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Roofer hit with strict restrictions after gambling away his COVID loan

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A roofer who gambled away a COVID support loan he secured using false information has been hit by strict limits on his future business activity.

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

The terms of this undertaking mean that Godderidge, 40, of Tamworth in Staffordshire, cannot act as a director or manager of a company without permission from the court until March 2029. He is also not allowed to borrow more than £500 without declaring his restrictions.

Godderidge instructed a third party to apply for a Bounce Back Loan on his behalf using inflated turnover figures, according to the Insolvency Service.

He obtained a £13,000 loan, which he gambled away in just three weeks, the service added. Godderidge then declared himself bankrupt in October 2021.

The Liquidator and Trustee in bankruptcy are assessing Godderidge’s ability to repay the loan and will pursue if they think it is worthwhile.

Sue MacLeod, chief investigator at the Insolvency Service, said: “Bounce Back Loans were made available for trading businesses adversely affected by the pandemic and were issued based on accurate financial statements.

“David Godderidge cynically applied for a loan far greater than he was entitled to and clearly thought he could get away it. Thankfully, our interventions uncovered the abuse and the restrictions will prevent him from abusing his position in the future.”

Bounce Back Loans were designed to allow small and medium-sized businesses to borrow up to 25 per cent of their turnover. The government guaranteed the loan and successful applicants did not have to pay any fees or interest for the first 12 months.

Meanwhile, it emerged this week that construction workers at the £900m One Nine Elms development, where Multiplex is the main contractor, have been fined thousands of pounds for holding a party while the country was in lockdown.

Source : ConstructionNews

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news7.asia Roofer hit with strict restrictions after gambling away his COVID loan