Case details for ETHAN ADAMS

Name: ETHAN ADAMS

Name: AVOCEAN LIMITED

Date of Birth: 4 / 6 / 1976

Date Order Starts: 1 / 11 / 2023

Disqualification Length: 10 Years 0 Month(s)

CRO Number: 07248477

Last Known Address: Flat 1,, 44 Oakdale Road,, Streatham,, , LONDON,, SW16 2HL

Conduct: Mr Ethan Tafeeq Adams, (“Mr Adams”) caused Avocean Ltd, (“AL”), to obtain a £50,000 government-backed Bounce Back Loan (“BBL”), an amount to which it was not entitled, by providing information to the lender which he knew or ought to have known was false/inaccurate. In that: As per the terms of the BBL scheme, companies incorporated before 01 January 2019 could apply for a loan of up to 25% of turnover in the calendar year 2019, from a minimum of £2,000 up to a maximum of £50,000. If the company was incorporated after 01 January 2019, then an estimated annual turnover could be used by the applicant. AL was incorporated on 10 May 2010 and commenced trade on such day. AL’s financial statements for the period ending 31 May 2019 (approved by Mr Adam’s on 28 February 2020) record annual turnover at £10,407. AL’s prepared accounts for the subsequent period to 31 May 2020, recorded turnover of £Nil. Mr Adam applied for a £50,000 BBL on behalf of AL, declaring a turnover of £230,000. A £50,000 BBL required a declared turnover of at least £200,000. When Mr Adam was asked in a questionnaire to explain how he arrived at the figure (referring to the turnover declared) and provide documentary evidence to support his answer, no clear explanation was given, or sufficient documents provided to show AL’s actual turnover for the calendar year 2019. On 25 September 2020, £50,000 BBL funds were deposited into AL’s bank account. Based on the evidence available, AL received more BBL funds than entitled to. At liquidation on 29 March 2022, the £50,000 BBL remained outstanding. 

This information is correct as at 11 / 10 / 2023



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