Name: Karl Parmar

Name: YECOM LIMITED

Date of Birth: 10 / 4 / 1981

Date Order Starts: 8 / 9 / 2025

Disqualification Length: 11 Years  Month(s)

CRO Number: 11324209

Last Known Address: 145 Littlefield Road, , , , EDGWARE, HA8 0TE

Conduct: Mr Karl Parmar (“Mr Parmar”) caused Yecom Limited (“Yecom”) to breach the terms of the Bounce Back Loan (“BBL”) scheme by overstating its turnover on the application for a BBL, resulting in the company receiving a BBL of £50,000 when he knew, or ought to have known, that Yecom was not eligible for a loan of that value. In addition, Mr Parmar failed to ensure that the entirety of the BBL was used for the economic benefit of Yecom contrary to the terms of the scheme, in that: • The BBL scheme terms allowed businesses to receive a loan of up to 25% of their annual turnover for the 2019 calendar year, which the applicant would self-certify when completing the BBL application.   • The turnover figure required was that for the calendar year 2019 or where a business was established after 01 January 2019 the 25% limit was to be applied to the estimated turnover from the date the business started. • The BBL scheme also provided that businesses had to be carrying on business as at 01 March 2020. • Yecom was incorporated on 23 April 2018 and filed dormant accounts for year ended 30 April 2020 on 04 May 2020. I stated to the Liquidators that Yecom started trading on 15 July 2020. Accordingly Yecom was not entitled to a BBL at all. • In the alternative, if Yecom was carrying on business as at 01 March 2020, and had commenced business after 01 January 2019, Yecom was able to estimate its annual turnover from the date Yecom had commenced trading. • On 29 September 2020 Mr Parmar declared on the BBL application form an estimated annual turnover of £248,750, and consequently on 01 October 2020 Yecom received a £50,000 BBL. • Bank statements for the period 15 July 2020 to 01 October 2020 show total receipts of £0 attributable to business income. Yecom's accounts for the years ended 30 April 2021 and 30 April 2022 record sales of £0 and £500 respectively. • I have provided no evidence that the turnover figure of £248,750 used on the BBL application was a reasonable or justifiable estimate. • By declaring that Yecom was carrying on business as at 01 March 2020 and/or by overestimating Yecom's turnover, Mr Parmar caused Yecom to receive £50,000 in BBL funds when it was not entitled to receive that amount. • The terms of the BBL scheme stated that the BBL was to be used only for the economic benefit of the business, and used wholly for business purposes and not personal purposes. • Between 03 October 2020 and 19 May 2022, Mr Parmar caused Yecom to make payments of £50,450.11 to himself. Of the £50,450.11 transferred, £50,000 came from BBL funds. • This transfer of BBL funds to Mr Parmar was not for the economic benefit of Yecom and was contrary to the terms of the scheme. • Yecom entered Creditor’s Voluntary Liquidation on 28 July 2022. • At liquidation, Yecom had liabilities totalling £51,500, of which £49,400 was owed to the bank in respect of the BBL.  

This information is correct as at 27 / 8 / 2025

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