Case details for Ionut Vicovanu

Name: Ionut Vicovanu


Date of Birth: 31 / 12 / 1983

Date Order Starts: 4 / 4 / 2022

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 10008388

Last Known Address: 17 Queens Avenue,, , , , STANMORE,, HA7 2LE

Conduct: 1. On 11 May 2020, Iani Vic Drylining Limited (“the Company”) received a bounce back loan from Santander in the sum of £49,000 (the ‘BBL’). Mr Vicovanu caused the Company to breach the terms of the BBL which stated that its intended purpose was to provide economic benefit to the business as the Company did not use the entirety of the loan monies for the economic benefit of the Company, in that: 1.1 Mr Vicovanu caused the Company to apply for the bounce back loan prior to 11 May 2020; 1.2 Mr Vicovanu told the BBL provider that the Company had turnover of £500,000 in 2019, whereas turnover shown in its accounts to 28 February 2019 was £184,237 and trade receipts into the Company bank account in the 2019/20 financial year were some £235,000; 1.3 The Company’s bank account had a credit balance of £150.45 immediately prior to receipt of the loan monies on 11 May 2020; 1.4 On 12, 16 and 27 May 2020 Mr Vicovanu caused the Company to make payments to his personal bank accounts of £15,000, £10,000 and £10,000 respectively; 1.5 between 01 July 2020 and 10 February 2021 forty-one round-sum payments and two other payments were made to Mr Vicovanu of a total of £30,576 (net of four payments by Mr Vicovanu to the Company); and 1.6 The Statement of Affairs signed by Mr Vicovanu upon liquidation on 29 March 2021 shows that the Company’s sole asset was an outstanding directors loan account due to be repaid by Mr Vicovanu to the Company in the sum of £35,000 which was not repaid to the Company; 1.7 Mr Vicovanu was made bankrupt on 28 June 2021. According to information provided by Mr Vicovanu connected with his entry into bankruptcy, he spent “around £32,000” of the bounce back loan monies for “rent and other living expenses”; 1.8 No repayments were made to the BBL provider shown in the Statement of Affairs as owed £49,000 with trade creditors of £500. According to the BBL provider the amount outstanding is £48,183.33. 

This information is correct as at 15 / 3 / 2022

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