Business executive barred from directorship following misuse of Covid-19 emergency loan program
In May 2020, Anna Daroy received a significant financial boost when she secured two maximum-value £50,000 Bounce Back Loans for her company, Globepoint Associates Ltd. However, it has now been revealed that Daroy breached the rules of the Bounce Back Loan Scheme, designed to provide vital support to struggling businesses during the pandemic.
The Insolvency Service launched an investigation into Daroy's actions, finding that she abused the scheme by obtaining two loans when businesses were entitled to just one. This breach of rules led to Daroy being disqualified as a company director for 11 years, starting on Wednesday 10 September.
Daroy's disqualification comes after a long and successful career in business. For 14 years, she worked as a managing director at IBM, and in 2020, she became a director of The Association of Governance, Risk and Compliance. However, she left this position in 2022. It is worth noting that the person who currently serves as director of The Association of Governance, Risk and Compliance and was co-chair of HS2 in 2015 is not identified in the available search results.
The Insolvency Service stated that Daroy should have known better than to break the rules of the Bounce Back Loan Scheme. Despite realizing that her company received double the amount of money it was allowed, Daroy did not repay one of the two loans.
Sadly, Globepoint Associates Ltd went into liquidation in March 2023, with both Bounce Back Loans outstanding. The Insolvency Service continues to investigate and take action against those who breach their duties in the Bounce Back Loan Scheme.
Despite this setback, it is important to remember that the Bounce Back Loans were intended to provide a lifeline to businesses in need, not to be exploited. Anna Daroy was shortlisted for the Women's Business Club 'Businesswoman of the Year' award last year, highlighting her significant contributions to the business world before this incident.
This case serves as a reminder of the importance of adhering to rules and regulations, especially during times of crisis when support is needed most.
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