Name: Michael Leon  Adefila

Name: M Ade Transport Ltd

Date of Birth: 18 / 6 / 1981

Date Order Starts: 9 / 2 / 2024

Disqualification Length: 10 Years 0 Month(s)

CRO Number: 11486295

Last Known Address: 220 Petticoat Square,, , , , London,, E1 7EA

Conduct: On 08 February 2021 Mr Michael Adefila (“Mr Adefila”) caused M Ade Transport Ltd (“MATL”) to apply for a Bounce Back Loan (“BBL”) of £50,000 using overstated turnover figures, which resulted in MATL obtaining a BBL that was £39,629 more than it was entitled to. In that: Under the BBL scheme businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover. The turnover figure was self-certified by the applicant. The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it is their estimated turnover from the date the business was established. MATL was incorporated on 26 July 2018 and filed dormant accounts for the year ending 31 July 2019. On 08 February 2021, Mr Adefila applied for a BBL of £50,000 on behalf of MATL declaring that its turnover was £205,000. Between 30 October 2020 and 08 February 2021, the company bank statements show that the company turned over £10,371. This figure should have been used to provide an estimation of turnover in respect of the Bounce Back Loan application. MATL received the BBL funds of £50,000 on 09 February 2021. Total liabilities at liquidation/administration amount to £50,475 which relates to the amount owed in respect of the BBL. 

This information is correct as at 22 / 1 / 2024

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