Case details for ABDUL RAZIQ



Date of Birth: 3 / 1 / 1987

Date Order Starts: 16 / 11 / 2023

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 08545227

Last Known Address: 378a Neasden Lane North,, , , , LONDON,, NW10 0ER

Conduct: Abdul Raziq (“Mr Raziq”) caused Fast Track Consultancy London Limited (“Fast Track”) to apply for a government backed Bounce Back Loan (“BBL”) of £48,750 that it was not eligible for, having obtained a previous BBL for £35,000 on 2 June 2020 from a different lender. In addition, Mr Raziq breached the terms of the Bounce Back Loan Scheme by causing Fast Track to overstate the turnover on the first application for a government backed BBL resulting in the company receiving a BBL that was more than it was entitled to, in that: • On 1 June 2020?Mr Raziq applied for a BBL of £35,000 from Bank A on behalf of Fast Track which was received into the company bank account on 2 June 2020. • On 21 July 2020, a second BBL payment of £48,750 was received from a different lender, Bank B into the company bank account held with them. • A company was only allowed to apply for one BBL, for up to 25% of their annual turnover for 2019, capped at £50,000 maximum. The application of the second BBL for £48,750 is contrary to the terms and conditions of the BBL scheme. • 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% of turnover. The turnover figure was self-certified by the applicant. The turnover figure required was that for the calendar year 2019 or where a business was established after 01 January 2019 it was their estimated annual turnover from the date the business started. • The BBL scheme rules meant that businesses established prior to 2019 had to use actual 2019 turnover on the BBL application. • Fast Track was incorporated on 28 May 2013. • The company’s trading results for financial year ending 31 May 2019 and 31 May 2020 show turnover of £14,497 and £9,358 respectively. • Mr Raziq stated on the company’s BBL application form with Bank A, an annual turnover of £140,000. • Consequently, on 2 June 2020 the company received £35,000. • Fast Track entered Creditors Voluntary Liquidation on 6 June 2022. • At liquidation, Fast Track had liabilities of £88,474.70 including £83,750 owing in respect of the two BBLs. 

This information is correct as at 26 / 10 / 2023

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