Name: Liam Michael Rice

Name: Lmr Electrical Limited

Date of Birth: 17 / 9 / 1993

Date Order Starts: 26 / 1 / 2024

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 09984693

Last Known Address: 5 Kingscourt Avenue, , , , BOLTON, BL1 6EH

Conduct: On 24 May 2020, Liam Michael Rice (“Mr Rice”) caused LMR Electrical Ltd (“LMR“) to provide false or misleading information regarding turnover when applying for a £25,000 Government backed Bounce Back Loan (“BBL”),LMR therefore received £18,957 more than that to which it was entitled. Mr Rice further failed to use the BBL funds for the economic benefit of LMR contrary to the terms of the BBL scheme, in that: LMR was incorporated on 3 February 2016 The terms of the BBL scheme were such that the applicant company was entitled to borrow one BBL of between £2,000 and the maximum of £50,000. This entitlement being calculated on 25% of the applicant company’s 2019 turnover. The proceeds of any BBL obtained had to be used for the economic benefit of the business and not for personal expenditure. On 24 May 2020, Mr Rice applied for a Bounce Back loan of £25,000 stating that its turnover was £100,000. Analysis of LMR’s bank statements show trade income for 2019 totalling £24,170.29 The maximum sum that LMR was entitled to was therefore £6,043. On 27 May 2020 £25,000 was received into LMR’s bank account Prior to receipt of the BBL, LMR’s Current Account was overdrawn by £13.19. On 28 and 29 May 2020 £22,300 was transferred to accounts held by Mr Rice No other income had been received into LMR’s account in the intervening period. No evidence has therefore been provided to show that the payment to Mr Rice was for the economic benefit of the business. LMR entered Creditors’ Voluntary Liquidation on 18 January 2022. At Liquidation £25,000 remained outstanding in respect of the BBL obtained. 

This information is correct as at 8 / 1 / 2024

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