Romford Builder to Repay Misclaimed Covid Loan
Construction director previously disqualified as a director signs compensation agreement
Ioan Marcu overstated his company’s turnover to receive £50,000 in Bounce Back Loan funds when he was only entitled to little more than £11,000
Marcu was handed a decade-long director ban for his misconduct following Insolvency Service investigations
The 38-year-old has now signed a formal document in which he agrees to repay the money he secured
A builder who was disqualified as a company director for Covid loan abuse has now agreed to repay all the money the company was not entitled to claim.
Ioan Marcu inflated his Imbusi Ltd company’s turnover to receive a £50,000 Bounce Back Loan in 2020, the maximum allowed under the scheme.
Marcu was disqualified as a director for 10 years in January 2025 following Insolvency Service investigations.
The 38-year-old, of Lindfield Road, Romford, has now signed an agreement committing him to repay more than £38,000 – the total amount the company should never have received.
Ann Oliver, Chief Investigator at the Insolvency Service, said:
Ioan Marcu significantly overstated his company’s turnover in order to receive the maximum amount of money businesses were entitled to under the Bounce Back Loan Scheme.
This was clearly an inaccurate declaration which has resulted in him being banned as a director until the start of 2035.
Marcu has now signed a compensation undertaking which legally requires him to pay back all the public money the company should never have received in the first place.
Imbusi was incorporated in August 2014 with Marcu as its sole director.
Marcu applied to the bank for the £50,000 Bounce Back Loan in July 2020, claiming Imbusi’s turnover was £280,000 – an over-estimate of more than £230,000.
Insolvency Service analysis of Imbusi’s accounts revealed the company was only entitled to a loan of £11,451.
The Secretary of State for Business and Trade accepted a compensation undertaking from Marcu on Thursday 24 April, in which he has agreed to repay £38,549 in monthly instalments.
His disqualification undertaking prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.
Imbusi went into liquidation in July 2022 with liabilities of more than £63,000.
https://www.gov.uk/government/news/romford-builder-banned-for-covid-loan-abuse-agrees-to-repay-money-he-should-never-have-claimed