Case details for Margaret LANE

Name: Margaret LANE


Date of Birth: 24 / 12 / 1952

Date Order Starts: 2 / 9 / 2021

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 10951285

Last Known Address: 12 Bedwell Close,, , , , Ruabon,, LL14 6BW

Conduct: Between 10 June 2020 and 16 June 2020 Margaret Lane (“Ms Lane”) caused Peal O’ Bells Lane Ltd (“Peal O’ Bells ”) to breach the conditions of the Bounce Back Loan (“BBL”) Scheme by applying funds totalling £25,000, obtained under the BBL Scheme, for her personal benefit and not for the economic benefit of Peal O’ Bells. On 5 June 2020 she caused Peal O’ Bells to apply for a Bounce Back Loan, (“BBL”) in the amount of £25,000, which was received on 08 June 2020. On 10 June 2020, she caused a cash withdrawal of £10,000 and on 16 June 2020 she caused Peal O’ Bells to make a transfer of £15,000 into her personal bank account. She then used these funds to repay friends and family for personal loans made to her. • In her Director’s questionnaire, she stated that in March 2020 during the lockdown period she first became aware that the company was insolvent due to lack of business and mounting debts. • On 23 March 2020, the business stopped trading due to the Government imposed lockdown. • On 4 May 2020 HM Treasury launched Bounce Back loans (BBL”) to enable small businesses to apply and receive 100% government backed loans of between £2,000 and £50,000 via an online application process. • On 05 June 2021, she signed the BBL agreement stating that the borrower accepts the loan agreement on the terms offered. • On 08 June 2020, a BBL in the amount of £25,000 was deposited into the bank account of Peal O’ Bells. • On 10 June 2020, a cash withdrawal was made of £10,000 and on 16 June 2020 a bank transfer of £15,000 was made to her. • In correspondence to the Liquidator, she stated that these funds were utilised to repay personal loans made by friends and family loans when the company commenced trading. • The financial position of the business at Liquidation, as per the estimated Statement of Affairs dated 27 October 2020, recorded an estimated deficiency of £81,451. 

This information is correct as at 8 / 9 / 2021

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