Dunfermline businessman banned by Insolvency Service after using COVID bounce-back loan for personal gain
Peter Ferguson, a businessman from Dunfermline, has been banned from running companies over allegations he used a government Covid bounce-back loan for personal gain.
The Insolvency Service imposed a six-year sanction on Mr Ferguson, 46, last week relating to his conduct in running Beautiful Digital Events Ltd (BDEL) and his use of a £50,000 Covid bounce-back loan.
It concluded: “BDEL failed to be eligible for the bounceback loan scheme as it was not trading at the date of the application and the loan was used for personal purposes and not to provide economic benefit to the business.
“At liquidation, the bounce-back loan of £50,000 remained outstanding and has not been repaid.”
Mr Ferguson resigned from BDEL in April 2021.
Mr Ferguson told The Courier: I can confirm that the insolvency of Beautiful Digital Events Limited had absolutely nothing to do with Party at the Park whatsoever.
“In addition, as there is currently an appeal and judicial matters relating to that company and the decision of HM Treasury, I do not think it would be appropriate to comment further.”