Case details for Timothy JONES

Name: Timothy JONES


Date of Birth: 24 / 2 / 1966

Date Order Starts: 25 / 5 / 2022

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 12330770

Last Known Address: 102 Bradley Road,, , , , HUDDERSFIELD,, HD2 1QY

Conduct: Timothy David Jones (“Mr Jones”) caused Swift Remedial Limited (“Swift”) to apply for a Bounce Back Loan (“BBL”) totalling £25,000 that he knew or ought to have known that Swift was not eligible for. Of these funds at least £16,318 was transferred to his personal bank account and was therefore not used for the economic benefit of the company. In that: Mr Jones was a director of Swift from incorporation on 25th November 2019 Part of the BBL eligibility criteria was that the company must be actively trading as at 1 March 2020. According to bank activity, as at 1 March 2020 Swift had not traded in terms of generating any turnover. Credits received into the account totalled £50 in 2020 prior to receipt of the BBL and £0 in 2019. Information from the director revealed that Swift had only been able to tender for one contract in May 2020, prior to obtaining the BBL and that all other tenders were dated after obtaining the BBL in September 2020. No company records have been provided to support that the company ever generated any turnover. On his own admission Mr Jones has stated that the company never issued any sales invoices. On 14 May 2020, Mr Jones applied for a BBL of £25,000 on behalf of Swift. The loan terms allowed Swift to apply for a loan up to 25% of the annual turnover of the company from £2,000 - £50,000. In the application form, Mr Jones declared that Swift’s turnover for the calendar year of 2019 was £100,000. On 10 July 2020 £25,000 was credited to the company bank account. Between 10 July 2020 and 5 November 2020 Mr Jones transferred £21,500 to himself during which time the company had no other trading receipts reducing the balance of the account to £1.559; On 28 May 2021 Mr Jones transferred a further £1,000 to himself. On the company bank statements these payments totalling £22,500 were described as salary yet the company was not registered for PAYE with HMRC and no salary was declared to HMRC. These payments breached the conditions of the BBL which stated that it should be used for the economic benefit of the business. Mr Jones has stated that from July 2020 the sum of £6,182 of the BBL monies were used for company expenses from his personal bank account, copy invoices have been provided for most of the expenditure but not confirmation of payment for all of the transactions. After deducting those expenses Mr Jones still would have received £16,318 from the BBL that was not used for the economic benefit of the company. At the date of liquidation on 22 June 2021 the BBL remained unpaid. 

This information is correct as at 4 / 5 / 2022

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