Name: James IRERI

Name: Safi Care Ltd

Date of Birth: 5 / 5 / 1978

Date Order Starts: 8 / 12 / 2022

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 09431442

Last Known Address: 35 Twynersh Avenue,, , , , CHERTSEY,, KT16 9DE

Conduct: James Ireri (“Mr Ireri”) caused Safi Care Limited (“Safi”) to breach a term of 2 Covid Support loans (“the loans”), a Bounce Back Loan ("BBL") for £50,000 and a Coronavirus Business Interruption Loan (“CBIL”) for £100,000, obtained on 11 May and 19 August 2020, respectively. He failed to repay the BBL after obtaining the CBIL thereby breaching the terms of the loans. In addition, he has failed to provide adequate evidence of Safi’s turnover or how the loan funds were used, so it is not possible to verify if the company was entitled to the amounts obtained and if the monies were used for the company’s benefit, as required by the loans’ terms, in that: • A condition (“the First Condition”) of the BBL and CBIL schemes was that businesses effected by COVID-19 were able to apply, if eligible, for a single loan under one or the other of the schemes, but not both. However, a business could obtain a second loan if those funds were used to repay the first in full. • A further condition (“the Second Condition”) of the BBL and CBIL schemes was that businesses effected by COVID-19 were able to apply, if eligible, for a loan of up to 25% of their turnover. • Each loan was to be used for the promotion of the business. • He made an application to Natwest for a £50,000 BBL, dated 06 May 2020, which included confirmation that the information provided in it was complete and accurate. The application form included the First and Second Conditions. On 11 May 2020, Safi received the loan money. • He made an application to Funding Circle for a £100,000 CBIL, dated 18 August 2020. He stated that the company’s annual turnover was £407,639. The application included confirmation that the information provided in it was complete and accurate. The application form included the First and Second Conditions. On 19 August 2020, Safi received the loan money. • There is no evidence that CBIL funds were used to repay the BBL to Natwest as required by the First Condition; the BBL remained outstanding at liquidation for £82,562. • Adequate books and records of Safi have not been delivered up to the Liquidator. It has not been possible to verify the 2019 turnover of Safi, and therefore whether Safi was eligible for the loans as per the Second Condition. For the same reason, it has not been possible to verify the use of the loans. • Safi’s net outgoings between 11 May 2020 and 28 July 2021 totalled £491,367, including the expenditure of the BBL and CBIL monies, £80,015, which he has stated was personal spending, and £93,911 of transfers to his personal bank accounts. • Total liabilities at liquidation amount to £231,521 which includes debts of £214,765 in respect of the two covid loans. 

This information is correct as at 17 / 11 / 2022

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