A plasterer who abused a bounce back loan intended to aid businesses through the coronavirus crisis was banned from running a business for several years.
Ian McDonough, whose last address was on Kingsway, Altrincham, was a director of MCD Plastering Systems Ltd when it went into liquidation last year.
In 2020, according to the Insolvency Service, the business applied for a bounce back loan of £50,000, almost 10 times more than the £5,550 for which it was eligible based on its annual turnover.
Then, the business made a number of payments into the account of Mr McDonough as well as a number of withdrawals which were not to its benefit, the Insolvency Service said.
MCD Plastering Systems Ltd went into liquidation last year with no repayments made on the bounce back loan.
After an investigation, Mr McDonough was banned from running a business for nine years starting this month.
This article was written by Jack Tooth. To contact him, email jack.tooth@newsquest.co.uk or follow @JTRTooth on Twitter.
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