Bounce‌ Back Loan Fraud: Music Producer⁢ Peter Connelly Faces Consequences

Peter Connelly, a music producer known for his work on the Tomb Raider soundtrack, has been found to ⁤have committed Bounce Back Loan fraud. The Insolvency Service revealed that Connelly substantially inflated his company’s turnover to secure ⁣a second, larger loan, ⁤ultimately failing to repay either.

First Bounce Back Loan Was Allowed

According⁢ to the Insolvency Service,⁤ Connelly’s first request for a Bounce Back loan was in​ May ‌2020, when he secured £22,000. It​ added that this application was within the rules⁤ of the scheme.

However, one month later in ⁣June 2020, Connelly applied to a different bank⁤ for a Bounce Back Loan of‌ £37,500, claiming his company’s turnover for 2019 was £150,000, the organisation said.

The⁢ Insolvency Service ‍said‌ its analysis revealed his turnover was just over £58,000, meaning he substantially inflated ​it on his⁣ second application. ‌Connelly also falsely declared that⁤ this was⁣ the only loan he had applied‌ for, it added.

Connelly’s⁤ Description and⁣ company’s ‌Fate

The Insolvency ⁢Service said that in interviews, Connelly said he had been given the opportunity to re-imagine the music for the Tomb Raider soundtrack. This was a notable project wich ⁣had the potential to be very lucrative,he added.

To complete ⁢the project, ​Connelly said he had taken out‌ personal loans and sold his ⁢car. However, Connelly said everything stalled at the start of the pandemic.

Peter Connelly Limited went ⁤into liquidation ‍in August ⁤2021. Neither loan had​ been repaid at this time, the Insolvency Service said. Connelly himself entered into an Individual Voluntary Arrangement ⁢(IVA) in June 2022, a legally binding agreement where he‍ has committed ‍to ⁢making⁣ regular payments⁣ to​ an insolvency practitioner to repay his debts. The⁤ IVA remains active, the Insolvency Service said.