皇冠体育app

皇冠体育app traffic commissioner for the West Midlands, Nick Denton, recently held a public inquiry into Mafuwer Logistics Ltd. 皇冠体育app company was granted a standard international licence for three vehicles in December 2020.

皇冠体育app traffic commissioner found that almost all of the company鈥檚 financial resources had been provided by a 拢50,000 bounceback loan (BBL) in May 2020. However, the company鈥檚 turnover was far below the 拢200,000 necessary to qualify for such a loan 鈥� the maximum permissible BBL being 25% of turnover or 拢50,000, whichever is the lower.

Mr Denton also saw that the company鈥檚 bank statements, provided as evidence of financial standing, contained an unusually large number of items which seemed to constitute personal use of funds by the director.

皇冠体育app company also had a very poor maintenance record and numerous tachograph infringements. 皇冠体育app commissioner concluded that the business did not have good repute or financial standing and therefore revoked its licence.

Commenting on the case, Mr Denton said: 鈥渢his is not the first case I have come across where a bounce back loan appears to have been improperly obtained. I know that at the height of the pandemic banks did not always have the opportunity to check whether applicants qualified for the level of loan applied for. Nevertheless, if I find that companies or individuals have been untruthful about their turnover when applying for a loan, I will draw adverse conclusions about good repute.鈥�

鈥淚 also warn against the tendency I have seen in some companies to fund personal expenditure from the company鈥檚 accounts. Directors may withdraw money from the company in only three ways: salary, dividends or a properly documented director鈥檚 loan (which must be repaid). 皇冠体育appy can鈥檛 just use the company debit card to fund personal shopping, holidays etc. This is tax evasion and will harm good repute.鈥�

Further details can be found here.