Case details for Abu QASIM

Name: Abu QASIM


Date of Birth: 2 / 4 / 1990

Date Order Starts: 28 / 10 / 2022

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 11251552

Last Known Address: 78 George Arthur Road,, , , , BIRMINGHAM,, B8 1LW

Conduct: Abu Qasim (Mr Qasim) caused Madison Square Business Ltd (hereinafter referred to as “MSB”) to misuse funds totalling at least £23,246 obtained via the Bounce Back Loan scheme (hereinafter referred to as “BBL”) in that: • On 11 May 2020 MSB received a £50,000 BBL, prior to which MSB had a bank balance of £26,754.68; • At the point of application for the BBL, he signed a declaration to use the BBL wholly for business purposes and not personal purposes; • Between receipt of the BBL and 20 May 2020 MSB’s bank account received credits totalling £6,162.53, and made payments totalling £8,852.15; • On 20 May 2020 a payment totalling £50,000 was made from MSB’s bank account to an investment account registered in the name of himself, which could not have been made without funds obtained through the BBL scheme; • On 21 May 2020 he used his investment account to purchase shares in a global energy company to the value of £50,050; • He failed to disclose these shares as an asset to the Liquidator; • No repayment towards the BBL has been made and MSB entered liquidation on 02 December 2021 owing £158,902.92 to creditors. He has failed to maintain, preserve and/or in the alternative deliver up adequate accounting records for Madison Square Business Ltd for any period between 13 March 2018 (the date of incorporation) and 02 December 2021 (the date of liquidation), as a consequence it is not possible to: • Verify, in the absence of any cash deposits to MSB’s bank account, that cash income has been recorded and accounted for, and the value of any cash income; • Determine how cash withdrawals from MSB’s bank account between 12 April 2018 and 20 October 2021 totalling £50,840.62 were used; • Verify, In the absence of any PAYE RTI submissions to HMRC, whether all appropriate taxes and national insurance contributions have been paid on wage payments to third parties totalling £75,738.66 and payments to him totalling £94,093.10 between 12 April and 20 October 2021; • Determine whether MSB was required to register and account for VAT, and the value of any VAT that should have been reported and paid to HMRC; • Verify creditors’ claims in MSB’s liquidation, including £100,000 purported to be owed to him. 

This information is correct as at 10 / 10 / 2022

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