Ioan Marcu, 38, was disqualified as a company director for 10 years in January 2025 after inflating Imbusi Ltd’s turnover to secure a £50,000 Bounce Back Loan in 2020.
The maximum amount allowed under the scheme, this was obtained by an over-estimate of more than £230,000.
Marcu, of Lindfield Road, has now committed to repaying more than £38,000, the amount Imbusi Ltd was not entitled to.
Ann Oliver, chief investigator at the Insolvency Service, said: “Ioan Marcu significantly overstated his company’s turnover in order to receive the maximum amount of money businesses were entitled to under the Bounce Back Loan Scheme.
“This was clearly an inaccurate declaration which has resulted in him being banned as a director until the start of 2035.
“Marcu has now signed a compensation undertaking which legally requires him to pay back all the public money the company should never have received in the first place.”
Imbusi Ltd, incorporated in August 2014 with Marcu as its sole director, went into liquidation in July 2022 with liabilities exceeding £63,000.
An analysis by the Insolvency Service revealed that the company was only entitled to a loan of £11,451 based on its actual turnover.
The Secretary of State for Business and Trade accepted a compensation undertaking from Marcu on April 24, in which he agreed to repay £38,549 in monthly instalments.
His disqualification undertaking prevents him from being involved in the promotion, formation, or management of a company, without the court’s permission.
