Mohammed Abdul Subang, 47, from West Bromwich, incorporated Zara Spice Limited, which was trading as a restaurant on Bilston Street, Dudley, after starting a self-employed catering business called Tania Spice in 2016. did.
In 2020, Mohammed Subhan once again devoted himself to his own business. However, by March 2022, Mohammed his Subang was unable to pay his debts and filed for personal bankruptcy.
An official trustee was appointed as his trustee before Mohammed Subhan revealed he had been abusing loans worth £70,000.
Mohammed Subhan has declared that his self-employed Thania Spice has a turnover of £200,000 and has secured a bounce back loan of up to £50,000. However, Mohammed Subhan’s actual turnover in 2019 was close to his £3,000 to his £4,000, so he did not qualify for the government-backed loan.
The caterer also withdrew the funds in cash, failing to use all the money for the benefit of the business, contrary to the terms of the bounceback scheme.
Further investigation by official recipients found that when government loans were exhausted in November 2021, Mohamed Subang inflated his earnings and applied for two more loans worth £20,000. rice field.
Mohammed Subhan withdrew more than half of his funds in cash, spending £13,500 on unnecessary spending.
Due to the risks he posed to creditors, the official trustee sought to impose additional bankruptcy restrictions on Mohammed Subhan.
On October 27, Mohammed Subhan had the Secretary of State accept an 11-year bankruptcy limit pledge. His bankruptcy pledge means that the credit he has access to is limited, and he also cannot act as a company director without court authorization.
Deputy Official Recipient Karen Fox said:
Mohammed Subhan, through our investigation, was unable to provide sufficient evidence of what the loan was used for.
He poses a significant risk to creditors and 11 years of regulation will greatly reduce Mohammed Subhan’s ability to exploit future lenders.
Note to editors
Mohammed Abdul Subhan is from West Bromwich and was born in March 1975.
For more information on his 11-year bankruptcy-restricted business, visit personal bankruptcy register.
Bankruptcy limits vary. Whether you are under a bankruptcy restraining order or running a business, the effect is the same.guidance on the main statutory consequences of Bankruptcy restraining orders or promises.
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