Name: Olcan Kemal

Name: FM LOUNGE LTD

Date of Birth: 4 / 12 / 1978

Date Order Starts: 2 / 9 / 2025

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 11648815

Last Known Address: Flat 1,, Cedar House,, 5 Stock Road,, , BILLERICAY,, CM12 0AD

Conduct: Olcan Mehmet Kemal (“Mr Kemal”) caused the entire proceeds of sale of FM Lounge Ltd (“FM”) business of £375,000 belonging to FM to be paid to himself and not FM, to the detriment of the company and its creditors generally at a time when FM was insolvent. In that: • Unaudited Financial Statements for FM for the year to 30 June 2021 disclose Net assets of £64,873. • FM’s records indicate that it ceased trading on 23 April 2022, the last trading receipt into its bank account being on 27 April 2022. • By way of an Asset Purchase Agreement dated 15 December 2022, FM’s Business was sold as a going concern for £375,000, FM confirming, that in advance of completion, the full amount of the purchase price had been received. The Agreement was signed by Mr Kemal as FM’s Director. • Mr Kemal has subsequently advised these funds had been paid by bank transfer in April 2022. Review of FM’s bank statements show no such receipt. • On enquiry by the Liquidator, the Liquidator was advised the sale funds had been transferred to Mr Kemal. • Mr Kemal stated that the entire £375,000 sale price was paid to him by bank transfer in April 2022 with the reason for the transfer to himself being “Business sold as Person”. • As at 15 December 2022, FM’s bank account was overdrawn by £486.46 and FM had other creditors totalling at least £64,072. • The Statement of Affairs in the Liquidation sworn by Mr Kemal on 13 April 2023 estimated creditors totalling £104,974.10. Known creditors in the liquidation total £127,399.00, with a deficiency to creditors of £125,499.82. 

This information is correct as at 13 / 8 / 2025

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