ICSM Business – Print Industry Covid Loan Fraud News: two directors ‘took the money and ran’ as both are disqualified over bogus BBL loans as it is revealed £4.5bn has been lost in Covid fraud
By Harry Mottram: The taxman reckons the treasury has lost £4.5bn in fraudulent Covid era loans – that’s the tax payer to you and me – after the banks dished out loans to help struggling companies in the Covid Crisis knowing they would be paid the money even if the business defaulted. Print Week’s Jo Francis has reported on two more dodgy print industry bosses who appear to have taken the money and run as their current where abouts are not known.
She reported on the trade industry’s website: “Two co-directors of a branding and signage business have been disqualified for abusing the Bounce Back Loan scheme. Kieran Liam Colwell and Kamil Robert Adamczyk were directors of Quince Brands Ltd, which was based in Holt Heath in Worcestershire. The Insolvency Service report into their actions stated that Colwell applied for a £25,000 Bounce Back Loan (BBL) “when he knew or ought to have known that a wrongful declaration was made by overestimating Quince Brands’ turnover”. Quince Brands was incorporated on 17 September 2019 and began trading between October and December of that year. Analysis of bank statements showed that its first sales income was received on 6 December 2019. Between that date and 05 June 2020 Quince Brands received sales income of just under £9,176.
“On 4 June 2020, Colwell applied for a BBL of £25,000 on behalf of Quince Brands. He declared that its estimated annual turnover was £100,000. However, in the period to 5 December 2020 Quince Brands received £27,035, which would have entitled it to a BBL “of at most £6,759”, the Insolvency Service stated. As a result of his conduct Colwell has been disqualified from being a director for nine years. His month of birth is March 1996 and his last known address was on Patterdale Drive in Worcester.
“Adamczyk has been disqualified for five years. His month of birth is April 1994 and his last known address was on Trefoil Close in Worcester. Quince Brands went into voluntary liquidation on 4 April 2022. The firm had liabilities of £29,722 of which £23,530 related to the amount owed for the BBL.”
A year ago the UK's tax authority, HMRC reported that f £4.5bn had not been repaid due to fraud and in some cases error.
Ian Carrotte of ICSM said the loan schemes to help businesses through the lockdowns in 2020 and 2021 had been widely abused and were ‘a fraudsters charter’. He said he had heard anecdotally of firms being established purely to apply for the loans knowing they could ‘take the money and run’ as soon as it was in their bank accounts. By the end of March 2022, HMRC said it had recovered just £762m through compliance activity. Ian Carrotte said he understands that more than 16,000 businesses which took out a type of government-backed Covid loan have gone bust without paying the money back. He said: "It is a sad reflection as many firms battled on and kept going against the odds and didn't claim a penny more than they needed - while it seems there are too many cowboys out there who have no business ethics."
See Jo Francis' full article at https://www.printweek.com/content/news/co-directors-barred-over-bbl
Below are a list of some recent casualties in the print and allied trades:
PRINTING AND ALLIED TRADES, EXHIBITIONS, GRAPHIC DESIGN AND MEDIA
ADMINISTRATORS APPOINTED
CESTRIAN IMAGING LIMITED 05367631
CROSSGROVE BOXES LTD 12279159
DEANPRINT LIMITED 00030846
ENGAGE OUTDOOR MEDIA LIMITED 11077033
FARADAY PRINTED CIRCUITS LIMITED 01905822
FRUITION CREATIVE SERVICES LTD 07169063
OSO FIBER UK LTD 12577120
ADMINISTRATION MEETING OF CREDITORS
MONUMENT PAPER BAG CO LIMITED (THE) 00481099
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
CBE COMMUNICATIONS LIMITED 10209201
CULVERLANDS PRESS,LIMITED 00463040
FRUITION CREATIVE SERVICES LTD 07169063
GREAT YARMOUTH PRINTING SERVICES LIMITED 02785485
HSP FINISHING LTD 13660733
JOHN DOLLIN PRINTING SERVICES LIMITED 01442382
JULIE ANNA DESIGN LTD 12038463
KAVANAGH DESIGNS LTD 10377121
M&LK COMMUNICATIONS LTD 08161935
PARADOX MEDIA GROUP LTD 12422983
POSITIVE ACTION PUBLICATIONS LIMITED 02098311
PULSE PRINT AND COMMUNICATIONS LTD 08206224
ROADIE DESIGNS LTD 07185390
SHUTTLEFISH CREATIVE LIMITED 08707829
TASK BUSINESS SUPPLIES LTD 10878413
T.S. PRINT GROUP LIMITED 04510953
VIRTUAL MEDIA CREATIONS LTD 11497085
ZANCO (UK) LIMITED 11351302
CVL LIQUIDATORS APPOINTED
A B I DESIGN PARTNERSHIP LIMITED 08278041
CASCADE BUSINESS SUPPLIES LIMITED 07275071
CLARK WHITE PUBLICATIONS LIMITED 02653326
DESIGN & CREATE LTD 05702658
ELECTRICAL DRAWING & DESIGN SERVICES LIMITED 03123490
HARPERS & CO (CARDS & GIFTS) LTD 09791222
IMAGERY DIRECT IMAGING LIMITED 03864414
INTEGRATED PRINT SOLUTIONS LIMITED 10456333
INTEGRAL BULK PACKAGING LTD 10890393
MORTIMER PRINT LIMITED 05882231
MORECAMBE PRESS LIMITED 04541546
ON POINT PROMOTIONAL MERCHANDISE LTD 11799734
OINK CREATIVE LTD 07183229
PEAR MARKETING LTD 12443139
PICADOR DESIGN INTERNATIONAL LIMITED 02563587
PL LOGISTICAL SOLUTIONS LTD 11227340
PEARL COMMUNICATIONS LTD 07096790
RABENJA DESIGN LTD 06771261
SEVEN GRAPHICS LIMITED 11305899
SGM PRINTING LIMITED 07920034
SOHO MUSIC PUBLISHING LTD 09773591
TAKERS PRINTERS LIMITED 05019329
THE LIVING ROOM MEDIA LTD 05457068
T.S. PRINT GROUP LIMITED 04510953
TLM MEDIA LTD 07113766
ZANCO (UK) LIMITED 11351302
MEMBERS VOLUNTARY LIQUIDATIONS
ADEPT PUBLICATIONS LIMITED 02599610
CITYTALK COMMUNICATIONS LIMITED 06231416
ENTALE MEDIA LIMITED 10872547
P.D.S. DESIGNS (SOUTHAMPTON) LIMITED 01899185
SAVE POINT DESIGN LTD 12508917
SMILE PUBLISHING LIMITED 03709145
SPEAKEASY MEDIA LIMITED 03584649
TURNAROUND MEDIA LIMITED 11433407
PETITION DISMISSED
ENSIGN GRAPHIC SOLUTIONS LIMITED 05015222
PETITIONS TO WIND UP
A&S COMPLETE ENVELOPES LIMITED 10844809
CAPITAL SPORTS MEDIA LTD 11143213
PAPER LONDON LIMITED 07725265
PULSE PRINT AND COMMUNICATIONS LTD 08206224
SIMON DESIGN PROJECTS LTD 08556499
SONNET MARKETING LIMITED 08548080
SUNRISE PUBLISHING LTD 13221849
SECRETARY OF STATE LIQUIDATION APPOINTMENT
IMAGE 2 OUTPUT LIMITED 04899814
NEXT CHAPTER STUDIOS LIMITED 11894538
WINDING UP ORDERS
A & S PRINTERS
FISCHER MARKETING MALTA LIMITED C73574
PEARL COMMUNICATIONS LTD 07096790
PULSE PRINT AND COMMUNICATIONS LTD 08206224
SSD EVENTS AND MARKETING LIMITED 11740190
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ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
