Case details for James Spencer ASHBY

Name: James Spencer ASHBY

Name: IBUY365 Limited

Date of Birth: 9 / 12 / 1975

Date Order Starts: 8 / 11 / 2021

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 11062599

Last Known Address: 18 Heathcote Place,, , , , Hursley,, SO21 2LH

Conduct: Between 14 May 2020 and 21 May 2020 James Spencer Ashby (“Mr Ashby”) caused IBuy365 Limited (“IBuy”) to pay £49,045 to himself and a newly formed associated company of which he was the sole director. Those funds were introduced into IBuy on 14 May 2020 by way of a Bounce Back Loan (“BBL”) of £50,000, the conditions of which stated that its purpose was for business expenditure wholly for the purposes of a business carried on by the customer or intended to be carried on by the customer. The payments made to him and the associated company breached the conditions of the BBL and were to the detriment of IBuy’s creditors. In that: Financial Position • The Report to Creditors prepared for the Liquidation explains that in the 2 years leading up to Liquidation IBuy’s cashflow was becoming more of an issue and that following the introduction of nationwide Covid-19 lockdown restrictions (23 March 2020) IBuy attempted to move its sales to the online marketplace but the venture was not profitable. • Available bank statements for IBuy record that between 01 April 2019 and 31 March 2020 payments totalling £180,398 were made into the account whereas in the previous 12 months payments totalling £726,600 were received. IBuy’s bank account had also remained in its overdraft since 02 November 2018 and at 13 May 2020 the account was £19,976 overdrawn. • At 13 May 2020 it is estimated that IBuy had assets of at least £685 and liabilities of at least £68,550. Available bank statements record that the last payment made to these creditors was 03 February 2020. Bounce Back Loan • A £50,000 BBL was credited to IBuy’s bank account on 14 May 2020 and those funds were withdrawn between 14 May 2020 and 21 May 2020, including £22,045 transferred to him and £27,000 transferred to a company associated to him by way of his directorship and shareholding. • He has confirmed that he submitted the BBL application on behalf of IBuy and that the payments made to himself were used to support him and his family and that the payments made to the associated company were for the purchase a motor vehicle. • The associated company was incorporated after 01 March 2020 and therefore was not eligible to apply for a BBL itself under the conditions of the scheme. Consequences of removal of Bounce Back Loan monies • Available bank statements record that between 14 May 2020 (the date the BBL was received) and Liquidation on 01 October 2020, IBuy received payments totalling £57,248 (including the £50,000 BBL). Whilst no repayments were due during the first 12 months of the BBL, no payments were made to IBuy’s other creditors who were outstanding at liquidation in the same period. • At Liquidation, IBuy had assets of £50 and liabilities of £134,574 comprising of £63,174 to trade creditors, £1,400 to HM Revenue & Customs and £70,000 due to the bank (including the BBL of £50,000). 

This information is correct as at 29 / 10 / 2021

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