Loans provided by two banks

Company owner handed 11-year ban

Margate firm went into voluntary liquidation last year

The owner of a small signage business has received a lengthy ban for breaching the conditions of the Bounce Back Loan scheme.

Lynda Carter was a director and the majority shareholder of All Sign Solutions Ltd, based in Margate.

The Insolvency Service report into her conduct found that she had applied for a second BBL of £20,000 when she knew or should have known that the company was not entitled to the money.

She had previously applied for and received a BBL of £14,000 on 19 May 2020.

Bank statements for calendar year 2019 showed total receipts of £76,259, meaning All Sign Solutions was eligible for a maximum BBL of £19,064.

Carter applied for the £14,000 BBL with ‘Bank A’ stating turnover was £56,000, and requested in the application that the funds be paid into her personal account.

She then made a further BBL application for £20,000 on 27 May 2020 with ‘Bank B’, declaring her business had turnover for calendar year 2019 of £81,000.

The funds from the second BBL were paid into All Sign Solutions’ bank account on 8 June 2020.

On the same day, £19,000 was transferred to Carter.

All Sign Solutions went into voluntary liquidation in March 2023.

According to the Statement of Affairs it had an estimated total deficiency of £83,503 of which £34,000 related to amounts owed in respect of the two BBLs.

HSBC and NatWest were owed £20,777 and £33,328 respectively.

Carter has been disqualified from acting as a director for 11 years, with the ban effective from today, 21 February.

Her month of birth is March 1963 and her last known address is on Vicarage Place in Margate.