Case details for Veselin Valentinov HADZHIMINEV

Name: Veselin Valentinov HADZHIMINEV


Date of Birth: 20 / 3 / 1986

Date Order Starts: 6 / 11 / 2023

Disqualification Length: 9 Years 0 Month(s)

CRO Number: 10368660

Last Known Address: Flat 99,, Felix Court, , 11 Charcot Road,, , LONDON,, NW9 5ZE

Conduct: On 7 May 2020, Mr Veselin Valentinov Hadzhiminev ("Mr Hadzhiminev") caused Vescorp Limited ("Vescorp") to apply for a Government backed Bounce Back Loan ("BBL") totalling £20,000 using overstated turnover resulting in Vescorp receiving more than it was entitled to receive. Further, the BBL was not used in its entirety for the economic benefit of the business. In that: Turnover Vescorp was incorporated on 11 September 2016. Vescorp's accounts confirm that it commenced trading during the accounting period ended 30 September 2018. Vescorp's bank account statements confirm that it traded prior to 2019. Where a business was established prior to 1 January 2019, the BBL application enabled the applicant to apply for a loan of between £2,000 and £50,000 up to a maximum of 25% of a Company's turnover for calendar year 2019. The BBL application submitted in respect of Vescorp declared turnover for calendar year 2019 in the sum of £81,000. Vescorp received a Bounce Back Loan in the sum of £20,000 into its bank account on 8 May 2020. Vescorp's accounts to 30 September 2019 record annual turnover of £45,932, and accounts to 30 September 2020 record turnover of £51,712. Vescorp's bank statements for the period 1 January 2019 to 31 December 2019 record total receipts indicative of turnover during this period in the sum of £51,266, and which would have entitled Vescorp to a maximum BBL of £12,816.50 The level of turnover for the calendar year 2019 declared in the BBL application form in the sum of £81,000 was significantly overstated and Vescorp received BBL funds in the sum of at least £7,183.50 more than it was entitled to receive. Use of funds The BBL Scheme required the applicant to undertake to use the credit granted to provide economic benefit to the business, that it would be used wholly for business purposes and it would not be used for personal purposes. Prior to receipt of the BBL proceeds the balance on Vescorpís bank account stood at £359.21 Following receipt of the BBL into Vescorp's bank account on 8 May 2020, the total sum of £10,600 was paid to Mr Hadzhiminev from BBL funds between 9 May 2020 and 14 May 2020;.£10,240.73 of which came from BBL funds. On liquidation the sum of £19,534.13.remained outstanding in respect of Vescorp's BBL. 

This information is correct as at 17 / 10 / 2023

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