Martin Howard Quince was the director and owner of Bedford-based Rosetta Publishing Ltd, which published community news magazines including the Bedfordshire Bulletin.

The Insolvency Service report into his conduct found that Quince had failed to ensure the company used the initial monies obtained for the economic benefit of the company, in contravention of the terms of the scheme.

In May 2020 Quince applied on behalf of Rosetta to Lender A for a BBL of £48,250.

When the first BBL monies were paid into Rosetta’s account with Lender A on 16 May 2020 they converted an overdrawn balance of £19,338 to a credit balance of £28,912.

However, by 24 June 2020, when the account had received trade credits of £4,099, payments out of the account were made of a total of £31,538 “of which six payments totalling £27,580 were made for Mr Quince’s personal benefit”.

The report stated that on or after 7 September 2020 Quince applied for and obtained a second BBL of £50,000 with Lender B.  

“The second BBL was to be paid to Rosetta net of an outstanding liability owed by Rosetta to Lender B in respect of a business loan taken in June 2019 and for which Mr Quince had given Lender B a personal guarantee,” the Insolvency Service explained.

The second BBL application was made in contravention of the BBL scheme’s terms and conditions and, by making the second application, Quince caused Rosetta to obtain a BBL of £50,000 to which it was not entitled, and which produced personal benefit to him by discharging his personal guarantee on the earlier loan with Lender B.

He has been disqualified for 12 years as a result of his actions.

The ban came into force yesterday (12 July).

Quince’s month of birth is July 1950 and his last known address was in Milton Ernest near Bedford.

Rosetta Publishing was wound up in September 2022. It had an estimated total deficiency of £111,982 including £62,479 owed to HSBC and £53,553 to Funding Circle.