Barber shop director who inflated business' figures to claim loan gets lengthy ban
A company director who breached the terms of the Bounce Back Loans (BBL) scheme has been disqualified for nine years.
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The Insolvency Service has banned Anastasia Loizou, aged 49, of Little Nicks Barbers 2, High Street, Brownhills, from being a director after her shop received an inflated loan.
Mrs Loizou was found to have caused the barber shop to overstate its turnover on its application for a loan.
It received a BBL of £50,000 when she knew or ought to have known that it was not eligible for a loan of that amount.
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 per cent of turnover.
The turnover figure was self-certified by the applicant.
Her application suggested turnover of £300,000, and on May 7, 2020 the shop received the £50,000.
Little Nicks Barbers 2’s accounts for the year ended March 31, 2019 disclosed turnover of £67,193 and for the year to March 31, 2020 were £61,659.
Based on LNB2’s accounts for the 2018-2019 it was only eligible to apply for a BBL of a maximum of £16,799.
Total liabilities at liquidation of the business were £71,805, including £46,969 in respect of the BBL obtained.