Grigorijs Hacaturjancs, 34 and originally from Latvia, was disqualified as a director for 10 years after fraudulently claiming the repayment of a £50,000 loan.
Grigorijs Hacaturjancs was the director of Beauty&Melody Shop Ltd, which was registered in 2015 and operated as an online retailer of hair and beauty products. The company is not related to the London chain of hair and beauty salons of the same name.
Despite the company’s accounts showing that the company ceased trading in 2019 and closed its website, Hacaturjancs applied for a £50,000 Bounce Back Loan (BBL) in May 2020 on behalf of the company.
Businesses were only eligible for support through the BBL scheme if they were adversely affected by the pandemic lockdown, meaning online-only retailers such as Beauty&Melody could not apply.
As well as Hackaturianz’s business being ineligible, he increased the company’s turnover on the BBL app to secure the maximum £50,000 available through the scheme.
Beauty&Melody went into voluntary liquidation in July 2021, shortly after the liquidator passed on concerns to the bankruptcy office about Grigoriy Khakaturyantz’s conduct.
Investigators found that the last sale from Beauty&Melody was on 23 March 2019, after which no further money was paid into the company’s bank account until the £50,000 repayment loan was received in May 2020.
Just two weeks later, a payment of nearly £50,000 was made to a company based in Slovakia. Hacaturjanc told investigators it was to a supplier company, even though Beauty&Melody had never done business with that company before and received no goods or services in exchange for the payment.
The Secretary of State for Business, Energy and Industrial Strategy accepted a disqualification undertaking from Grigorijs Hacaturjancs after he admitted that his company was insolvent in 2019 on a balance sheet basis and also that it did not carry out adequate checks on the new Slovakia supplier.
His disqualification takes effect from July 12, 2022 and lasts for 10 years.
The disqualification undertaking does not allow Hacaturjanc to directly or indirectly engage in the promotion, creation or management of a company without the permission of the court.
Dave Elliott, chief investigator at the Insolvency Service said:
Mr. Hacaturjanc’s disqualification should act as a deterrent to others who think they can profit by getting taxpayer-backed loans to which they are not entitled.
The liquidator has found that Khakaturianz has no personal assets, but the possibility of applying for a compensation order will remain under review.
Notes to the editors
Grigorijs Hacaturjancs is a Latvian citizen and his date of birth is February 1988.
Beauty&Melody Shop Ltd (Company number 09639900). The company trades online from https://www.beautyandmelody.shop.
The disqualification order has the effect that, without special permission from the court, a person with disqualification cannot:
- acts as a director of a company
- participate, directly or indirectly, in the promotion, formation or management of a company or limited liability company
- to be the successor of the company’s property
Disqualification undertakings are the administrative equivalent of a disqualification order, but do not involve court proceedings.
Persons subject to a disqualification order are bound by a range of other restrictions.
Information about the work of the Insolvency Service and how to make a complaint about financial irregularities.
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