Ex-Institute of Directors head barred from serving as a director due to misuse of Covid bounce back loans
In a recent development, Anna Daroy, a renowned British businesswoman and former director-general of the Institute of Directors, has been subject to an 11-year director disqualification undertaking. This decision comes after an investigation by the Insolvency Service found Daroy guilty of breaching the terms of the Bounce Back Loan Scheme.
Daroy, who has extensive experience in senior business leadership roles, including a 14-year stint as a managing director at IBM, first came to notice in 2020 when she secured Covid Bounce Back Loans for her company, Globepoint Associates Ltd. Six months after leaving her role at the Institute of Directors, Daroy secured two maximum-value £50,000 Bounce Back Loans for Globepoint Associates Ltd.
However, Daroy's actions were found to have breached the rules of the Bounce Back Loan Scheme. The scheme, designed to support struggling businesses during the pandemic, was not intended to be exploited. Daroy obtained two maximum-value Bounce Back Loans, despite businesses being entitled to just one. Furthermore, she was found to have received a total of £100,000 in loan funds within a five-day period in May 2020.
Upon realizing that her company received double the allowed amount, Daroy did not repay one of the loans. This omission led to the current sanctions against her. The ban prevents Daroy from being involved in the promotion, formation, or management of a company without the permission of the court.
It is important to note that Daroy's actions are a clear violation of the rules set in place to help businesses during the pandemic. The Insolvency Service is taking action against Daroy for breaching the terms of the Bounce Back Loan Scheme.
In other notable achievements, Daroy served as interim Director General of the Institute of Directors from October 2018 to November 2019 and was co-chair of HS2 in 2015. Last year, she was even shortlisted for the Women's Business Club 'Businesswoman of the Year' award. However, these accomplishments do not mitigate the breach of the Bounce Back Loan Scheme rules for which she is now being held accountable.
As of March 2023, Globepoint Associates Ltd went into liquidation, with both Bounce Back Loans outstanding. The case serves as a reminder of the importance of adhering to the rules and regulations set in place to support businesses during challenging times.
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