The boss of a Glasgow pizzeria has been banned for eight years after failing to maintain proper books and records and for being unable to explain what a £50,000 bounce back loan was used for.
Ilir Bajrami opened Kleida Pizzeria in April 2014, however, the company could not pay a substantial tax bill and in July 2020 entered voluntary liquidation, triggering an investigation by the Insolvency Service.
Investigators uncovered that Ilir failed to co-operate with the liquidators and failed to provide company accounting records, despite numerous requests.
Due to a lack of records, no-one could determine the real reason for nearly £650,000 worth of income into Kleida Pizzeria’s accounts or what the company spent more than £736,000 on.
Further enquiries uncovered that the pizzeria also received a £50,000 bounce back loan in May 2020 to help the business during the pandemic. But only seven days later, Ilir transferred £90,000 to an unknown account, which included the £50,000 loan.
The eight-year disqualification means Ilir is prevented both from directly, or indirectly, becoming involved in the promotion, formation or management of a company, without the permission of the court.
Robert Clarke, chief investigator for the Insolvency Service, said: ”The inability to account for the company’s income and expenditure is made all the more serious by the fact that £50,000 of that income relates to government funds to support businesses during the pandemic, which have now disappeared.
“lir Bajrami has paid the price for his failure to account for that money, and has been removed from the corporate arena by the courts for a substantial amount of time.”