Name: IGNAS PALAIMA

Name: Palaima-Blessing Ltd

Date of Birth: 16 / 9 / 1989

Date Order Starts: 23 / 1 / 2024

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 11226909

Last Known Address: 153 Granville Road, , , , LONDON, N22 5LS

Conduct: Ignas Palaima (“Mr Palaima”) caused Palaima-Blessing Limited (“Palaima”) to breach the terms and conditions of the Bounce Back Loan (“BBL”) scheme by applying for a BBL of £50,000 on 25 September 2020 using an overstated turnover figure. Consequently, Palaima received more funds than it was entitled to from the BBL scheme and thereafter the BBL monies were not used for the economic benefit of the business. In that: The Bounce Back Loan (“BBL”) criteria allowed a company to borrow between £2,000 and a maximum of £50,000 based on 25% of the company’s turnover. The turnover figure required was that for the calendar year 2019. Palaima was incorporated on 27 February 2018. In the BBL application form dated 25 September 2020 the annual turnover for the 2019 calendar year was stated as £210,000. On 29 September 2020 Palaima received a Bounce Back Loan (“BBL”) of £50,000. A review of the company bank account for the 2019 calendar year shows income paid in totalling £30,760. Therefore on that basis Palaima would have been eligible for a BBL in the amount of £7.690. The BBL criteria stated that BBL funds could only be used to provide economic benefit to the company and not for personal purposes. A review of Palaima’s bank account shows, following the receipt of the BBL of £50,000 on 29 September 2020, payments totalling over £50,000 were made to the director between 07 October 2020 and 28 January 2021, these payments were not for the economic benefit of the company. On 25 March 2022 Palaima entered Creditors’ Voluntary liquidation with total liabilities of £50,002 of which £50,000 is owed in respect of the BBL. 

This information is correct as at 2 / 1 / 2024

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