Institute lead from the Institute of Directors barred from holding positions in corporations
The Insolvency Service has disqualified Anna Daroy, a former director general of the Institute of Directors, from being involved in the promotion, formation, or management of a company. This decision comes after an investigation into Ms. Daroy's actions regarding the Bounce Back Loan Scheme during the Covid-19 pandemic.
Ms. Daroy, with extensive experience in senior business leadership roles, broke the rules of the scheme by obtaining two maximum-value £50,000 Bounce Back Loans from separate banks for her management consultancy, Globepoint Associates Ltd, within a five-day period in May 2020. The loans were secured when businesses were entitled to just one.
Kevin Read, chief investigator at the Insolvency Service, made a statement regarding Ms. Daroy's actions. He stated explicitly that she abused the Bounce Back Loan Scheme. The scheme, designed to help businesses during the pandemic, was not intended to be exploited by those who did not follow the terms.
Globepoint Associates Ltd went into liquidation in March 2023, with both Bounce Back Loans outstanding, according to the Insolvency Service. Ms. Daroy was supposed to repay one of the loans when she realized her company had received double the allowed amount.
The Business Secretary has accepted a disqualification undertaking from Ms. Daroy, and her disqualification started on Wednesday. This disqualification requires the permission of the court for any involvement in company management.
Ms. Daroy served as interim chief operating officer and later as interim director general of the Institute of Directors from October 2018 to an unspecified date. The Insolvency Service's actions against her are aimed at protecting the public from unfit conduct.
The Insolvency Service added that the disqualification of Ms. Daroy was due to her breach of duties and abuse of the Bounce Back Loan Scheme. This disqualification is a reminder that the rules of such schemes must be followed to ensure their fair distribution and continued availability to those who truly need them.
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