Name: Shahid Shaikh

Name: I Trade Motors Limited

Date of Birth: 11 / 6 / 1974

Date Order Starts: 31 / 7 / 2025

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 10148631

Last Known Address: 35 Old Hospital Close,, , , , LONDON,, SW12 8SR

Conduct: On or around 06 September 2020, Shahid Noor Shaikh (“Mr Shaikh”) caused I Trade Motors Limited (“I Trade”) to apply for a Bounce Back Loan (“BBL”), contrary to the initial BBL criteria, when it was not engaged in trading or commercial activity in the UK at the date of the BBL application and was therefore not entitled to a BBL at all. In addition, or in the alternative, on or around 06 September 2020, Mr Shaikh caused I Trade to breach the terms of the BBL scheme by incorrectly or falsely overstating I Trade’s turnover in the BBL application by at least £128,373 for calendar year 2019 in order to obtain the maximum BBL amount of £50,000. In addition, Mr Shaikh also caused I Trade to breach the terms of the BBL scheme by failing to use the BBL monies solely for the economic benefit of the Company as required by the BBL agreement. In that: • Under the BBL scheme, businesses were able to apply for a BBL if they engaged in trading or commercial activity in the UK at the date of the application, if they were carrying on business on 01 March 2020 and had been adversely affected by Covid. • Businesses could apply for a BBL of up to 25% of their 2019 turnover, from a minimum of £2,000 to a maximum of £50,000. The BBL scheme required the funds were only used to provide economic benefit to the business, and not for personal purposes. • On 10 March 2020, I Trade made its final business transaction, being a payment to HMRC, and the remaining bank account balance was transferred to Mr Shaikh on 17 March 2020. • On 11 March 2020, Mr Shaikh completed an application to have I Trade struck off from the Register of Companies. The application was filed at Companies House on 17 March 2020. • On 04 September 2020, a notice was filed at Companies House to withdraw I Trade’s strike off application, which was authorised by Mr Shaikh. • On or around 06 September 2020, I Trade applied for a BBL of £50,000. On the application, Mr Shaikh declared a 2019 turnover of £215,000. However, I Trade’s bank account shows that a total of £51,133 was received during 2019. Based on I Trade’s income recorded in its bank statements for calendar year 2019 it would have only been eligible for a BBL of £12,783 instead of £50,000. Accounts filed at Companies House for period ended 30 April 2020 showed I Trade’s average turnover for calendar year 2019 was £86,627. Based on these figures, the maximum BBL amount I Trade was eligible to apply for was £17,325 instead of £50,000. • On 07 September 2020, the BBL was deposited in I Trade’s bank account, increasing the bank account balance to £50,006. • Between 25 September 2020 and 27 November 2020, a net amount of £30,030.50 was transferred to Mr Shaikh. • Between 07 October 2020 and 27 November 2020, a total of £15,365 was transferred to third party individuals, making reference to loan repayments. • To date no evidence has been offered to show that the payments totalling £45,395.50, from the BBL funds, were used for the economic benefit of I Trade. • I Trade entered creditors voluntary liquidation on 19 April 2022 with an estimated deficiency as regards creditors of £93,866. Of the overall estimated deficiency at least £50,523 is owed to the BBL lender and remained outstanding prior to the dissolution of I Trade. 

This information is correct as at 18 / 7 / 2025

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