Name: KAROL Wychowaniec

Name: BIFINOR LIMITED

Date of Birth: 4 / 11 / 1984

Date Order Starts: 5 / 5 / 2025

Disqualification Length: 11 years Years 0 Month(s)

CRO Number: 12357626

Last Known Address: 256 Hurst Road, , , , BEXLEY, DA5 3DY

Conduct: 1. Mr Karol Wychowaniec (Mr Wychowaniec) caused Bifinor Limited (Bifinor) to obtain a government-backed Bounce Back Loan (BBL) of £50,000 by providing inaccurate information to its bank regarding its trading and turnover. In addition, there is no evidence that the proceeds of the loan were used in their entirety for the economic benefit of the business as required by the BBL scheme. Bifinor therefore obtained £50,000 of BBL funding to which it was not entitled, in that: • Under the terms of the BBL scheme eligible businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover for the calendar year 2019. The turnover figure was self-certified by the applicant. Or where a business was established after 1 January 2019, 25% limit to the estimated annual turnover from the date of business incorporation. The purpose of the BBL scheme was to provide economic benefit to businesses. • Under the terms of the BBL scheme, a business could apply for a BBL if it was engaged in trading or commercial activity at the date of the application and it was carrying on business on 01 March 2020. • Bifinor was incorporated on 10 December 2019. • Bifinor operated one business current account and the opening receipt was the BBL. • The current account bank statements do not show any demonstrable business trade for Bifinor prior to the BBL being received. • As there was no demonstrable business trade prior to as at 01 March 2020, Bifinor was not entitled to apply for a BBL. • On 15 October 2020 Mr Wychowaniec applied for a BBL of £50,000 on behalf of Bifinor declaring that its turnover was £256,000. • The BBL of £50,000 was credited into the bank account of Bifinor on 16 October 2020. • The BBL was the first receipt into the Company bank account. • Other than five invoices that have been delivered up to the liquidator of Bifinor which account for payments totalling £11,405, no substantive explanation and/or supporting documents have been provided by Mr Wychowaniec to evidence that all of the payments following receipt of the BBL were for the economic benefit of Bifinor. • The outstanding balance of the BBL at liquidation was £51,020.91. 2. Mr Wychowaniec caused Lovely Kids Limited (LK) to obtain a BBL of £50,000 by providing inaccurate information to its bank regarding its trading and turnover. In addition, there is no evidence that the proceeds of the BBL were used in their entirety for the economic benefit of the business as required by the BBL scheme. LK therefore obtained £50,000 of BBL funding to which it was not entitled, in that: • Under the terms of the BBL scheme eligible businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover for the calendar year 2019. The turnover figure was self-certified by the applicant. Or where a business was established after 1 January 2019, 25% limit to the estimated annual turnover from the date of business incorporation. The purpose of the BBL scheme was to provide economic benefit to businesses. • Under the terms of the BBL scheme, a business could apply for a BBL if it was engaged in trading or commercial activity at the date of the application and it was carrying on business on 01 March 2020. • LK was incorporated on 10 April 2019. • LK operated one business current account, and the opening receipt was the BBL. • The current account bank statements do not show any demonstrable business trade for LK prior to the BBL being received. • As there was no demonstrable business trade prior to 01 March 2020, LK was not entitled to apply for a BBL. • On 05 May 2020 Mr Wychowaniec applied for a BBL of £50,000 on behalf of LK declaring that its turnover was £205,000. • The BBL of £50,000 was credited into the bank account of LK on 06 May 2020. • The BBL was the first receipt into LK’s bank account. • No substantive explanation and/or supporting documents have been provided by Mr Wychowaniec to evidence that all of the payments following receipt of the BBL were for the economic benefit of LK. • The outstanding balance of the BBL at liquidation was £50,010.09. 3. Mr Wychowaniec failed to ensure that LK maintained and/or preserved adequate accounting records, or in the alternative, he has failed to deliver up sufficient accounting records to explain LK’s financial affairs. In that: • LK was incorporated on 10 April 2019. • No company accounts were filed. • No records have been delivered-up in the liquidation, apart from VAT returns and bank statements. • Mr Wychowaniec has advised that the records maintained by the company to explain its financial transactions were the bank statements. • Without full accounting records it is not possible to: o Ascertain the company’s total income; o Ascertain the reason for its incoming receipts; o Ascertain whether all monies due to the company were received by it; o Ascertain whether any debtors were outstanding at the date of liquidation; o Ascertain what outgoing payments were made by the company; o Establish the reason for the outgoing payments of the company; o Verify that all the company expenditure was legitimate; o Ascertain how the BBL was spent and whether this was for the economic benefit of the company; o Ascertain whether any monies were due to or from HMRC in relation to any taxes; o Verify that all creditors have been disclosed and that the amount declared as due to each of them is accurate; and o Ascertain the reasons for the company’s failure. 

This information is correct as at 17 / 4 / 2025

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