Name: Koksal Yavuz Karakoc

Name: Palermo Express Ltd

Date of Birth: 25 / 11 / 1974

Date Order Starts: 16 / 4 / 2024

Disqualification Length: 9 Years 0 Month(s)

CRO Number: 12020801

Last Known Address: 6 Burnaby Street,, , , , NOTTINGHAM,, NG6 0AX

Conduct: On 12 August 2020, Koksal Yavuz Karakoc (“Mr Karakoc”) caused Palermo Express Ltd (“Palermo”) to apply for a government backed Bounce Back Loan (“BBL”) of £50,000, which under the BBL scheme it did not have sufficient turnover to qualify for, resulting in Palermo receiving £29,283.14 more BBL funds than it was entitled. In that: The BBL criteria allowed a business to borrow between £2,000 and £50,000 subject to a maximum of 25% of the company turnover in the calendar year 2019 or, where a business was established after 1 January 2019, it is the estimated turnover from the date it started business. Palermo was incorporated on 29 May 2019. Full accounts show a turnover of £57,714 for period ending 30 April 2020. Bank statement analysis for the period 01 May 2020 to 12 August 2020 shows an income of £25,153.45. Based on the turnover stated in the company accounts and bank statement analysis for the periods abovementioned, Palermo was entitled to a BBL of no more than £20,716.86. Mr Karakoc, on behalf of Palermo, applied for a BBL of £50,000 on 12 August 2020, stating that Palermo’s estimated annual turnover was £205,000. Mr Karakoc has failed to provide an explanation as to how the stated turnover was estimated. As a result of the application being made, a BBL of £50,000 was paid into the company bank account on 13 August 2020. Palermo entered liquidation on 25 July 2022 with liabilities totalling £87,862 owed to its creditors, including £49,134 which related to the amount owed in respect of the BBL. 

This information is correct as at 27 / 3 / 2024

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