- Building contractor Tahir Haq overstated his company Integral Maintenance Team Ltd’s turnover by almost £200,000 to obtain a £50,000 Bounce Back loan when it was only entitled to just over £3,000
- He then failed to provide evidence that all of the funds were used for the economic benefit of his business
- The High Court banned Haq as a company director for 11 years and ordered him to repay all the money he was not entitled to, plus interest and costs
A West London building contractor who overstated his company’s turnover by almost £200,000 to secure a maximum-value Covid Bounce Back loan has been banned as a director and ordered to repay the money he was not entitled to.
Tahir Haq obtained a £50,000 Bounce Back loan for building completion and freight transport company Integral Maintenance Team Ltd, in late 2020.
However, his company was only entitled to little more than £3,000 under the scheme.
The 46-year-old, of Norman Avenue, Southall, provided no evidence that some of the funds he received were used for the economic benefit of his business, including cash withdrawals and money which was paid to a housing scheme in Pakistan. Haq supplied no documents which demonstrated that the housing scheme was connected to his company.
Haq was disqualified as a company director for 11 years at a hearing of the High Court in London on Tuesday 10 June.
He was also ordered to pay compensation of £46,778, as well as interest on the loan totalling £4,078, and additional costs of £8,107.
His ban started on Tuesday 1 July.
Kevin Read, Chief Investigator at the Insolvency Service, said:
Tahir Haq overstated his company’s turnover by almost £200,000 to secure the maximum Bounce Back loan available.
Our investigation revealed he used some of this money for personal purposes, including payments to a housing scheme in Pakistan.
The 11-year disqualification and requirement to repay all the money he was never entitled to demonstrates our commitment to holding directors financially accountable when they misuse Covid support schemes.
Haq was the sole director of Integral Maintenance Team Ltd, which was set up in July 2018.
The company’s trading was described on Companies House as ‘other building completion and finishing’ and ‘freight transport by road’.
Haq secured the £50,000 Bounce Back loan for Integral Maintenance Team Ltd in December 2020, claiming the company’s turnover was £212,800.
However, receipts into the company bank account for 2019 were only £12,888, meaning he obtained £46,778 more than he should have.
Haq also failed to explain how at least £34,777 of the Bounce Back loan funds were used to benefit his company. The remaining funds were found to have been used for his business.
Liquidators were appointed for Integral Maintenance Team Ltd in November 2021.
The disqualification order prevents Haq from being involved in the promotion, formation or management of a company, without the permission of the court.
