Case details for Ashiq Hussain

Name: Ashiq Hussain


Date of Birth: 20 / 1 / 1980

Date Order Starts: 26 / 5 / 2022

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 12016462

Last Known Address: 56 Lingwood Avenue,, , , , BRADFORD, BD8 9PR

Conduct: 1. That on 6th May 2020 Ashiq Hussain (“Mr Hussain”) applied for a Government backed Bounce Back Loan (“BBL”) of £50,000.00 in the name of Lets Play Kidoos Limited trading as The Alphabet Zoo (“The Company”) when he knew, our ought to have known, that the company turnover did not support such an application and that information supplied to support the application was false. 2. In addition, between 26th May 2020 and 20th July 2020 Mr Hussain caused funds totalling at least £49,468.09 from the loan to be used contrary to the terms of the BBL scheme by making payments of £36,805.86 for Mr Hussain’s’ personal benefit and making payments of £12,662.23 to unsubstantiated payees with no apparent economic benefit to the business. • On 6th May 2020 Mr Hussain made an application to a financial institution for a BBL in the amount of £50,000.00 on behalf of the company. • The BBL criteria allowed a company to borrow between £2,000.00 and a maximum of £50,000.00 based on 25% of the company’s turnover. The funds could only be used to provide economic benefit to the company and not for personal purposes. • The loan application asked the company to provide details of its annual turnover, or its estimated annual turnover if the business was established after 1 January 2019. Mr Hussain stated on the application that the turnover of the company was £275,000 and that the company would like to borrow £50,000.00 under the BBL scheme. • Analysis of the company bank statements show that for the period 14th June 2019 to 6th May 2020 the company had receipts totalling £5,282.00. • The loan application asked, “was your business already insolvent or otherwise a business in difficulty on 31 December 2019?” to which Mr Hussain answered ‘no’. • Bank records show that from 14th June 2019 to 30th December receipts totalled £4,582.00. • The Insolvency Service holds an email communication, sent by Mr Hussain to the company trading premises landlord, dated 9th September 2020, stating that the trading premises had been closed since 1st January 2020. • On 15th May 2020 the company received £50,000.00 into its bank account in relation to the BBL. • Between 26th May 2020 and 20th July 2020 unexplained payments totalling £49,468.09 were paid out of the company bank account, as follows: o One payment to Mr Hussain of £2,550.00 (which Mr Hussain describes as “wage payment due to me”), o One payment to Mr Hussain of £200.00 (which Mr Hussain describes as “expenses”) o Three payments to unknown individuals totalling £9,000.00 (which Mr Hussain describes as “loan repayments and cleaning services”) o Eight payments to an unknown recipient totalling £34,055.86 (which Mr Hussain describes as “rent”). o Three unexplained payments totalling £3,662.23 (which Mr Hussain describes as “door repair, loan payment and supplier”). • Despite requests from the Liquidator and the Insolvency Service Mr Hussain has failed to evidence or satisfactorily explain these transactions. The company trading premises landlord have confirmed that no payments in respect of rent have been received since November 2019. • On 15th April 2021, the company was placed into Liquidation. • At the date of Liquidation, the company had trade creditors of £76,457.29 inclusive of £49,999.36 pertaining to the BBL. 

This information is correct as at 5 / 5 / 2022

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