Name: Emil  Iordachescu

Name: Emilidia Trans Ltd

Date of Birth: 27 / 11 / 1968

Date Order Starts: 5 / 3 / 2024

Disqualification Length: 10 Years 0 Month(s)

CRO Number: 12225458

Last Known Address: Flat 1, Levington Court,, 43 Beach Station Road,, , , FELIXSTOWE,, IP11 2EY

Conduct: Mr Emil Iordachescu (“Mr Iordachescu”) caused Emilidia Trans Ltd (“Emilidia”) to apply for a government-backed Bounce Back Loan (“BBL”) of £45,000 using overstated estimated turnover figures, which resulted in Emilidia obtaining more BBL funds than it was entitled to, 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. Emilidia was incorporated on 25 September 2019 and started trading on the same day. On or around 2 October 2020, Mr Iordachescu applied for a BBL of £45,000 on behalf of Emilidia, stating in the loan application that Emilidia’s relevant turnover was £184,000. While Emilidia was entitled to estimate annual turnover, there is no apparent basis for this estimate and Mr Iordachescu has not provided any explanation. An analysis of the company bank statements from 8 November 2019 to 1 October 2020, a period of 47 weeks, shows turnover of £4,937. On 2 October 2020, funds of £45,000 were credited to Emilidia’s bank account. At the date of the liquidation on 8 June 2022, the Statement of Affairs shows that total liabilities amounted to £45,101, of which £45,000 was in respect of the BBL. 

This information is correct as at 13 / 2 / 2024

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