Archive for April 2022
Sunak’s Fraud Squad targets Bounce Back Loan abuse
Last week, the Government launched ‘The Fraud Squad.’ Sounds a bit like a blockbuster movie…but it’s actually a serious venture led by Chancellor Rishi Sunak. Initially, the primary objective is to investigate the billions the Government lost through fraud that took place during the height of the pandemic. Experts claim that company directors lost, squandered,…
Read MoreGovernment targets Bounce Back Loan abusers
Accused of misconduct, misfeasance, or some other wrongdoing? If so, you’d be wise to carefully consider your options moving forward. During the Covid-19 pandemic, UK businesses received billions of Government aid through CBILS, furlough, and Bounce Back Loan schemes. In total, Bounce Back Loan distributions comprised around £40bn. However, the Government’s Insolvency Service has identified…
Read MoreDirector disqualification for dodgy wine dealer
Earlier this month, former wine investor William Geoffrey Mason received a 10-year company director disqualification. An Insolvency Service investigation found that Mason, 54, “abused” hundreds of thousands of pounds investors paid his company. Between 2001 and 2019, Mason’s business, William Mason Fine Wines (WMFW), received more than £445,000 in payments from investors. However, investigators concluded…
Read MoreConsumers warned over pre-paid energy scams
Britain’s leading fraud prevention service, Cifas, has warned gas and electricity customers to avoid pre-paid energy scams disguised as discounted offers. The scams have already affected over 188,000 victims, including British Gas, EDF Energy, E.ON, Scottish Power, and SSE customers. It’s no secret the cost of living is increasing at a startling rate. Many UK…
Read MoreWhen digital currency goes wrong Netflix documentary
Netflix’s newest true-crime offering is a cautionary tale about the world of cryptocurrency investments. Trust No One: The Hunt for the Crypto King follows the rise and fall of Gerald Cotten, founder of the QuadrigaCX cryptocurrency exchange. The result is a gripping documentary that attempts to trace the $150million (around £115m) investors lost following Cotton’s…
Read MoreEnd of temporary insolvency measures
Last week, the Government withdrew the temporary insolvency measures introduced two years earlier to support businesses during the Covid-19 pandemic. Creditors could obtain winding-up petitions under the temporary legislation (enacted as part of the Corporate Insolvency and Governance Act 2020). However, the debt threshold for winding-up petitions increased to £10,000 and creditors were compelled to:…
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