Name: Abu Foysol

Name: Aerial Ark Limited

Date of Birth: 16 / 6 / 1976

Date Order Starts: 29 / 2 / 2024

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 10066773

Last Known Address: 33 PARFETT STREET, , , , LONDON, E1 1JR

Conduct: Mr Abu Foysol (“Mr Foysol”) breached the terms of the Bounce Back Loan (“BBL”) Scheme by causing Aerial Ark Limited (“AAL”) to overstate its turnover on its application for a BBL resulting in the company receiving a BBL of £50,000 when he knew or ought to have known that AAL did not meet the eligibility criteria to obtain a BBL of that amount. Mr Foysol has failed to provide evidence that the £50,000 BBL funds, which were transferred to him, were used for the economic benefit of AAL, in that, • Under the BBL scheme, businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of its turnover. The turnover figure was self-certified by the applicant. The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it is their estimated turnover from the date the business started. • AAL was incorporated on 16 March 2016 and commenced trading around that time. • On or around 26 January 2021 Mr Foysol applied for a BBL of £50,000 on behalf of AAL declaring that turnover was £250,000. • Financial accounts for year ending 31 March 2019 show that the actual turnover was £25,197. • Financial accounts for year ending 31 March 2020 (approved by Mr Foysol on 30 December 2020) show that the actual turnover was £31,070. • Mr Foysol has estimated that turnover for the 2019 calendar year was £35,000. • Based on the estimated turnover for the calendar year 2019, AAL was eligible to a apply for a maximum BBL of £8,750. • On 27 January 2021 AAL received £50,000 into its bank account. • The overstatement of turnover meant that AAL received £41,250 more than it was entitled to from the BBL scheme. • Between 28 January 2021 and 4 February 2022 payments totalling £50,000 were made to Mr Foysol. Mr Foysol has failed to provide evidence that these payments provided economic benefit to AAL. • Total liabilities at liquidation amount to £53,380 of which £50,000 relates to the amount owed in respect of the BBL. 

This information is correct as at 9 / 2 / 2024

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