Case details for Declan Foulston

Name: Declan Foulston

Name: DRAINS4YOU LTD

Date of Birth: 2 / 10 / 1987

Date Order Starts: 23 / 9 / 2021

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 11773470

Last Known Address: 2 Harper Grove, , Sutton-in-Craven, , KEIGHLEY, BD20 7JN

Conduct: Between 14 May 2020 and 18 May 2020 Declan Foulston (“Mr Foulston”) caused Drains4You Limited (“Drains”) to breach the conditions of the Bounce Back Loan (“BBL”) Scheme by applying funds totalling £39,500, obtained under the BBL Scheme for his personal benefit and not for the economic benefit of Drains. • On 14 May 2020, Mr Foulston applied for a Bounce Back Loan of £40,000 on behalf of Drains; • On 18 May 2020, funds of £40,000 were credited to Drains’ current bank account 1; • On that same date, funds totalling £39,500 were transferred from Drains’ account 1 to Mr Foulston’s personal bank account; • At the date of the Liquidation, also 15 September 2020, funds of at least £164,323 were owed to creditors, of which £98,494 was owed to the banks (£68,000 in respect of the Bounce Back Loans) and £65,829 to trade creditors. Between 20 May 2020 and 30 May 2020, Declan Foulston (“Mr Foulston”) caused Drains4You Limited (“Drains”) to fraudulently breach the conditions of the Bounce Back Loan (“BBL”) Scheme by applying for a second BBL of £28,000 when he knew or ought to have known that only one successful BBL application was permissible under the scheme. He applied at least £23,700 of these funds for his personal benefit and not for the economic benefit of Drains. Furthermore, Mr Foulston failed to disclose the existence of the second loan to the Liquidator as a liability in the liquidation proceedings. In that: • BBL Scheme conditions state that a business should not apply for a loan if it is already in the process of applying for, or has already received, a BBL Scheme facility, the exception being a top-up if they originally borrowed less than the maximum amount (£50,000) available. The funds are to be used for the economic benefit of the business; • On 14 May 2020 Mr Foulston applied for a BBL of £40,000 and on 18 May 2020 funds in that amount were credited to Drains bank account. • On 20 May 2020, Mr Foulston applied on behalf of Drains for a second Bounce Back Loan of £28,000 with a different financial institution; • On that same date, funds of £28,000 were credited to Drains’ current bank account 2. • Between 20 May 2020 and 31 May 2020, funds totalling £23,700 were transferred from Drains’ account 2 to Mr Foulston’s personal bank account; • On 15 September 2020, Mr Foulston instructed the Insolvency Practitioner to commence the liquidation proceedings. Mr Foulston then failed to schedule the second loan as a liability in the signed Statement of Affairs; • At the date of the Liquidation, also 15 September 2020, funds of at least £164,323 were owed to creditors, of which £98,494 was owed to the banks (£68,000 in respect of the Bounce Back Loans) and £65,829 to trade creditors. 

This information is correct as at 3 / 9 / 2021



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