Director banned for 15 years after securing Covid loan for company which never traded

A South London man who secured Covid support funds for a construction firm which never traded has been disqualified as a company director for the maximum period of 15 years.

Ademilson Nascimento obtained a £46,500 Bounce Back Loan in July 2020 by falsely claiming that his Buildan Construction Ltd company had a turnover of £192,000.

The 53-year-old also failed to use the money for the economic benefit of his business as required under the terms of the scheme, because the company never traded. The company filed dormant accounts for 2019, 2020 and 2021.

Nascimento was disqualified as a company director for 15 years at a hearing of the High Court in London. His ban started on Tuesday, 19th  May. He was also ordered to pay costs of £5,667.

Nascimento’s disqualification runs through until May 2041 and prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.

Buildan Construction Ltd went into liquidation in April 2023 and was dissolved in December 2025.

Simon Gillett, Chief Investigator at the Insolvency Service, said“Ademilson Nascimento’s conduct was described by the judge as ‘bluntly appalling’ and it’s clear to see why.

“His selfish actions caused real harm to the public purse and showed utter contempt for a scheme designed to support genuine businesses during the pandemic.

“The Insolvency Service will not tolerate those who abuse their position as a company director, as this lengthy disqualification demonstrates.”