Name: Ashot Arshakyan

Name: ARRMM LTD

Date of Birth: 18 / 9 / 1997

Date Order Starts: 4 / 2 / 2026

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 11973023

Last Known Address: 271 Thornton Road,, , , , CROYDON, CR0 3EW

Conduct: 1. Mr Arshakyan caused ARRMM to apply for a Bounce Back Loan (‘BBL’) of £50,000 when he ought to have known that ARRMM was not eligible for a loan of such amount in that; 1.1 The BBL scheme criteria allowed companies incorporated before 01 January 2019 to apply for a loan of up to 25% of turnover in the 2019 calendar year, from a minimum of £2,000 up to a maximum of £50,000. If the company was incorporated after 01 January 2019, then an estimated annual turnover from the date the business started could be used by the applicant. 1.2 ARRMM was incorporated on 01 May 2019 and Mr Arshakyan has explained that it started its business immediately. 1.3 Annual accounts filed for the year ending 31 May 2020 record nil transactions, and cash at bank of £1. 1.4 On the BBL application dated 24 August 2020, Mr Arshakyan declared on behalf of the company that its estimated annual turnover was £220,000. 1.5 On 28 August 2020, ARRMM received the BBL in the amount of £50,000 from the bank, which was paid into the company’s bank account, opened on 01 July 2020. 1.6 Mr Arshakyan stated that he considered the loan application was valid because he had consulted with accountants prior to making the application and believed that he could estimate turnover on the basis of a single building contract that he had expected to generate turnover of £225,000 had covid restrictions not intervened. 1.7 Mr Arshakyan’s explanation did not provide a reasonable basis for estimating that ARRMM had turnover of £220,000 between May 2019 and May 2020. 1.7.1 Mr Arshakyan ought to have known in August 2020, when he made the application for the bounce back loan, from ARRMM’s own records and his involvement in the company that ARRMM had nil turnover in the period between May 2019 and May 2020, and no building contracts had materialised. 1.7.2 Mr Arshakyan has provided no evidence that he was advised by the company’s accountants that turnover could be estimated, for the purposes of a bounce back loan application, on the special assumption that covid (and its consequent economic and social restrictions) had not occurred “the Special Assumption”. The company’s accountants have confirmed, however, that Mr Arshakyan was informed that they could not give legal advice. 1.7.3 There is no evidence that Mr Arshakyan took legal advice. 1.7.4 There is no evidence that the bank advised Mr Arshakyan that turnover could be estimated on the basis of the Special Assumption. 1.7.5 The application form for the bounce back loan gave no indication that turnover was to be estimated on the basis of the Special Assumption. 1.7.6 Even if an applicant had been entitled to estimate turnover on the basis of the Special Assumption, there is no documentary evidence of the possibility of the single building contract that Mr Arshakyan has referred to, or its anticipated value, or that it was reasonably believed to generate income in the year ending May 2020. 1.8 Company bank statements show transactions dated 01 July 2020 to 31 December 2021. Excluding refunds, the only receipt into the company bank account is that of the £50,000 from the BBL. 1.9 The company was placed into creditors voluntary liquidation on 14 December 2021. 1.10 At liquidation, £50,000 was owed in respect of outstanding BBL. 

This information is correct as at 19 / 1 / 2026

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