Rebecca Simmons was a director of Tia-Bella Limited, carrying on business from premises in Queen Street, Wolverhampton.
The company, a specialist balloon and gift retailer, was incorporated in March 2019, but just over 2 years later, in July 2021, Tia-Bella went into voluntary liquidation from creditors. Tia-Bella’s insolvency, however, triggered further investigations by the Insolvency Service.
Investigators found that Rebecca Simmons applied for a rebound loan in May 2020, a government loan to support viable businesses during the pandemic, but received funds far beyond what Tia-Bella was entitled to.
Rebecca Simmons had exaggerated the company’s turnover by saying it was £180,000 and received a loan of £45,000.
But investigators found that, based on available records, Tia-Bella’s annual turnover was a maximum of £1,300. This meant Tia-Bella was not even eligible for the £2,000 minimum repayment loan.
Further inquiries revealed that within 2 months Rebecca Simmons forced the company into making payments worth just over £31,000 including a 10 £000, £10,000 for a company car and £10,000 in refunds of deposits incurred before the pandemic.
Rebecca Simmons was unable to provide supporting documents, which prevented investigators from confirming whether or not the £45,000 bounce-back loan benefited the business.
On August 4, 2022, the Secretary of State for Business, Energy, and Industrial Strategy accepted a 9-year disqualification recognizance from Rebecca Simmons after she did not dispute that she brought Tia- Bella Limited to apply for a government backed rebound loan. was not entitled to it.
As of August 25, Rebecca Simmons is prohibited from getting involved directly or indirectly in the promotion, creation or management of a business, without the authorization of the court.
Tia-Bella’s liquidator is considering repayment of the loan and recovery of the funds.
Lawrence Zussman, Deputy Chief of Bankruptcy Investigations, said:
Rebound loans have been issued by the government to help viable businesses during the pandemic. Not only did Rebecca Simmons grossly exaggerate the company’s turnover to get a loan she shouldn’t have gotten a penny of, but Rebecca Simmons continued to use the funds for activities she couldn’t even get. not justify as benefiting Tia-Bella.
Rebecca Simmons’ conduct was grossly below the standard required of a corporate director and was removed from the corporate arena for a considerable time. His 9-year ban should serve as a clear warning that if you abuse government support, we will use all our powers to hold you to account.
Notes to Editors
Rebecca Simmons is from Walsall and her date of birth is May 1990.
Tia-Bella Limited (company registration number 11914869).
Forfeiture undertakings are the administrative equivalent of a forfeiture order but do not involve court proceedings. People subject to a disqualification order are bound by a range of other restrictions
Further information about the work of the Insolvency Service and how to file a claim for financial misconduct is available.
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