Name: Mirza Shahid Anwer BAIG

Name: PANACEA SYSTEMS & TECHNOLOGIES LTD.

Date of Birth: 20 / 10 / 1966

Date Order Starts: 28 / 1 / 2026

Disqualification Length: 10 Years 0 Month(s)

CRO Number: 10938663

Last Known Address: 37 Beech Close,, , , , WEST DRAYTON,, UB7 9LQ

Conduct: On or before 18 May 2020 Mirza Shahid Anwer Baig (‘Mr Baig’) caused Panacea Systems & Technologies Limited (“Panacea”) to apply for a government-backed Bounce Back Loan (‘BBL’) of £50,000 which Mr Baig knew or ought to have known Panacea was not eligible for. Furthermore, Mr Baig failed to ensure that the proceeds of the BBL were used in their entirety for the economic benefit of the Company’s business as required under the terms of the BBL scheme. In that: • The BBL scheme permitted a loan of up to 25% of a business’ turnover in the calendar year 2019 (or estimated annual turnover from the date it started if it had been established after 01 January 2019), from £2,000 to a maximum of £50,000. The BBL proceeds were to be used solely for the economic benefit of the business. • The further conditions of applying for a BBL were that a business was carrying on its business on 01 March 2020 and trading or engaged in commercial activity in the United Kingdom at the date of the BBL application. • Panacea was incorporated on 30 August 2017, and Mr Baig stated that it started trading in around 2018. • Panacea accounts to 31 July 2018 show it was dormant; accounts to 31 July 2019 show no turnover but expenses incurred of £2,700. Accounts to 31 July 2020 show turnover of £3,250. Therefore, its turnover for the 2019 calendar year was insufficient to apply for the minimum £2,000 loan • On or around 19 May 2020 Mr Baig applied to Panacea’s Bank for a BBL of £50,000 self-certifying a turnover of £225,000. • 19 May 2020 the BBL funds were received into the company bank account. • Between 19 May 2020 and 30 September 2020, a total of at least £37,800 was paid out to Mr Baig from the BBL funds. Mr Baig has provided no evidence to show that the funds were used for the economic benefit of the company. • The bank has claimed £42,160 in the liquidation and is the majority creditor. 

This information is correct as at 7 / 1 / 2026

If you believe this page contains any errors, please email legalservices@insolvency.gov.uk with details of the error that you have found.