Case details for Stephen MOLNAR

Name: Stephen MOLNAR

Name: Molnar Design Limited

Date of Birth: 10 / 5 / 1988

Date Order Starts: 11 / 4 / 2022

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 08825674

Last Known Address: 108 Roman Way,, Bourton-on-the-Water,, , , CHELTENHAM,, GL54 2HD

Conduct: Stephen Robert John Molnar (“Mr Molnar”) caused Molnar Designs Ltd (“MDL”) to obtain Covid financial support funding totalling £45,841.42 between 6 May 2020 and 11 March 2021 and utilised those funds by making payments to himself, a connected party, and/or for his personal benefit, rather than for the economic benefit of the business of MDL, or in discharging its outstanding liabilities, particularly sums owed to HMRC. In that: On 04 May 2020, Mr Molnar applied for a government back Bounce Back Loan (“BBL”) totalling £15,000 and the monies being credited to MDL’s bank account on 6 May 2020. On 26 February 2021 Mr Molnar applied for a “top up” BBL totalling £14,000, these monies being credited to MDL’s bank account on 1 March 2021. The terms of the BBL stated that it must be used to provide economic benefit for the business and not for any personal purpose. In or around June 2020, MDL made an application to the local District Council for a Discretionary Grant and, on 23 June 2020, was advised by email that such application had been successful and that an award of £10,000 was deposited into MDL’s bank account on 24 June 2020. In or around March 2021, MDL made further application to the local District Council and, on 11 March 2021, was advised by email that such further application had been successful and that the company had been awarded Additional Restrictions & Local Restrictions Support grants in the total sum of £6,841.42. Between 06 May 2020 and 11 March 2021 a total of £45,81.42,821.47 was paid into MDL’s bank account by way of BBL and local authority support grant. In addition between 28 May 2020 and 26 April 2021 the Company received £22,348.59 through Job Retention Scheme (“Furlough”) grants from HMRC relating to the employees, being himself. The only income MDL received during the period 6 May 2020 to liquidation resulted from Covid support schemes. Expenditure during the same period totalled £62,045.77, of which £32,825.27 was paid to Mr Molnar, £15,344.36 to a connected party, £7,792.34 to retail outlets (principally food shopping), £1,384.15 on entertainment, £1,118.80 on motor fuel and £673 was withdrawn in cash. At liquidation the only creditors, other than himself, were the bank in relation to the BBL, totalling £29,000, and £21,401 to HMRC in respect of PAYE and VAT. No payments were made to HMRC after 12 February 2020 and no payments were or have been made in relation to the BBL. 

This information is correct as at 21 / 3 / 2022



If you believe this page contains any errors, please email legalservices@insolvency.gov.uk with details of the error that you have found.