Case details for Andrei Georgescu

Name: Andrei Georgescu

Name: VILLROSE LTD

Date of Birth: 4 / 5 / 1983

Date Order Starts: 13 / 1 / 2025

Disqualification Length: 9 Years 0 Month(s)

CRO Number: 12291710

Last Known Address: Str Babu Lautaru 13 Sc. C, Ap.2, , , , , 500423

Conduct: Mr Andrei Georgescu (“Mr Georgescu”) caused Villrose Ltd (“VR”) to obtain a government-backed bounce back loan (“BBL”) to which it was not entitled, by providing misleading information about its relevant turnover, 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 01 January 2019 it is their estimated annual turnover from the date that the business was started. • VR was incorporated and commenced trading on 31 October 2019. Mr Georgescu was the sole director of VR on its incorporation and remained as such until it entered creditors voluntary liquidation on 22 September 2022. • On 3 June 2020, Mr Georgescu applied for and obtained a BBL of £48,000 from a Bank. Because VR commenced trading after 1 January 2019, Mr Georgescu was entitled to use a projected turnover. • On the BBL application, Mr Georgescu declared VR’s annual turnover to be £192,000. • Analysis of VR’s bank statements show that between 13 November 2019 and 3 June 2020 (the date Mr Georgescu applied for the BBL), VR had received £213.49 in potential trading income, on the basis of which its would not have been eligible for any amount of BBL funding. • The Company’s Financial Statements for the period ending 31 October 2020 show the Company’s turnover in this period was £547, based on which its BBL eligibility would only have been £136.75. • Mr Georgescu stated that he determined the declared turnover on the BBL application by making some estimations at that time and hoped they would be met but has provided no further explanation nor any documentation to explain the declared turnover figure of £192,000 on the BBL application. • On 5 June 2020, the BBL of £48,000 was paid into the Company bank account. Prior to this the account had a credit balance of £62.68. • It therefore appears Mr Georgescu significantly overstated VR’s turnover to obtain a BBL and as such VR obtained at least £47,863.25 more in BBL funds than it was entitled to. • VR went into liquidation on 23 May 2023 owing the Bank £37,753.04 for the outstanding BBL. 

This information is correct as at 24 / 12 / 2024



If you believe this page contains any errors, please email legalservices@insolvency.gov.uk with details of the error that you have found.