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Increase in IVAs and personal insolvencies
Personal insolvencies increased dramatically in the first quarter of 2022, according to the latest Government figures. Between January and March, the Insolvency Service reported 32,305 personal insolvencies, 14% more than during the first quarter of 2021. Clearly, the effects of the Covid-19 lockdowns are in full swing. Serious financial downfalls are to be expected as…
Read MoreSolutions for profitable but insolvent companies
If you’re the director of an insolvent but profitable company, now is the perfect time to consider your options. Why? Because the Government recently lifted restrictions placed on the insolvency regime to combat the economic fallout from Covid-19. Over the past two years, a lot of companies used these restrictions to stay profitable by avoiding…
Read MoreSunak’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…
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