but would have completely ravaged our ability to generate and earn a living moving forward and making it extremely difficult to provide for our young family.

However, with Gulshan’s guidance, knowledge and experience in dealing with such matters we were able to convince the Insolvency Service that the allegation being pursued against us could not be maintained. This was achievable attributable to Gulshan working with us and then in a coordinated and structured manner setting out how and in what circumstances the Bounce Back Loan Application had been completed and how the estimated turnover figures inserted in the application were honest, tangible and could be verified with reference to third-party enquiries. What seemed like a lost and inevitable outcome at the outset quickly turned into a complete turnaround in the Insolvency Service confirming that they were terminating their investigation into us both. This would not have been possible had we not contacted or met Gulshan.

Thank you does not do justice, but it is all that we have. Thank you Gulshan!…”

The Allegation – Bounce Back Loan Application Not Meeting the Strict Criteria for £50,000.00

The Insolvency Service alleged that prior to our company being placed into Creditors Voluntary Liquidation we had completed the Bounce Back Loan Application incorrectly, recklessly and/or potentially fraudulently in an effort to secure the sum of £50,000.00. The allegation was not accurate, but such was the seriousness of it, we could have both been disqualified and also faced significant financial sanctions if the allegation was pursued against us.

We were both at a complete and utter loss of how to deal with the matter. We therefore made online enquiries for solicitors who could assist us in engaging with the Insolvency Service. We spoke with various solicitors, but having once spoken with Gulshan found a connection, built a quick rapport, trust and decided that he was the solicitor for us to assist us in this matter. That decision proved to be worth its weight in gold and what brought about the Insolvency Service terminating its investigation.

The Outcome

Attributable to Gulshan’s focus, knowledge and experience in dealing with such matters, we managed to convince the Insolvency Service to abandon its investigation into both of us. This included following a structured plan (which included meeting with the Insolvency Service) in order to bring about this outcome.

Gulshan was able to work with us both in order to relay, demonstrate and explain why and in what circumstances the Bounce Back Loan Application was applied for and how the application was completed. This included explaining why the estimated turnover figure inserted into the application was not reckless, but inserted with reference to supporting and verifiable documents. It is on this basis the Insolvency Service agreed that we had both discharged our directors duties honestly, faithfully and should therefore not be disqualified.

“… I am a RICS qualified and approved Chartered Surveyor as well as being a Commercial Investments Agent for buying and selling commercial property. I have worked in the industry for over 20 years working with multibillion pound banks, lenders and extremely high net worth individuals on projects often worth in the millions of pounds. In the event I was disqualified my reputation would have been not only in tatters, but my RICS qualification also potentially at risk…”

Attributable to working with Gulshan we are both able to work freely, without sanction and continue to work in our respective sectors without fear. Anyone in the same position should definitely instruct Gulshan.