“Huge gratitude to Suky and the rest of the Higgs team for all their expertise and due diligence. Professionalism personified, allied to a true understanding of the individuals and our circumstances. Suky made a very difficult and trying time easier to understand, manage and navigate – resulting in a positive and just outcome. Higgs are a team that I can highly recommend”
A satisfied client
Director disqualification investigations
Suky Mann, our resident contentious insolvency specialist, was instructed by three directors in relation to a director disqualification investigation commenced after the demise of their events company. The allegations centred on the company’s applications for a Bounce Back Loan (‘BBL’) and Coronavirus Business Interruption Loan (“CBIL”), and the alleged failure to comply with the lending.
The challenge
It was alleged that, contrary to the terms of the Coronavirus Business Interruption Loan, the directors failed to repay the existing Bounce Back Loan from the Coronavirus Business Interruption Loan funds. The failure to repay amounted to a technical breach, which the Insolvency Service alleged was undeniable misconduct. Suky, however, took a different view and successfully argued that the failure to repay was due to an oversight and a lack of clear communication from the lender.
Suky was able to evidence that the error was an isolated event, and that the directors had run the company impeccably and entirely within the remit of their fiduciary duties before the default. Not only that, the directors also ensured that all loan monies were used for legitimate company expenditure. Based on the representations submitted by Suky, the Insolvency Service had little choice but to concede that it was not in the public interest to pursue bans against the three directors.
A disqualification would have had a massive impact on our clients; in fact, it would have been fatal for their current business, so as you may imagine, their gratitude and relief were palpable.
“I would like to thank Higgs LLP and, in particular, Suky, who made every effort to go out of her way to understand our business and ethos. Her due diligence and attention to detail were very much appreciated by me, and I’m sure Mark and Ian too. I can only reiterate the gratitude for what she has done for us individually and our business. It will be remembered. Suky deserves all the plaudits that I’m sure will be coming her way.”
“I would highly recommend working with Suky and the rest of the team at Higgs LLP, but in particular Suky, who goes out of her way to understand you and your business. Her straight-talking, due diligence, and attention to detail are second to none. I personally can’t thank her enough for what she has done for us as a business and wish her the utmost success in the future. She absolutely deserves it! Thanks so much once again, Suky, and all the very best.”
