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Navigating the world of scam investments
Trying to understand the world of investments sometimes feels like wading through a minefield. Frankly, it can be a little overwhelming. Let’s say you’re ready to invest your hard-earned cash, but don’t know where to start. The first aspect to get savvy on is scams! Get familiar with the different types. Due to technology, they…
Read MoreWhen sweet investments turn sour
Let’s set the scene. You were dazzled by a shiny investment prospect. The promise of returns were high, and the representative sold the heck out of it. Perhaps the first date (or two) of your dividend payments came around and you got paid. Great. All was going to plan. But then… Help! There’s been a…
Read MoreBernie Madoff and the lure of Ponzi Schemes
If you’re interested in savings and investments, you’ve probably heard of American fraudster Bernie Madoff, the man responsible for the world’s largest Ponzi scheme. Madoff’s insatiable appetite for money led him to coordinate an elaborate Ponzi that embezzled more than US$64 billion (£46bn). For 17 years until his arrest in 2008, Madoff conned thousands of…
Read MoreDirector disqualification and misconduct
Careless, deceitful, and delinquent company directors can expect to face disqualification proceedings if their actions cause creditors to suffer financial loss. Disgruntled shareholders and creditors (the people and businesses you owe) may take action against a director suspected of misfeasance or another serious transgression. However, a licensed insolvency practitioner (IP) usually instigates Director Disqualification Proceedings.…
Read MoreLaws for winding up orders need more clarity
Entrepreneurial small business owners should be overjoyed with Government plans to increase the debt threshold for winding-up petitions to £10,000. The move is in harmony with new protections and laws designed to support businesses. Temporary measures introduced last year under CIGA 2020 will be replaced from 1 October to 31 March 2022. Subsequently, more debtor-friendly…
Read MoreDirectors guilty of BBL abuse face disqualification
A few months back, we protested the Insolvency Service’s decision to chase the owners of failed businesses for failing to repay Bounce Back Loans. However, the findings of a report by the House of Commons public accounts committee suggest the agency’s strategy may be appropriate after all. To help struggling small-to-medium enterprises (SMEs) during the…
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