A builder who was disqualified as a company director for Covid loan abuse has agreed to repay four-fifths of the money.<\/p>\n
Ioan Marcu, of Lindfield Road, Romford, signed an agreement committing him to repay \u00a338,549 in monthly instalments, the Insolvency Service said in a statement today (29 April).<\/p>\n
Marcu inflated the turnover of his firm, Imbusi Ltd, to receive a \u00a350,000 Bounce Back Loan, the Insolvency Service added.<\/p>\n
He applied for the maximum amount allowed under the Covid loan scheme in July 2020, claiming his firm had an annual turnover of \u00a3280,000.<\/p>\n
But this was more than \u00a3230,000 above Imbusi\u2019s actual turnover, the Insolvency Service said, adding that its analysis of the firm\u2019s accounts revealed the company was only entitled to borrow \u00a311,451.<\/p>\n
The Covid Bounce Back Loan scheme allowed SMEs to borrow between \u00a32,000 and \u00a350,000 at a low interest rate, guaranteed by the government.<\/p>\n
Marcu, 38, was the sole director of Imbusi, which went into liquidation in July 2022 with liabilities of more than \u00a363,000.<\/p>\n
He was disqualified as a director for 10 years from 1 January 2025 following Insolvency Service investigations.<\/p>\n
Marcu\u2019s disqualification undertaking prevents him from being involved in the promotion, formation or management of a company, without the permission of the court, the Insolvency Service said.<\/p>\n