London builder hit with 10 year ban after abuse of the Covid loan scheme
Laurence Vogel
Senior level executive with over 25 years experience. Currently helping directors handle financial challenges and distress through insolvency services like liquidations, CVAs and administrations
Marcel Ion, 39, from Bromley, overstated his company's turnover to secure a ￡50,000 Bounce Back Loan during the pandemic. He claimed Mavion Group Ltd had a turnover of ￡205,410 when applying in June 2020. However, the company went into liquidation owing over ￡180,000, including the loan amount, triggering an Insolvency Service investigation.
Lawrence Zussman from the Insolvency Service emphasized Ion's exploitation of a government scheme intended to aid struggling businesses during the pandemic. Ion was found to have exaggerated his company's turnover by more than double on the loan application.
Investigators discovered that Ion moved more than ￡35,360 from the loan into his personal bank account within five days of receiving it in July 2020. There was no evidence these payments benefited the company.
Ion accepted a 10-year disqualification from the Secretary of State for Business and Trade, starting May 1, 2024. This bars him from involvement in company management without court permission.
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