Former Director General of Institute of Directors banned over Covid loan abuse

A former Director General of the Institute of Directors, who was nominated for a prestigious businesswoman of the year award has been disqualified as a company director for Covid loan abuse.

Anna Daroy served as interim Chief Operating Officer and later as interim Director General of the Institute of Directors from October 2018 to November 2019. 

Six months after leaving her role at the Institute of Directors, she secured two maximum-value £50,000 Bounce Back Loans from separate banks for management consultancy Globepoint Associates Ltd.

Daroy received the £100,000 in loan funds within a five-day period in May 2020.She was banned as a director for 11 years earlier this month.

Globepoint Associates Ltd went into liquidation in March 2023, with both Bounce Back Loans outstanding.

The Secretary of State for Business and Trade accepted a disqualification undertaking from Daroy, and her ban started on Wednesday 10 September.

It prevents her from being involved in the promotion, formation or management of a company, without the permission of the court.

Daroy, who has held leadership positions at both The Chartered Institution of Water and Environmental Management and British Association for Counselling and Psychotherapy since the applications, is now banned as a director until September 2036.

Kevin Read, Chief Investigator at the Insolvency Service, said “Anna Daroy abused the Bounce Back Loan Scheme by obtaining two loans when businesses were entitled to just one. When Daroy realised that her company had received double the amount of money it was allowed, she should have repaid one of the loans.

“Bounce Back Loans were designed to provide vital support to struggling businesses during the pandemic, not to be exploited by those who did not follow the terms of the scheme.

“As someone with such extensive experience in senior business leadership roles, Daroy should have known better than to break the rules.

“Director disqualifications protect the public from people who have demonstrated unfit conduct, and we will continue to investigate and take action against those who breach their duties.”