Financial consultant banned for abusing bounce loan
Eunice Gill Dzodzome (32) was appointed sole director of Reach Alive Limited at the same time as the company was incorporated in September 2015.
Trading from premises in Bow, east London, Reach Alive provided financial advisory services but was put into voluntary liquidation by its creditors in July 2021.
Reach Alive’s insolvency, however, sparked an investigation by the Insolvency Service before investigators discovered that Eunice Dzodzome had submitted a bogus Bounce Back loan application.
To be eligible for a rebound loan, companies had to have started trading before March 1, 2020 and continue to trade when submitting the application.
However, at the time Eunice Dzodzome applied for a rebound loan on August 17, 2020, Reach Alive was not trading and dormant accounts were filed for the year ending September 2020.
On the request, Eunice Dzodzome said her company traded when inactive, while exaggerating a turnover of £200,000 when accounts for the year ending September 2019 revealed the figure business was closer to £19,000.
Further inquiries revealed that Eunice Dzodzome’s company Reach Alive Ltd received a £45,000 bounce-back loan, of which she transferred £40,000 to her personal account, which she invested in crypto- cash. Of the remaining loan, £2,000 was given to Eunice Dzodzome as a director’s loan and £3,000 was used as an advance payment for the liquidation of her business.
Investigators have concluded that Eunice Dzodzome breached the terms of the government guaranteed loan which should have been used to support the business during the pandemic and not for personal use.
On April 12, 2022, the Secretary of State for Business, Energy and Industrial Strategy accepted an 11-year disqualification undertaking from Eunice Dzodzome.
As of May 3, 2022, Eunice Dzodzome is disqualified from acting as a director of a company and from engaging directly or indirectly in the promotion, incorporation or management of a company, without the authorization of the court .
Lawrence Zussman, Deputy Chief of Bankruptcy Investigations, said:
Eunice Dzodzome blatantly misused the government’s rebound loan, which was meant to provide a vital lifeline for businesses during the pandemic so they could bounce back.
11 years is a long time to be expelled from the corporate field and the seriousness of Eunice Dzodzome’s disqualification should serve as a warning to others that we will be cracking down on offenders who think they may be abusing their responsibilities and, ultimately, the taxpayer.
Notes to editors
Eunice Gill Dzodzome is from Chigwell, Essex and her date of birth is March 1990.
Reach Alive Limited (company registration number 09785310).
A disqualification order means that, without the express permission of a court, a disqualified person cannot:
- act as a director of a company
- participate, directly or indirectly, in the promotion, incorporation or management of a company or a limited liability company
- to be a receiver of a company’s assets
Persons subject to a disqualification order are bound by a series 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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