Name: TEODOR ADI AVELOAEI

Name: TEO&ALINA LOGISTICS LIMITED

Date of Birth: 6 / 3 / 1977

Date Order Starts: 23 / 12 / 2022

Disqualification Length: 11 Years 0 Month(s)

CRO Number: SC599660

Last Known Address: 74 Dorchester Street, , , , GLASGOW, G33 5DB

Conduct: Teodor Adi Aveloaei (“Mr Aveloaei”) caused Teo&Alina Logistics Limited (the “Company”) to apply for and obtain two separate Government backed Bounce Back Loans (“BBL”) totalling £60,000 in breach of the BBL scheme. The second submitted BBL application contained false or inaccurate information. Thereafter in breach of the BBL scheme neither BBL was used in its entirety for the economic benefit of the business of the Company. In that: First BBL application - In May 2020 the Company applied to Bank A for a Government BBL of £10,000; - On 12 May 2020 the sum of £10,000, being the BBL, was paid into the Company bank account by Bank A. Prior to receipt of the BBL the bank account balance stood at £119.82 in credit. - Following receipt of the BBL in the period between 18 May 2020 and 7 July 2020 the Company expended (i) £3,367.36 in Romania, (ii) £1,500 towards an unknown bank loan, (iii) £800 to an unknown entity, (iv) £75 to a finance company and (v) £59.81 to supermarkets & food stores. - On 18 June 2021 the Company made one repayment towards the BBL in the sum of £187.21, being the only repayment made. Second BBL application - In August 2020 in breach of the BBL scheme the Company applied to Bank B for a second Government BBL in the sum of £50,000; - On 24 September 2020 the sum of £50,000, being the second BBL, was paid into the Company bank account by Bank B. Prior to receipt of the second BBL the bank account balance stood at £2,002.79 in credit. - In the BBL application form the annual turnover of the Company is stated as £225,000. This is notwithstanding that an analysis of turnover from the Company bank statements in the period 14 August 2019 to 10 August 2020 disclosed turnover as £45,723.88. - The BBL application form requested an up-to-date annual turnover figure. Mr Aveloaei knew or ought to have known that the turnover of the Company was not £225,000. By overstating the turnover the Company received the maximum amount of £50,000, which it was not entitled to. - Following receipt of the BBL in the period between 24 September 2020 and 29 March 2021 the Company expended: (i) £3,160.40 in Romania; (ii) £2,092.31 to supermarkets & food stores; (iii) £3,200 to an unknown entity; (iv) £25,500 to a car vehicle sales group; (v) £5,000 to a finance company; (vi) £3,350 to individual persons; (v) £430 in ATM withdrawals in the UK; (vi) £366.05 in ATM withdrawals in Egypt; & (vii) £316.32 paid to restaurants & coffee shops. An analysis of turnover from the Company Bank statements in the period between 24 September 2020 and 29 March 2021 discloses the Company was not trading. At liquidation in February 2022 the Company owed its creditors at least £60,664.05. Bank A submitted a claim in the sum of £10,030.75. Bank B submitted a claim in the sum of £50,633.30. 

This information is correct as at 7 / 12 / 2022

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