It has come to my attention that a fairly new client of mine has obtained two bounce back loans with separate banks. Their business has been severely impacted by COVID (unable to furlough) and most of the two loans have already been drawn out. Director currently has an overdrawn loan account and mentioned that they intend to declare a bonus through PAYE to clear the loan and then let the company fold (with zero intention of repaying the 2x BBLs).
I assume I need to make a ML report, but wondering if I have any other obligations (particulary with regards to the 2 loans). I'm aware you can report furlough fraud etc via HMRC, but wondering if this is the appropriate place to deal with the loans?