IT company director suspended or 13 years for failure to disclose Covid loan

The director of an IT and software development company has been banned from serving for 13 years after applying for two Covid Bounce Back Loans and concealing their existence when his company went bust.

Syzmon Jastrzebski was the sole director of Bristol-based E Marketing Ltd, a company set up to provide software development and IT support.

He was handed the disqualification order at Bristol Business and Property Court.

The order, which came into effect on Tuesday, April 16, prevents the 24-year-old from becoming involved in the promotion, creation or management of a company without court permission.

Jastrzebski was also ordered to pay costs of £3,566, payable at the commencement of his disqualification.

Kevin Read, chief investigator at the Insolvency Service, said: “Syzmon Jastrzebski caused his e-marketing company to breach the terms of the Bounce Back Loan Scheme, designed to support businesses during the pandemic.

“Jastrzebski applied for two Bounce Back Loans when the scheme rules were very clear that only one application could be made for an individual business. He compounded this by not disclosing the existence of the first loan he got when his company went bankrupt.

“Tackling misconduct at Bounce Back Loan is a top priority for the Insolvency Service. The 13-year disqualification order reflects the serious nature of Jastrzebski’s breach of acceptable behavior for any company director and means he cannot be involved in the promotion, formation or management of a company in Britain during that period.

Jastrzebski applied for two Bounce Back Loans worth up to £50,000 each in May 2020.

However, E Marketing ceased operations just a month later and was liquidated in July 2021.

Jastrzebski did not inform the administrators of the existence of the first loan, which only came to light during investigations into his conduct by the Insolvency Service.

E Marketing failed to maintain adequate accounting records from its incorporation in October 2019 until its liquidation.

Investigators were subsequently unable to confirm whether the loans were used for the company’s economic benefit.

Payments of more than £500,000 to third parties between March 2020 and June 2021 were also not explained by Jastrzebski.

Jastrzebski did not contest the proceedings and did not attend the final disqualification hearing.