Salih Ozhot of Southgate, North London, filed for bankruptcy on October 13, 2021, and was declared bankrupt on October 13, 2021.
Before the former café manager was discovered to have falsely sought for a £50,000 bounce back loan, the Official Receiver was appointed as his trustee in bankruptcy.
On behalf of Kangaroo Courier Services, Salih Ozhot requested for the loan, saying that the company was founded in November 2019. The company, however, never traded and was therefore ineligible for federal assistance.
Salih Ozhot used £15,000 of the £50,000 to establish up a website called Kangaroo Courier Services, according to inquiries. Salih Ozhot claimed in interviews with the Official Receiver that he thought he could put the bounced check into the business.
The Official Receiver sought for Salih Ozhot to be placed under extra bankruptcy limitations due to the risk he posed to creditors.
Salih Ozhot accepted an 8-year bankruptcy undertaking on May 11, 2022, which prevents him from borrowing more than £500 without declaring his bankruptcy status. He is also barred from acting as a company director unless the court grants him permission.
Official Receiver Mitzi Mace said:
Salih Ozhot cynically asked for government assistance, which was supposed to help legitimate businesses survive the pandemic, for a company that didn’t exist. At best, it was a company concept, and investing in the website of a future endeavor was not a valid rationale for the loan.
Salih Ozhot’s actions revealed a sloppy attitude toward business and posed a risk to future creditors. His eight-year suspension should serve as a warning that the Insolvency Service will act if similar financial malfeasance is discovered.
The Official Receiver is analyzing assets available in order to recover the bounce back loan in their capacity as Salih Ozhot’s bankruptcy trustee.