Name: MOHAMMED SAYEED HUSSAIN

Name: SAYEED SERVICES LTD

Date of Birth: 6 / 5 / 1993

Date Order Starts: 5 / 3 / 2024

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 11935159

Last Known Address: 320 City Road,, , , , LONDON,, EC1V 2NZ

Conduct: Mohammed Sayeed Hussain (‘Mr Hussain’) caused Sayeed Services Limited (‘Sayeed Services’) to overstate its turnover on its application for a BBL resulting in the company receiving a BBL of £47,000 which was more than the amount it was eligible for. Furthermore, there is no evidence that the proceeds of the BBL were used in their entirety for the economic benefit of the business, as required under the terms of the BBL scheme. 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. Any BBL so provided was to be used wholly for the economic benefit of the applicant company. Sayeed Services was incorporated on 9 April 2019. Mr Hussain has stated that the company started trading in May 2019. Therefore, Mr Hussain could have used an estimate for the company turnover for the period of 12 months since commencement of trading. On 19 May 2020, Mr Hussain applied for a BBL of £47,000 on behalf of Sayeed Services and declared on the company’s BBL application form an estimated annual turnover of £190,000. Consequently, on 20 May 2020 the company received £47,000 BBL funds. The company filed dormant accounts to year ending 30 April 2020. The company bank statements between 15 May 2019 to 19 May 2020, the date of the BBL application, show that the company’s total receipts were £2,610.94. No evidence has been supplied to support an estimated turnover of £190,000. On the 28 May 2020, £45,000 was paid to Mr Hussain’s personal account. No explanation has been provided to show that this payment was for the economic benefit of the company. At liquidation, the company had an overall deficiency totalling £47,004.48, of which £46,903.48 was owed to the bank in respect of the BBL. 

This information is correct as at 14 / 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.