Accountant who took out three Bounce Back Loans given 12-year director ban

An Accountant who took out three Bounce Back Loans has been given a 12-year director ban by the Insolvency Service and must repay £75,000.

Dion Mailich took out three Bounce Back Loans for his business – despite being only entitled to one. The Accountant applied for loans totalling £125,000 – five times the amount his company was entitled to.

As a result of the investigation, he has been disqualified for 12 years and has pledged to pay £75,000 compensation after an Insolvency Service investigation found he took out three Bounce Back Loans and claimed five times the amount his company was entitled to.

Mailich was a director of Renovare Financial Service Ltd, a company which helped ex-offenders get back on their feet after getting out of prison. The company went into liquidation in December 2022 and a report from the company’s liquidator triggered an investigation by the Insolvency Service into Mailich’s conduct.

The investigation found that in May 2020, Mailich, a chartered accountant had applied for a £25,000 Bounce Back Loan on behalf of the firm. The amount was the maximum his business was eligible to receive, based on its previous year’s turnover.

However, the Investigation discovered that Mailich applied for a second Bounce Back Loan of £50,000 for the business less than two weeks after he had received the first, and then made a third £50,000 loan application in June 2020. In total, Renovare Financial Services Ltd received five times what it was entitled to under the scheme.

On 15th March 2024, Mailich gave the Insolvency Service an undertaking to pay £75,000 compensation. The Secretary of State also accepted a disqualification undertaking from Mailich, and his 12-year ban began on 20 October 2023. His disqualification prevents him from becoming involved in the promotion, formation or management of a company, without the permission of the court.

Rob Clarke, Chief Investigator of Insolvent Investigations North at the Insolvency Service, said “The rules were very clear but Dion Mailich ignored them and took an extra £100,000 from taxpayers that his business was clearly not entitled to.

“We will not tolerate such abuse of public money. Mailich now has a lengthy ban and has undertaken to pay tens of thousands of pounds in compensation. This outcome should be a warning to others that we will be seek action against cases of abuse by company directors.”