David Paul Sykes wrongly claimed his firm was eligible for a £50,000 loan when it wasn't - and then went bust within a year
A builder has been banned from running businesses after abusing a government scheme designed to help firms survive the pandemic. David Paul Sykes was hit with the ban after an Insolvency Service investigation found his Rossendale DPS Remedials firm had claimed a Bounce Back Loan it wasn’t eligible for.
There was a maximum available amount of £50,000 for companies which had a turnover of greater than £200,000.Sykes, of Laund Hey View, Haslingden, claimed the maximum amount on the false basis that DPS’s turnover was £200,000 and the money was paid into its bank in July 2020. In reality, the company’s professionally prepared accounts for the previous year were £135,000 and the year ending May 2020 was £122,000.
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