Case details for Richard Milne

Name: Richard Milne


Date of Birth: 8 / 8 / 1977

Date Order Starts: 25 / 5 / 2022

Disqualification Length: 8 Years 0 Month(s)

CRO Number: 09984263

Last Known Address: 18 Geneva Road, , , , Kingston Upon Thames, KT1 2TW

Conduct: On 10 May 2020 I caused Langshot Limited (“Langshot”) to apply for a Government Backed Bounce Back Loan (“BBL”) of £30,000 when I ought to have known that Langshot was not eligible for the full amount of the BBL. Between 18 May 2020 and 1 September 2020, I caused Langshot to utilise at least £7,569 of the BBL funds for personal use. The BBL funds were provided with the express intention of providing economic benefit to Langshot’s business and I breached those terms and removed funds for the benefit of myself, in that: The BBL scheme allowed businesses affected by the Coronavirus pandemic to apply for a government backed loan of between £2,000 and £50,000, up to a maximum of 25% of turnover for the calendar year of 2019. On 10 May 2020 I applied for a BBL on behalf of Langshot. In the application form, I declared that Langshot’s annual turnover in the calendar year of 2019 was £120,000 and that the £30,000 BBL applied for was equal to or less than 25% of annual turnover for the calendar year of 2019. Langshot’s financial accounts for the period covering 1 January to 31 March 2019 show turnover of £20,000. Financial accounts for the year ended 31 March 2020 show turnover of £30,885, meaning the maximum turnover for the calendar year 2019 was £50,885, which would have allowed for a BBL of at most £12,721. This was significantly below the turnover level of £120,000 that was required to obtain the BBL of £30,000 and so Langshot was not entitled to the full BBL sought. On 18 May 2020, £30,000 was paid in to Langshot’s bank account as a result of the BBL application, making the balance on Langshot’s bank account £42,997. A further £26,498 was paid in from other sources after this date Between 18 May 2020 and 1 September 2020 payments from Langshot’s bank account totalling £69,367 were made, of which £46,935 were made to various bank accounts for my benefit and/or my partner’s benefit. At least £7,569 of the £30,000 BBL funds were utilised to make these payments. Langshot ceased trading on 31 December 2020 and on 2 March 2021 Langshot entered into creditors voluntary liquidation. At the date of the liquidation Langshot had assets of £2,000, liabilities of at least £30,000, and a deficiency to creditors of at least £28,000. The Liquidator has reconciled the outstanding Directors Loan Account and advised that I have agreed to repay £31,913 payable in monthly instalments of £650 for a period of 49 months in full and final settlement of claims against me as director. 

This information is correct as at 4 / 5 / 2022

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