Case details for Gheorghe CRICOVEAN

Name: Gheorghe CRICOVEAN


Date of Birth: 24 / 2 / 1988

Date Order Starts: 28 / 3 / 2022

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 11049043

Last Known Address: 12 Ewan Road,, , , , Harold Wood,, RM3 0WW

Conduct: Gheorghe Cricovean (“Mr Cricovean”) caused George Motors Limited (“George”) to breach the conditions of the Bounce Back Loan (“BBL”) Scheme by applying for a BBL of £25,000 when he knew or ought to have known that George was only eligible for a loan to a maximum of £10,407, based on total turnover in the accounts for the year ended 30 November 2019. Of the £25,000 George received, at least £12,500 was paid out for the personal benefit of him and his associate contrary to the conditions for the use of a BBL. In that: • The BBL criteria allowed a business to borrow between £2,000 and up to 25% of the company turnover, with a maximum loan of £50,000 for the purpose of a business carried on or intended to be carried on by the applicant. • On 11 December 2020, he applied for a BBL of £25,000 for George stating the estimated turnover as £105,500 on the application form. • According to him, the company turnover specified in the application was based on the financial year ended 30 November 2020 however the BBL terms state that the turnover for the calendar year 2019 should be used. Accounts for the year ending 30 November 2019 show a turnover of £41,631 meaning that the maximum loan George was eligible for was £10,407. • On 9 February 2021, BBL funds of £25,000 were paid into George’s bank account. • From 2 March 2021 to 26 March 2021 payments totalling at least £12,500 were paid out of George’s bank account to the benefit of him and his associate. • At the date of the Liquidation on 16 June 2021, a total of £58,363 was owed to creditors, of which at least £12,173 was owed to HMRC, £25,000 to a bank in respect of the BBL, and £21,190 to the same bank. 

This information is correct as at 24 / 3 / 2022

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