Former IoD boss banned as a director over Covid bounce back loan abuse
A former boss of the Institute of Directors has been banned as a company director after being found to have breached Covid loan rules.
Anna Daroy, who served as interim Chief Operating Officer and later as interim Director General of the Institute of Directors from October 2018 to November 2019, has been accused of obtaining more loans than she was entitled to, following an investigation by the Insolvency Service.
Six months after leaving her role at the Institute of Directors, she secured two maximum-value £50,000 Bounce Back Loans from separate banks for management consultancy Globepoint Associates Ltd.
Daroy received the £100,000 in loan funds within a five-day period in May 2020. Globepoint Associates Ltd went into liquidation in March 2023, with both Bounce Back Loans outstanding.
The Secretary of State for Business and Trade accepted an 11-year disqualification undertaking from Daroy, and her ban started on Wednesday 10 September.
It prevents her from being involved in the promotion, formation or management of a company, without the permission of the court.
‘Should have known better’
Kevin Read, Chief Investigator at the Insolvency Service, said: “Anna Daroy abused the Bounce Back Loan Scheme by obtaining two loans when businesses were entitled to just one. When Daroy realised that her company had received double the amount of money it was allowed, she should have repaid one of the loans.
“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.
“Director disqualifications protect the public from people who have demonstrated unfit conduct, and we will continue to investigate and take action against those who breach their duties.”
Daroy, who was shortlisted for the Women’s Business Club ‘Businesswoman of the Year’ award last year, went on to become a director of The Association of Governance, Risk and Compliance in 2020 before leaving in 2022.
She was previously the co-chair of HS2 in 2015, and for 14 years worked as a managing director at IBM.