Roofer hit with strict restrictions after gambling away his COVID loan

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A roofer who gambled distant a COVID enactment indebtedness helium secured utilizing mendacious accusation has been deed by strict limits connected his aboriginal concern activity.

The Insolvency Service agreed a bankruptcy restrictions undertaking with David Godderidge aft helium obtained a “far greater” Bounce Back Loan than helium was entitled to.

The presumption of this undertaking mean that Godderidge, 40, of Tamworth successful Staffordshire, cannot enactment arsenic a manager oregon manager of a institution without support from the tribunal until March 2029. He is besides not allowed to get much than £500 without declaring his restrictions.

Godderidge instructed a 3rd enactment to use for a Bounce Back Loan connected his behalf utilizing inflated turnover figures, according to the Insolvency Service.

He obtained a £13,000 loan, which helium gambled distant successful conscionable 3 weeks, the work added. Godderidge past declared himself bankrupt successful October 2021.

The Liquidator and Trustee successful bankruptcy are assessing Godderidge’s quality to repay the indebtedness and volition prosecute if they deliberation it is worthwhile.

Sue MacLeod, main researcher astatine the Insolvency Service, said: “Bounce Back Loans were made disposable for trading businesses adversely affected by the pandemic and were issued based connected close fiscal statements.

“David Godderidge cynically applied for a indebtedness acold greater than helium was entitled to and intelligibly thought helium could get distant it. Thankfully, our interventions uncovered the maltreatment and the restrictions volition forestall him from abusing his presumption successful the future.”

Bounce Back Loans were designed to let tiny and medium-sized businesses to get up to 25 per cent of their turnover. The authorities guaranteed the indebtedness and palmy applicants did not person to wage immoderate fees oregon involvement for the archetypal 12 months.

Meanwhile, it emerged this week that operation workers astatine the £900m One Nine Elms development, wherever Multiplex is the main contractor, person been fined thousands of pounds for holding a enactment portion the state was successful lockdown.