Market Harborough Man Banned From Being Company Director

A Market Harborough man has been banned from being a company director for 11 years after falsely claiming a government-backed ‘Bounce Back’ loan.

Savio Gilbert Pereira owned Himalayan Zest Takeaway Limited, which ran a restaurant on Market Street in Lutterworth before it went into liquidation, with debts of around £51,500,

An investigation by the Insolvency Service found the 46-year-old had exaggerated the business’s turnover to receive the maximum £50,000 loan, aimed at keeping businesses afloat during the Covid-19 pandemic; and failed to use the money for the economic benefit of the company.

Investigators discovered that the company only had around £54,600 in its bank account following receipt of the loan in 2020, and between June and August that year, Pereira had made a £10,000 payment to himself, £28,000 in various debit payments to an unknown recipient and had withdrawn a total of £16,800 in cash.

He was unable to prove that these transactions were for the economic support of the restaurant.

Separately, the Secretary of State accepted a disqualification undertaking from Pereira in October, after he did not dispute that he had caused his restaurant to falsely apply for a Bounce Back Loan of £50,000, and had failed to use the money for the economic benefit of the company.

Pereira’s disqualification started on 15 November this year and prevents him from directly or indirectly becoming involved in the promotion, formation or management of a company, without the permission of the court.

Dave Elliott, Chief Examiner at The Insolvency Service, said, “The Insolvency Service takes Bounce Back Loan abuse and the failure to keep, preserve and deliver up books and records very seriously.

“The length of this ban reflects the gravity of the misconduct, and should serve as a warning to others.”