Name: MUHAMMAD FOYSOL ALAM

Name: LOGIXX COURIERS LTD

Date of Birth: 30 / 3 / 1990

Date Order Starts: 8 / 3 / 2024

Disqualification Length: 10 Years 0 Month(s)

CRO Number: 11398555

Last Known Address: 25 Rampart Street,, , , , LONDON,, E1 2LA

Conduct: On 7 May 2020, Muhammad Foysol Alam (“Mr Alam”) caused Logixx Couriers Ltd (“Logixx”) (“the Company”) to provide false or misleading information when applying for a Government backed Bounce Back Loan (“BBL”) by overstating turnover to the extent that Logixx received £20,433 more than that to which it was entitled. Further Mr Alam failed to ensure that the BBL proceeds were used in their entirety for the economic benefit of the business contrary to the terms and conditions of the BBL scheme. In that: The BBL scheme permitted a loan of up to 25% of the turnover for calendar year 2019 up to a maximum of £50,000. Logixx was incorporated on 5 June 2018 and Mr Alam has confirmed that it commenced trade on that date. On 7 May 2020, Mr Alam applied to Logixx’s Bank for a BBL of £45,000 stating that annual turnover was £180,000. The annual accounts for year ended 30 June 2019 stated a turnover of £23,777, the annual accounts produced to the IP by Mr Alam state the turnover for the subsequent year was £77,345. Both years are well below the value of £180,000 Mr Alam completed on the BBL application form. The VAT return accounts for periods February 2019 to January 2020 indicate sales of £98,269. Based on Logixx’s VAT returns, Logixx was entitled to a Bounce back Loan of no more than £24,567. On 11 May 2020 £45,000 was received into Logixx’s business bank account. The bank account was overdrawn by £800 prior to receipt of the BBL. On 11 May 2020, the same day as the BBL was received into the Logixx’s business bank account, £45,000 was transferred out to Mr Alam’s personal bank account. Mr Alam states that he used £8,000 for subcontractors and £31,000 for a vehicle later sold for £27,000 which he retained personally. Mr Alam has failed to produce any documentary evidence to show that the payments made from the BBL proceeds were for the economic benefit of the business.. Logixx entered Creditors’ Voluntary Liquidation on 11 January 2022 At Liquidation, £45,613 remained outstanding in respect of the BBL. 

This information is correct as at 19 / 2 / 2024

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