Name: Ivan  Polisiuc

Name: Ivory UA Limited

Date of Birth: 12 / 2 / 1986

Date Order Starts: 30 / 5 / 2025

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 10880274

Last Known Address: 38 Tangmere Gardens,, , , , NORTHOLT,, UB5 6LS

Conduct: Mr Ivan Polisiuc (“Mr Polisiuc”) breached the terms of the Bounce Back Loan (“BBL”) Scheme by causing Ivory UA Ltd (“Ivory”) to overstate its turnover on its application for a BBL, resulting in the company receiving a BBL of £50,000 of which it was only eligible for £5,700, and did not use the BBL in its entirety for the economic benefit of Ivory in that: • The BBL scheme terms allowed businesses to receive a loan of up to 25% of their annual turnover for the 2019 calendar year, which the applicant would self-certify when completing the BBL application.   • Ivory was incorporated on 24 July 2017.  • Mr Polisiuc declared on the company’s BBL application form an actual annual turnover of £225,000 for 2019, and consequently on 18 August 2020 Ivory received a £50,000 BBL, the maximum loan amount possible under the BBL scheme.    • Ivory bank statements for the period 01 January 2019 to 31 December 2019 show bank receipts totalling £22,799.73 meaning Ivory was only eligible to apply for a BBL of £5,700. • Annual returns submitted to HMRC show a turnover of £26,910 for the financial year ending 31/07/19 and £12,374 for the financial year ending 31/07/20. • The overstatement of turnover totalling £202,200.27 meant that Ivory received £44,300 more than it was entitled to from the BBL scheme. • Between 19 August 2020 and 11 September 2020, payments of £44,949.97 from BBL funds were transferred to unknown third parties and no evidence has been provided to show that these payments were for the economic benefit of Ivory. • Ivory entered Creditor’s Voluntary Liquidation on 29 April 2022 • At liquidation, Ivory had liabilities totalling £67,891, of which £50,862.31 was owed to the bank in respect of the BBL.  

This information is correct as at 12 / 5 / 2025

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