Case details for Faridah Onoseogboya SHUAIBU

Name: Faridah Onoseogboya SHUAIBU

Name: DUAL OASIS LTD

Date of Birth: 22 / 3 / 1985

Date Order Starts: 22 / 4 / 2022

Disqualification Length: 5 Years 6 Month(s)

CRO Number: 10575550

Last Known Address: 12 Townhall Square,, , , , Crayford,, DA1 4FH

Conduct: On 04 May 2020 Faridah Onoseogboya Shuaibu (“Miss Shuaibu”) caused Dual Oasis Limited (“the Company”) to obtain a government backed Bounce Back Loan (“BBL”) totalling £27,500 and did not use it in its entirety for the economic benefit of the business, contrary to the terms of the BBL. In that: • On 04 May 2020 she submitted an application to the bank for a BBL in the sum of £27,500. • Within the BBL application she declared that the BBL would be used to provide economic benefit to the business and would be used wholly for business purposes and not personal purposes. • On 05 June 2020 the sum of £27,500, being the BBL, was paid into the Company’s bank account. Prior to receipt of the loan the account had a credit balance of £1,582.17. • In her questionnaire dated 23 July 2021 she stated that the BBL was used to pay for the Company’s expenses including accountancy fees, tax liabilities, bank fees, other standing order expenses and as part payment for the Insolvency Practitioner’s fees. The remainder of it was taken as a director’s loan. • An analysis of the Company’s bank statements shows that after receipt of the BBL funds on 05 June 2020 a total of £5,196.04 was paid to HMRC, the Company accountants and other creditors. In the period from 06 June 2020 to 23 August 2020 a total of £25,500 was paid directly to her via 4 bank transfers. On 30 October 2020 she repaid £2,500. On 06 and 07 June 2020 2 payments of £732 each were made to her for wages. • In her director questionnaire she states that the £25,500 were director’s loan payments. • In her email of 27 January 2022, she states that the funds she withdrew after receipt of the BBL were shown as a director’s loan because she was unable to take dividends as the Company had no profits. • After receipt of the BBL funds, net payments totalling £24,464 were paid to her from the Company bank account. • In the liquidation proceedings she paid a settlement of £5,000 for the funds that she took personally from the BBL. • At liquidation on 19 January 2021, the Company owed its creditors £34,498.88, including £4,912.73 owed to her and the £27,500 of the BBL which remains unpaid. 

This information is correct as at 1 / 4 / 2022



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