Muhammad Arif, 57, from Uxbridge, has been made subject to 10 years of bankruptcy restrictions for claiming a 50,000 Bounce Back Loan to which he was not entitled.
Arif had run a wholesale clothing business in west London, trading as Ayesha Boutique, from April 2012 until his bankruptcy in December 2021.
In June 2020, he had applied for a Bounce Back Loan, stating that his turnover for the previous year had been 219,000.
Bounce Back Loans were a government scheme to help businesses stay afloat during the Covid-19 pandemic. Businesses could apply for loans of between 2,000 and a maximum of 50,000, up to 25% of their 2019 turnover.
However, Arif later filed a petition for bankruptcy, and was made bankrupt in December 2021 owing around 56,…
Read the full article at: https://www.gov.uk/government/news/10-year-bankruptcy-restrictions-for-uxbridge-clothes-wholesaler-who-abused-bounce-back-loan