Name: Virgiliu Laurentiu Cioara

Name: ACV TRANS LIMITED

Date of Birth: 29 / 12 / 1983

Date Order Starts: 23 / 4 / 2025

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 08790879

Last Known Address: 47 The Chase,, Essex,, , , GRAYS,, RM20 4BF

Conduct: On 03 July 2020, Mr Virgiliu Laurentiu Cioara ("Mr Cioara") caused ACV Trans Limited ("ACV") to breach the terms and conditions of the Government-backed Bounce Back Loan ("BBL") scheme by overstating its turnover on the BBL application, resulting in ACV receiving more funds than it was entitled to from the BBL scheme. Furthermore, BBL funds received totalling £44,258 were not used for the economic benefit of ACV. In that: • ACV was incorporated on 26 November 2013 and its accounts confirm that it commenced trading in the accounting period ended 30 November 2014. • Under the BBL scheme businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of 25% of its turnover for the 2019 calendar year. The turnover figure was self-certified by the applicant. • On 03 July 2020 Mr Cioara applied for a BBL on behalf of ACV in the amount of £50,000 declaring its annual turnover for calendar year 2019 to be £205,342. • Mr Cioara has stated that the declared turnover figure was based on projections for AVC despite the requirement set out in the application for turnover to be declared for calendar year 2019. • ACV's bank statements for the calendar year 2019 record receipts received into its account totalling £24,480.13. The maximum BBL to which ACV was entitled was therefore £6,120. • ACV subsequently received a BBL into its bank account in the sum of £50,000 on 6 July 2020 and therefore received £43,880 more than it was entitled to. • The BBL Scheme required the applicant to declare that the BBL funds would be used for the economic benefit of the business, and not be used for personal benefit. • The balance on ACV’s bank account following the receipt of the BBL funds was £50,000.25. Between receipt of the BBL on 6 July 2020 and 24 August 2020, payments totalling £46,522 were made to Mr Cioara or other parties which appeared to be for personal purposes. During the same period £2,264 was received into ACV’s bank account. Therefore BBL funds totalling £44,258 were not used for the economic benefit of ACV. • ACV's available records delivered up to the Liquidator on liquidation do not provide any explanation for these payments, and Mr Cioara has not provided any explanation why these payments were for the economic benefit of ACV. • ACV's Statement of Affairs approved by Mr Cioara on 9 February 2023 record that no assets were declared in the liquidation and that the sum of £50,000 remained outstanding to Barclays Bank in respect of the BBL. • Repayments totalling £3,749 were made in relation to the BBL. • ACV entered into Creditors Voluntary Liquidation on 22 February 2023 with one liability totalling £50,000 which related to the BBL. • Mr Cioara subsequently reached a settlement with ACV to repay the sum of £15,000 to the liquidated estate to be paid over 20 months. One payment of £750 was made in relation to this agreement. 

This information is correct as at 3 / 4 / 2025

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