Case details for Yusuf YASHAR

Name: Yusuf YASHAR

Name: Efes Kebab & Pizza House Ltd

Date of Birth: 16 / 4 / 1973

Date Order Starts: 7 / 10 / 2021

Disqualification Length: 9 Years 0 Month(s)

CRO Number: 08863805

Last Known Address: Flat 2, The Square,, West Street,, St. Georges,, , TELFORD,, TF2 9JE

Conduct: 1. Mr Yusuf Yashar Yusuf also known as Yusuf Yashar (“Mr Yashar”) caused Efes Kebab & Pizza House Ltd (“Efes Kebab”) to make a false application for a Bounce Back loan of £50,000 when he knew or ought to have known that at best Efes Kebab was only eligible for a loan based on turnover to a maximum amount of £13,740 and that information supplied to support the application was false. 2. In addition between 21 May 2020 and 04 August 2020 Mr Yashar caused funds totalling £39,240 from the loan to be used contrary to the terms of the bounce back loan scheme by making payments of £20,240 for his personal benefit and making payments of £19,000 to an associate to the detriment of creditors and for no economic benefit to the company in that: • On 8 May 2020, Mr Yashar made an application to a financial institution for a Bounce Back Loan of £50,000 on behalf of Efes Kebab. • The Bounce Back Loan criteria allowed a company to borrow between £2,000 and a maximum of £50,000 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 Efes Kabab to provide details of its annual turnover, or its estimated annual turnover if the business was established after 1 January 2019. Mr Yasher stated on the application that the turnover of Efes Kebab was £200,000. • The accounts for 31 January 2019 show a turnover of £78,852. • Analysis of Efes’ bank statements show that for the period 19 January 2019 to 18 May 2020, the company had receipts totalling £54,961. • The loan application also asked, ‘was your business already insolvent or otherwise a business in difficulty on 31 December 2019?’ to which Mr Yasher answered ‘no’. • The accounts for year ended 31 January 2017, 31 January 2018 and 31 January 2019 all show that the company was insolvent on a balance sheet basis. • The accounts for year ended 31 January 2019 show that nil was due to trade creditors, taxation and social security and £29,179 was due to other creditors which consist of the director’s loan account. • On 13 May 2020, Efes Kebab received £50,000 into its bank account in relation to the Bounce Back Loan. • Between 21 May 2020 and 04 August 2020 payments totalling £55,792 were paid out of the bank account. £20,240 was paid to Mr Yashar, £19,000 was paid to an associate for no apparent economic benefit to the company. • Between 13 May 2020 and 11 August 2020 (the date of liquidation) £15,440 was paid for trade expenditure, there were cash withdrawals of £500, £598 was paid to unknown recipients and there were bank charges of £97. • No payments were made to other creditors outstanding at liquidation. • On 25 June 2020, Mr Yashar approached the liquidator’s office for advice. • On 11 August 2020, the company was placed into liquidation. • At liquidation the liabilities totalled £83,200 of which £52,968 is due to the financial organisation which provided the Bounce Back Loan and £28,994 due to HM Revenue & Customs 

This information is correct as at 17 / 9 / 2021

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