The director of an Ayrshire health and wellbeing company has been banned from acting as a director for 10 years after fraudulently claiming a £30,000 government Bounce Back Loan (BBL).
Monica Coyle from Kilmarnock in Ayrshire was director of Positive Pulse Limited which provided health checks to employees of businesses. She had also been president of business and professional women’s group Ayrshire Business Women in 2019.
Coyle, a former NHS nurse, applied for the Bounce Back Loan in May 2020 after the Covid-19 pandemic affected her health and wellbeing business.
But she was found to have falsely declared turnover of £130,000 in her application, rather than the actual turnover of her business, which was less than £5,000.
Consequently, Coyle received a BBL of £30,000, of which she spent over £26,000 on personal use.
Bounce Back Loans were introduced in the wake of the pandemic to provide financial support for small to medium sized companies affected by Covid-19.
Positive Pulse Limited went into Creditors Voluntary Liquidation in February 2022, owing £30,000 to the bank, in respect of the BBL.
The Secretary of State accepted a disqualification undertaking from Monica Coyle, after she did not dispute that she caused the company to apply for, and receive, a BBL of £30,000 which the company was not entitled to, following which she received personal gain.
Her ban is effective from 16 September 2022 and will last for 10 years.
The disqualification undertaking prevents Monica Coyle from directly, or indirectly, becoming involved in the promotion, formation or management of a company, without the permission of the court, the Insolvency Service said.
Investigation manager Steven McGinty said: “Bounce Back Loans were made for the economic benefit of the company, not for directors’ personal gain.
“Monica Coyle exploited the scheme and took taxpayers’ money during the pandemic which she knew she was not entitled to.”