Name: Vasile Varga

Name: FALKIRK TRADERS LTD

Date of Birth: 6 / 2 / 1991

Date Order Starts: 4 / 3 / 2026

Disqualification Length: 11 Years 0 Month(s)

CRO Number: SC618107

Last Known Address: 0/2 122 Victoria Road, , , , GLASGOW, G42 7JD

Conduct: On 12 January 2021, Vasile Varga (“Mr Varga”) caused Falkirk Traders Ltd (“Falkirk”) to breach the terms and conditions of the Bounce Back Loan (“BBL”) scheme by applying for a BBL of £50,000 to which the Company was not fully entitled. The Company received a BBL of £50,000 for the lender on 18 January 2021. • The BBL Scheme criteria allowed a company to borrow between £2,000 and a maximum of £50,000 subject to a maximum of up to 25% of the company’s turnover in the calendar year 2019. If a business was established after 1 January 2019, the 25% limit could be applied to the estimated annual turnover from the date the business started; • The BBL scheme terms and conditions state that BBL funds are to be used to provide economic benefit to the business and that it will be used wholly for business purposes and not personal purposes; • The BBL applicant had to sign a declaration confirming that their company was carrying on its business on 1 March 2020, that they were engaged in trading or commercial activity in the United Kingdom as at the date of the application, and that the business has been adversely impacted by the COVID-19 pandemic. • Falkirk was incorporated on 14 January 2019 and there is no evidence to support that it commenced trading soon after. • Abbreviated financial accounts for the year ending February 2020 are held however no turnover figure is declared. • The company’s bank account was opened on 12 November 2020. In the period 3 December 2020 to 19 December 2020, funds totalling £5,000 were received from a third party however, no sales income can be identified. On this basis, the company was not eligible for a BBL as no evidence of sales income has been found. • On 12 January 2021, Mr Varga applied for a £50,000 BBL on behalf of Falkirk, declaring the company’s annual turnover as £200,000. • On 18 January 2021, BBL funds of £50,000 were paid into the company’s bank account. • In the period 8 February 2021 to 6 May 2021, at least 24 payments totalling £42,158 were made from the company bank account, but Mr Varga has provided no records to evidence that these payments were for the economic benefit of Falkirk. • On 9 February 2023, Falkirk entered creditors voluntary liquidation. Total liabilities at liquidation amount to £50,000 of which the full amount is in respect of the BBL. 

This information is correct as at 4 / 3 / 2026

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