Case details for Salih Iseri

Name: Salih Iseri

Name: USA NAIL BOUTIQUE LTD

Date of Birth: 4 / 9 / 1973

Date Order Starts: 20 / 11 / 2023

Disqualification Length: 11 Years 0 Month(s)

CRO Number: SC579332

Last Known Address: 43 Rigby Gardens, , , , GLASGOW, G32 6FB

Conduct: Salhi Iseri (“Mr Iseri”) caused USA Nail Boutique (“USA”) to apply for and receive a Bounce Back Loan (“BBL”) of £50,000, which USA was not fully entitled to, following which he caused the company to disburse funds which were not used for the economic benefit of the company in that: 1. A business could apply for a BBL of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover in the calendar year 2019. 2. On 06 June 2020 Mr Iseri, on behalf of USA, completed and submitted a BBL application within which Mr Iseri stated USA’s 2019 turnover was £200,000. Mr Iseri also declared the loan value was equal to, or less, than 25% of the company’s annual turnover for 2019. 3. USA’s annual accounts to 30 September 2019 disclose it achieved turnover of £73,217. Following which, in the period 01 October 2019 to 31 December 2019 USA’s bank statements disclose further credits totalling £14,169. Therefore, at most, USA was entitled to a BBL of no more than £21,847. 4. On 08 June 2020 USA received a BBL of £50,000. 5. Despite declaring within the BBL application that the loan would only be used to provide economic benefit for USA, and it would not be used for personal purposes Mr Iseri caused USA to misuse £25,990 of the loan by achieving personal gain from transactions totalling £9,740 and transferring £16,250 to a company in which Mr Iseri was appointed sole director, for no economic benefit to USA. 6. On 11 November 2021 Mr Iseri placed USA into Creditors Voluntary Liquidator with a deficiency of £50,519 owed to the bank, the company’s only creditor, in respect of the BBL. 

This information is correct as at 7 / 11 / 2023



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