The huge Covid support payments were transferred to the beneficiaries of the two companies which had filed ‘suspicious’ accounts at Companies House.

Ledbridge Consultants and Montague Partners, which had registered offices in London and Birmingham, have been shut down at the High Court after being found guilty of using the Covid loans for the financial gain of 35 beneficiaries of the companies.

All the money should have been used by the businesses, not for the personal gain of individuals.

The Insolvency Service also described the accounts produced by the connected companies as ‘suspicious’. The registered offices were in Birmingham and London.

The two companies  claimed to be financial intermediaries and management consultants respectively.