Richard Milne, 44, from Kingston-upon-Thames, was a director of Langshot Ltd, a small consultancy firm incorporated in 2016.
He applied for a £30,000 bounce-back loan on behalf of the company in May 2020 despite the company’s accounts showing an annual turnover of around £50,000. The maximum the company could claim under the scheme was just under £13,000.
The company received a Bounce Back Loan of £30,000 and Milne spent almost £8,000 on personal expenses, in clear breach of loan terms which required Bounce Back Loans to be used only for legitimate business purposes.
Langshot was placed in voluntary liquidation in March 2021 before the liquidator forwarded concerns about Milne’s conduct to the Insolvency Service for further investigation.
At the time of the liquidation, the company director’s loan account was overdrawn by just over £30,000 and Milne agreed to a repayment schedule of £650 per month to the liquidator.
The Secretary of State for Business, Energy and Industrial Strategy has accepted a disqualification pledge from Richard Milne after he admitted asking for a bigger bounce loan than the company was entitled to and using part money for personal expenses.
His ban runs from May 25, 2022 and lasts eight years.
Dave Elliott, Chief Insolvency Service Investigator, said:
The disqualification of Richard Milne should have a chilling effect on those who think they can profit from obtaining funds to which they are not entitled.
We will not hesitate to take action against trustees who have abused Covid-19 financial support, and ultimately the taxpayer.
Notes to Editors
Richard Peter Milne is from Kingston-upon-Thames and his date of birth is August 1977.
Langshot Limited (company number 09984263).
A disqualification order means that, without the express permission of a court, a disqualified person cannot:
- act as a director of a company
- participate, directly or indirectly, in the promotion, incorporation or management of a company or a limited liability company
- to be a receiver of a company’s assets
Forfeiture undertakings are the administrative equivalent of a forfeiture order but do not involve court proceedings.
Persons subject to a disqualification order are bound by a series of other restrictions.
Information about the work of the insolvency service and how to complain about financial misconduct.
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