Lincoln businesswoman caught abusing Bounce Back Loan scheme

A Lincoln businesswoman has been made subject to bankruptcy restrictions as the Insolvency Service continues to identify and tackle abuse of the Bounce Back Loan scheme.

Georgiana Cercel ran a beauty business from her home in Lincoln while studying full-time. She received a £50,000 Bounce Back Loan by overstating her business turnover, and gave £10,000 to her sister. She is subject to bankruptcy restrictions for 10 years.

The bankruptcy restrictions mean that Cercel isn’t able to borrow more than £500 without disclosing her bankrupt status. She also cannot act as a company director without permission from the court.

The local official receiver is working on potential recovery action.