Case details for Iulian MIHAI FLOREA



Date of Birth: 24 / 11 / 1992

Date Order Starts: 13 / 5 / 2022

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 09423149

Last Known Address: Flat 6, 227 High Street,, , , , PETERBOROUGH,, PE2 9EH

Conduct: Iulian Mihai Florea (“Mr Florea”) caused Fiulian Trans Limited (“FTrans”) to breach the conditions of the Bounce Back Loan (BBL) Scheme by falsely applying for a Bounce Back Loan of £35,000.00 when he knew or ought to have known that FTrans’s turnover was insufficient to obtain a loan of that size. Furthermore, Iulian Florea has failed to provide accounting records evidencing that the BBL funds were used for the economic benefit of FTrans, which was a requirement of the BBL scheme, in that: • The BBL criteria allowed a business to borrow between £2,000.00 and up to 25% of the company turnover (up to a maximum of a £50,000.00 loan). • Year ending accounts show turnover for y/e 28 February 2018 of £32,796.00 and for y/e 28 February 2019 of £35,759.00. • Company bank statements from 01 March 2019 to 28 February 2020, shows a turnover of £46,812.76. • On 14 May 2020, he applied for a BBL of £35,000 on behalf of FTrans. In the application form, he declared that FTrans’s up to date annual turnover was £140,000.00. • On 18 May 2020, a £35,000.00 BBL was paid into the company bank account by Barclayloan. • Two payments of £5,000.00 were made from FTrans bank account to the directors personal account on 18 May 2020 and 02 June 2020. No supporting documentation has been delivered up by him to explain the reason behind these payments. • Two cash withdrawals were made from FTrans bank account on 20 May 2020 (£5,000.00) and 17 June 2020 (£20,000.00). No supporting documentation has been delivered up by him to explain the reason behind these withdrawals, • At the date of the Liquidation on 26 July 2021, a total of £35,405.48 was owed to creditors, of which £35,000.00 was owed to the banks relating to the BBL, £304.48 claimed by HMRC and £101.00 claimed by the director. 

This information is correct as at 25 / 4 / 2022

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