Name: Sorin Gica Gherman

Name: Gherman Transport Limited

Date of Birth: 19 / 10 / 1970

Date Order Starts: 25 / 11 / 2025

Disqualification Length: 10 Years  Month(s)

CRO Number: 08152654

Last Known Address: 8 Northleigh Way, Earl Shilton, ,, , , , LEICESTER, LE9 7BJ

Conduct: Mr Sorin Gica Gherman (Mr Gherman) caused Gherman Transport Ltd (the Company) to obtain a government-backed Bounce Back Loan (BBL) of £49,500 when he knew or ought to have known the Company was not eligible for that amount. In addition, there is no evidence that the proceeds of the loan were used in their entirety for the economic benefit of the business as was required by the BBL scheme. The Company obtained at least £39,709 of BBL funding to which it was not entitled, in that: Obtaining the BBL • The BBL scheme permitted a loan of up to 25% of a business’ turnover in the 2019 calendar year or estimated turnover if it had been established after 01 January 2019. • The Company was incorporated on 23 July 2012 and Mr Gherman was appointed as its director on the same date. Mr Gherman remained the sole director of the Company. • As the Company commenced trading before 01 January 2019, it was required to detail its actual turnover in the calendar year 2019 in any BBL application. • The Company operated a sole business account with its bank.. • An analysis of the bank account statements confirms that the total income for the Company for 2019 was £39,161. • The BBL application was completed by Mr Gherman on 11 May 2020. Within the BBL application, Mr Gherman self-declared that the actual turnover of the Company in the calendar year 2019 was £198,000. • Mr Gherman has explained that the turnover figure was based on the calculations undertaken by his Accountant. No evidence to support that explanation has been provided to us. • Notwithstanding the explanations that have been provided by Mr Gherman, the Company was not entitled to rely upon estimated turnover in the BBL application. It was required to rely upon its actual 2019 annual turnover. • Based on a maximum 2019 turnover figure of £39,161 and under the terms of the BBL scheme, the Company was entitled to a BBL of no more than £9,791. • The Company received at least £39,709 more than it was entitled too. Use of the BBL • Anyone applying for a BBL on behalf of a business was required to declare that it would only use the loan to provide economic benefit to that business and not for personal use. • The Company obtained a BBL of £49,500 on 21 May 2020. • Following receipt of the loan, the Company account had a credit balance of £52,516. • From 22 May 2020 to 03 June 2020, the Company received income of £1,783. • In the same period outgoing transactions totalling £28,211 could not have all been made if it was not for the BBL being obtained. They include payments to Mr Gherman and third parties for which Mr Gherman has not provided any documentary evidence and limited explanations. • It remains unclear how the funds of at least £23,412 (being the total outgoing transactions of £28,211, minus the balance of account prior to receipt of the BBL of £3,016 and minus the income during the period of £1,783) were utilised for the economic benefit of the business. Outstanding BBL • The outstanding balance of the BBL at liquidation was £49,504.97. 

This information is correct as at 10 / 11 / 2025

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