Case details for Owais BUDHALI

Name: Owais BUDHALI


Date of Birth: 7 / 1 / 1980

Date Order Starts: 16 / 2 / 2024

Disqualification Length: 12 Years 0 Month(s)

CRO Number: 07255405

Last Known Address: 28 Crowstone Road,, , , , GRAYS,, RM16 2SR

Conduct: Mr Owais Budhali ("Mr Budhali") caused or allowed Protego Security Services Limited ("Protego") to obtain two Government backed Bounce Back Loans ("BBL") for a total of £100,000 contrary to the terms and conditions of the scheme. Mr Budhali further overstated Protego’s turnover in the BBL applications with the effect that Protego ultimately received £96,862 more from the scheme than it was entitled to. In that: The BBL Scheme allowed businesses to make one application for a BBL and to borrow up to 25% of a business' turnover with the maximum loan available being £50,000. The turnover figure required in the BBL application was that for the calendar year 2019 or, where a business was established after 01 January 2019, the estimated annual turnover from the date it was established. Protego was incorporated on 17 May 2010, although Protego filed dormant accounts at Companies House for the periods ending 31 May 2011 to 31 May 2016. Protego filed Abbreviated (Trading) Accounts at Companies House for the years ending 31 May 2017, 2018, 2019 and 2020. Protego was not permitted to estimate its turnover as the accounts would indicate that it was established prior to 01 January 2019. To qualify for a BBL of £50,000, a company would require turnover of at least £200,000. In 2019, Protego operated one known bank account with Bank A . The bank account was opened on 28 December 2018 and the first transaction was on 28 January 2019. During the 2019 calendar year, Protego's bank account received payments totalling £12,555. Protego applied for a £50,000 BBL from Bank A (“BBL1”), which was credited to Protego's account with Bank A on 18 May 2020. The BBL1 application stated that Protego's turnover was £2,200,000. Protego applied for a £50,000 BBL from Bank B (“BBL2”) which was credited to Protego's account with Bank B on 4 June 2020. The BBL2 application stated Protego's turnover was £2,300,000. Mr Budhali has failed to provide any books and records which would support the turnover figure quoted in the BBL application. The BBL applications were both signed electronically by Mr Budhali and included declarations that the application was the sole BBL application for the business. Mr Budhali stated that he made both the BBL1 and the BBL2 application with the help of his co-director. According to Protego’s bank statements it was entitled to one BBL of £3,138. Instead it received 2 BBLs and received £96,862 more than that to which it was entitled. Prior to liquidation, Protego made 8 payments which totalled £7,456.76 towards BBL1. Bank A have lodged a Proof of Debt for £42,407.74. Prior to liquidation, Protego made 2 payments which totalled £2,808 towards BBL2. Bank B have lodged a Proof of Debt for £47,805.67. 

This information is correct as at 5 / 2 / 2024

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