Insolvency Service
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IT consultant given 13-year directorship ban after concealing Covid loan

Businessman applied for two Bounce Back Loans and failed to disclose existence of first loan to liquidators

  • Syzmon Jastrzebski applied for two Bounce Back Loans worth a combined £100,000 when businesses were only entitled to a single loan
  • Jastrzebski failed to declare his first loan when his company entered liquidation
  • He has been banned as a company director until April 2037 following investigations by the Insolvency Service

The director of an IT and software development company has been given a 13-year directorship ban after applying for two Covid Bounce Back Loans and hiding the existence of one when his company went into liquidation.

Syzmon Jastrzebski was the sole director of E Marketing Ltd, a company incorporated to provide software development and IT support.

He was handed the disqualification order at the Bristol Business and Property Court on Tuesday 26 March.

The order, which began on Tuesday 16 April, prevents the 24-year-old from becoming involved in the promotion, formation or management of a company, without the permission of the court.

Jastrzebski was also ordered to pay costs of £3,566 to be paid by the start of his disqualification.

Kevin Read, Chief Investigator at the Insolvency Service, said:

Syzmon Jastrzebski caused his E Marketing business to breach the conditions of the Bounce Back Loan Scheme, designed to support business during the pandemic.

Jastrzebski applied for two Bounce Back Loans when the rules of the scheme were very clear that only one application could be made for an individual business. He compounded this by failing to disclose the existence of the first loan he secured when his company went into liquidation.

Tackling Bounce Back Loan misconduct is a key priority for the Insolvency Service.  The 13-year disqualification order made reflects the serious nature of the breach of acceptable behaviour for any company director by Jastrzebski and means he cannot be involved in the promotion, formation or management of a company in the UK for that period.

Jastrzebski, whose last known address was Buxton Road, Luton, applied for two Bounce Back Loans worth the maximum £50,000 each in May 2020.

However, E Marketing ceased trading just one month later and was liquidated in July 2021.

Jastrzebski did not inform insolvency practitioners of the existence of the first loan, which only came to light during investigations into his conduct by the Insolvency Service.

E Marketing failed to maintain adequate accounting records from its incorporation in October 2019 until liquidation.

Investigators were subsequently unable to confirm if the loans were used for the economic benefit of the business.

Payments of more than £500,000 to third parties between March 2020 and June 2021 were also not explained by Jastrzebski.

Jastrzebski did not contest the proceedings and was not present at the final disqualification hearing.

Further information

Channel website: https://www.gov.uk/government/organisations/insolvency-service

Original article link: https://www.gov.uk/government/news/it-consultant-given-13-year-directorship-ban-after-concealing-covid-loan

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