AceBreakingNews – Accountant who took out three Bounce Back Loans given 12-year director ban and must repay £75,000

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Ace Press News From Cutting Room Floor: Published: Apr.03: 2024: The Insolvency Service TELEGRAM Ace Daily News Link https://t.me/+PuI36tlDsM7GpOJe

• Dion Mailich took out three Bounce Back Loans for his business – despite being only entitled to one.
• The Borehamwood accountant applied for loans totalling £125,000 – five times the amount his company was entitled to.
• He is banned from running a company for 12 years and will pay £75,000 compensation.

An accountant who ran a business supporting ex-offenders has been banned as a director after abusing the Bounce Back Loan scheme.

Dion Perry Mailich, 51, from Borehamwood, has been disqualified for 12 years and has pledged to pay £75,000 compensation after an Insolvency Service investigation found he took out three Bounce Back Loans and claimed five times the amount his company was entitled to.

Rob Clarke, Chief Investigator of Insolvent Investigations North at the Insolvency Service, said

The rules were very clear, but Dion Mailich ignored them and took an extra £100,000 from taxpayers that his business was not entitled to.

We will not tolerate such abuse of public money. Mailich now has a lengthy ban and has undertaken to pay tens of thousands of pounds in compensation.

This outcome should be a warning to others that we will be seek action against cases of abuse by company directors.

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Mailich was a director of Renovare Financial Service Ltd, a company which helped ex-offenders get back on their feet after getting out of prison. The company went into liquidation in December 2022 and a report from the company’s liquidator triggered an investigation by the Insolvency Service into Mailich’s conduct. The investigation found that in May 2020, Mailich, a chartered accountant had applied for a £25,000 Bounce Back Loan on behalf of the firm. The amount was the maximum his business was eligible to receive, based on its previous year’s turnover. However, the Investigation discovered that Mailich applied for a second Bounce Back Loan of £50,000 for the business less than two weeks after he had received the first, and then made a third £50,000 loan application in June 2020. 

In total, Renovare Financial Services Ltd received five times what it was entitled to under the scheme. 

On 15 March 2024, Mailich gave the Insolvency Service an undertaking to pay £75,000 compensation. The Secretary of State also accepted a disqualification undertaking from Mailich, and his 12-year ban began on 20 October 2023. His disqualification prevents him from becoming involved in the promotion, formation or management of a company, without the permission of the court.

Background

• Dion Perry Mailich is of Borehamwood and his date of birth is June 1972
• Renovare Financial Services Ltd (Company number 11751486)
• Bounce Back Loans were a government scheme to help businesses to stay afloat during the Covid pandemic, wherein companies could apply for a loan of between £2,000 and £50,000, up to a maximum of 25% of their 2019 turnover.
• Persons subject to a disqualification order are bound by a range of restrictions.
• Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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