Name: Razaul Karim

Name: KARAZ LTD and RK SOUTHWEST LTD

Date of Birth: 15 / 7 / 1981

Date Order Starts: 30 / 1 / 2023

Disqualification Length: 9 Years 0 Month(s)

CRO Number: 10751956 / 12243374

Last Known Address: 47 Spencer Avenue,, , , , TAUNTON,, TA2 6JP

Conduct: Karaz Ltd (1) HO Illegal workers Mr Razaul Karim (“Mr Karim”) breached his duties as a director of Karaz Limited (“Karaz”) by failing to ensure that it complied with legislative requirements in that: Karaz did not comply with its statutory obligations under The Immigration, Asylum and Nationality Act 2006 by employing 2 people who did not have the right to work Following a visit from Home Office Immigration Officers on 16 October 2019, during which this breach was discovered, Karaz was issued with a penalty notice in the sum of £30,000, towards which Karaz's made payments totalling £1,666.68, resulting in £28,333.32 remaining unpaid; Mr Karim was the sole appointed director of Karaz at the time of the breach of the Immigration, Asylum and Nationality legislation. (2) Bounce back Loan Mr Karim caused Karaz to apply for a Government backed Bounce Back Loan ("BBL") totalling £50,000 and failed to use the BBL in its entirety for the economic benefit of the business. In that: ? The Government backed BBL scheme required the applicant to undertake that the BBL funds were to be used for the economic benefit of the business and should not have been used for personal purposes. ? Karaz applied to the Bank for a BBL in the sum of £50,000 on 4 May 2020. ? The BBL was received into Karaz's bank account on 6 May 2020. The balance on the account prior to receipt of the BBL was £5,977.62. ? Between 6 May 2020 and 20 May 2020, Karaz received £6065.17 into its bank account giving total available funds of £62,042.79 ? In this same period, unidentified cash/counter withdrawals were made from Karaz's bank account totalling £61,600 ? Mr Karim claims that funds were used to pay for business expenses, however no evidence has been provided in support of this claim. ? Information provided by the bank confirms the overdrawn balance on Karaz's BBL bank account on liquidation was £50,737.49. (3) Accounting records Between 01 February 2020 and 30 October 2020, Mr Karim failed to ensure that Karaz maintain and/or preserved adequate accounting records or, in the alternative, failed to deliver up such records as were maintained. As a consequence, it has not been possible to: Verify the reason for cash and counter withdrawals as recorded in Karaz's bank statements in the sum of at least £134,991and whether these were applied for the benefit of Karaz. Verify the amount owing by Karaz to HM Revenue & Customs in respect of Value Added Tax and Pay As You Earn. RK Southwest Ltd Mr Razaul Karim ("Mr Karim") caused RK Southwest Ltd ("RK Southwest") to apply for a Government backed Bounce Back Loan ("BBL") totalling £50,000. and failed to use the BBL in its entirety for the economic benefit of the business. In that: The Government backed BBL scheme required the applicant to undertake that the BBL funds were to be used for the economic benefit of the business and should not have been used for personal purposes. RK Southwest applied to the Bank for a BBL in the sum of £50,000 on 4 May 2020. The BBL was received into RK Southwest's bank account on 11 May 2020. The balance on the current account prior to receipt of the BBL was £9.08. Between 11 May 2020 and 29 May 2020 RK Southwest received £49,255.46 into its bank account giving total available funds of £99,264. Between 11 May 2020 and 29 May 2020, unidentified cash/counter withdrawals were made from RK Southwest's bank account totalling £86,710 and £14,916.90 was used to pay business expenses and creditors. On this basis, Mr Karim is considered to have failed to use the sum of £35,074.02 for the economic benefit of RK Southwest. Mr Karim claims that funds were used to pay for business expenses, however no evidence has been provided in support of this claim. Information provided by the bank confirms the overdrawn balance on RK Southwest's BBL bank account was £50,737.49. (1) Accounting records Between 06 December 2019 and 22 December 2021, Mr Karim failed to ensure that RK Southwest maintain and/or preserve adequate accounting records or in the alternatively has failed to deliver up such records as were maintained. As a consequence, it has not been possible to: Verify the reason for cash and counter withdrawals as identified in RK Southwest's bank statements in the sum of at least £710,919.84 and whether these were applied for the benefit of RK Southwest Verify the amount owing by RK Southwest to HM Revenue & Customs in respect of Value Added Tax and Pay As You Earn. The validity of purchase invoices in the total sum of £226,337.66 

This information is correct as at 10 / 1 / 2023

If you believe this page contains any errors, please email legalservices@insolvency.gov.uk with details of the error that you have found.