Essex property developer has been banned after overstating his company’s turnover to claim a Bounce Back Loan worth £50,000
Anthony James Killarney, a 62-year-old property director from Brentwood, has been given an 11-year ban for falsely claiming a £50,000 Bounce Back Loan for his firm, K11 Developments Ltd.
Killarney applied for a Bounce Back Loan in May 2020, stating the company’s 2019 turnover as £600,000. As a result, the company received the maximum £50,000 loan.
K11 Developments Ltd went into liquidation in 2021
In November 2021, K11 Developments Ltd went into liquidation, owing around £388,800. This triggered an investigation by the Insolvency Service.
Investigators discovered that the firm’s turnover for the years ending August 2017, 2018 and 2019 had been nil.
The Secretary of State accepted a disqualification undertaking from Anthony James Killarney after he did not dispute that he had caused K11 Developments Ltd to breach the condition of the government’s Bounce Back Loan scheme by overstating turnover to claim £50,000 to which the company was not entitled.
Killarney’s disqualification began on 2 November 2022 and lasts for 11 years
The ban prevents him from directly or indirectly becoming involved in a company’s promotion, formation or management without the court’s permission.
Martin Gitner, deputy head of insolvent investigations at the Insolvency Service, said:
“Bounce back loans were put in place to provide vital support to help viable businesses through the pandemic, providing them with the financial support to protect jobs and return to prosperity.
“The conduct of Anthony James Killarney fell extremely short of the standards required of company directors, and his ban should serve as a stark warning to other directors who may have misused financial support during the pandemic that the Insolvency Service will act to bring your misconduct to account and remove you from the corporate arena.”
The full loan amount was still owed when the company went into liquidation
The liquidator of K11 Developments Ltd is working to recover the full amount of the loan from the former director.
