Former head of business group banned from directorships for 'abusing' COVID-19 loans

The former head of one of Britain's leading business groups has been banned from serving as a director for "abusing" state COVID-19 business loans.

Award-nominated businesswoman Anna Daroy has 35 years experience advising company boards in the public and private sector and served as the interim director general of the Institute of Directors‎ (IoD), a prominent business lobby group, from October 2018 to November 2019.

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She herself has now been barred from being a director for 11 years after failing to pay back a £50,000 loan overpayment.

It means Ms Daroy cannot be involved in the promotion, formation or management of a company without court permission.

The Insolvency Service, which investigated the issue, said on Thursday that Ms Daroy "abused" the COVID-19 era bounce back loan scheme by obtaining two loans when businesses were only permitted one.

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The maximum £50,000 amount under the bounce back scheme was paid out twice, from two banks, both within five days of each other in May 2020, the service said.

Upon realising her company received double the sum allowed, Ms Daroy should have repaid one of the loans, it added.

The recipient company, Globepoint Associates Ltd, went into liquidation in March 2023, with both loans outstanding.

The Insolvency Service's chief investigator, Kevin Read, said the 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, Ms Daroy should have known better than to break the rules," said Mr Read. "More than 2,400 directors have been banned for COVID-19 loan abuse since investigations began in 2021."

Who is Anna Daroy?

Just last year, Ms Daroy was nominated for the prestigious Women's Business Club businesswoman of the year award.

Since applying for the COVID-19 loans, she has held leadership positions at The Chartered Institution of Water and Environmental Management as well as the British Association for Counselling and Psychotherapy.

Ms Daroy has been contacted for comment.