A Lanarkshire businessman took out a £50,000 taxpayers-backed loan and withdrew the cash before the company was wound up.
Thomas Whyte's firm had just £203 in its bank account when he applied for and received the Bounce Back Loan for the dormant Fortress Restructuring Ltd.
The company's only asset at that time was £100 share capital and less than £1,000 had been paid into the account in the year before the 76-year-old applied for the money, designed to support businesses struggling to cope during the covid pandemic.
