Ex-business group boss banned for Covid loan 'abuse'

The loans were set up to support businesses affected by the pandemic

The former director general of the Institute of Directors, who was nominated for a prestigious businesswoman of the year award, has been disqualified for 11 years as a company director for Covid loan abuse.

Anna Daroy, 61, of Abbots Morton, Worcestershire, secured two £50,000 Bounce Back loans, when she was only entitled to one, from separate banks and received the funds within a five-day period in May 2020, the Insolvency Service said.

Chief investigator Kevin Read said Ms Daroy had "abused" the system.

He added: "When Daroy realised her company had received double the amount of money it was allowed, she should have repaid one of the loans."

The Insolvency Service said Ms Daroy had a 35-year career in the public and private sectors advising boards and executive teams.

She served as a director general of the Institute of Directors from 2018 to 2019 and was last year shortlisted for a "prestigious" award, the Women's Business Club's Businesswoman of the Year.

The loans were a government scheme set up to support small and medium-sized businesses affected by the pandemic.

'Should have known better'

Mr Read said: "Bounce Back Loans were designed to provide vital support to struggling businesses during the pandemic, not to be exploited by those who did not follow the terms of the scheme.

"As someone with such extensive experience in senior business leadership roles, Daroy should have known better than to break the rules."

Six months after Ms Daroy left her role at the Institute of Directors, she secured the loans for management consultancy Globepoint Associates Ltd, Mr Read said.

The Insolvency Service said that Globepoint Associates Ltd went into liquidation in March 2023, with both Bounce Back loans outstanding.

The business secretary accepted a disqualification undertaking from Ms Daroy, and her ban, which continues until September 2036, started on 10 September.

Ms Daroy has also held leadership positions at The Chartered Institution of Water and Environmental Management and at the British Association for Counselling and Psychotherapy.