Name: SOHAIL SHAHZAD

Name: Bay Valeting Ltd

Date of Birth: 11 / 9 / 1967

Date Order Starts: 12 / 3 / 2024

Disqualification Length: 12 Years 0 Month(s)

CRO Number: 12016644

Last Known Address: 172 Cathedral Road, , , , CARDIFF, CF11 9JD

Conduct: Mr Sohail Jazz Shahzad (‘Mr Shahzad’) caused Bay Valeting Ltd (“Bay”) to apply for a Bounce Back Loan (“BBL”) of £50,000 to which it was not entitled and failed to ensure that the proceeds of the loan were used for the economic benefit of the business as required by the BBL scheme. In that: • The BBL scheme permitted a loan of up to 25% of a business’ turnover in the calendar year 2019 or estimated turnover if it had been established after 01 January 2019; • Bay was incorporated on 24 May 2019; • Bay’s bank statements show trading income of £517 in 2019; • Bay’s Accounts for the year ended 31 May 2020 show turnover of £35,864; • On 27 May 2020 Mr Shahzad completed an application form for a BBL from Bay’s bank, stating that its turnover in 2019 was £200,000; • Before the receipt of the BBL, the bank account was £1,039 in credit; • On 28 May 2020 the BBL of £50,000 was paid into Bay’s account; • Between 22 July 2020 and 23 February 2021, £50,000 was transferred to Mr Shahzad’s personal account; • During the same period, Bay received no other income; • Mr Shahzad claimed that the funds were used to make payments on Bay’s behalf; • No evidence has been supplied to demonstrate this or that the BBL funds were used for the economic benefit of Bay; • Repayments of £4,760 were made to the bank and £45,833 of the BBL remained outstanding at the liquidation date, 25 November 2021. 

This information is correct as at 29 / 2 / 2024

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