Name: Ajay  Passan

Name: RED BRICK MORTGAGES LIMITED

Date of Birth: 6 / 10 / 1982

Date Order Starts: 1 / 5 / 2026

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 11771191

Last Known Address: 1 Mulberry Garth, , , , LEEDS, LS8 2TW

Conduct: Ajay Passan (“Mr Passan”) caused Red Brick Mortgages Limited (“RBM”) to obtain a government-backed Bounce Back Loan (“BBL”) of £50,000 when he knew, or ought to have known, that RBM was not eligible for any loan under the terms of the BBL Scheme, in that: • under the BBL scheme a business was able to borrow up to 25% of its turnover in calendar year 2019, up to a maximum of £50,000 and, if the business was established after 1 January 2019, it was to apply the 25% limit to its estimated annual turnover from the date it started. • to be eligible to apply for the BBL, a borrower has to declare the company was carrying on its business on 1 March 2020 and that it was engaged in trading or commercial activity in the United Kingdom as at the date of the application. • RBM was incorporated on 16 January 2019. • Mr Passan was appointed as sole director on 16 January 2019 and remained so until Liquidation. • RBM’s accounts from the Years Ended 31 January 2020 and 31 January 2021 both declare Nil turnover and declare RBM as dormant, therefore based on this information, the company was not eligible for any BBL. • On or around 08 November 2020, Mr Passan applied for a BBL of £50,000 on behalf of RBM. • On 09 November 2020, funds of £50,000 were credited to RBM’s bank account. • RBM therefore received BBL funds of £50,000 more than it was entitled to. • Upon receipt of the BBL Funds, Mr Passan dissipated them on various personal expenses and to connected parties. • At the date of entering liquidation on 28 August 2024, RBM’s sole creditor was the bank in respect of the BBL. 

This information is correct as at 13 / 4 / 2026

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