35% of banned directors abused Covid support

7 out of every 20 UK company directors who were banned during the first four months of 2022 were guilty of fraud or abusing the Government's Covid-19 support schemes

7 out of every 20 UK company directors struck off in 2022 were guilty of abusing the Government’s Covid-19 loan or job support schemes, shocking statistics reveal. Between April and May, the Insolvency Service disqualified around 36 directors following claims of abuse and fraud, which is staggering. Still, many individuals and smaller companies may never…

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Is the director disqualification process futile?

There is no evidence that disqualification is sufficient punishment for a devious company director

In March 2022, P&O Ferries’ chief executive Peter Hebblethwaite brutally dismissed 800 workers without the consultation required under UK law. His actions led to the press and people on social media demanding consequences for such insensitive and potentially unlawful actions. Additionally, the government agency responsible for investigating director misconduct, the Insolvency Service, has commenced civil…

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Sunak’s Fraud Squad targets Bounce Back Loan abuse

Chancellor's new Fraud Squad aims to claw back the billions lost to fraud through the Bounce Back Loan scheme

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,…

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Government targets Bounce Back Loan abusers

Insolvency practitioners targeting company directors over Bounce Back Loan abuse

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…

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Director disqualification for dodgy wine dealer

Wine specialist William Mason receives 10-year director disqualification ban after abusing money investors paid into his company William Mason Fine Wines

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…

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Corporate fraudsters: Are UK laws tough enough?

Why are the US government's fraud laws more strict?

Whereas dishonest British company directors are rarely punished, American TV star Martha Stewart served time in jail for misleading investors Several articles discussing UK fraud laws have been knocking about over the past week, and several ask a fascinating question: Compared to the USA, is the UK tough enough on corporate wrongdoing? It’s safe to…

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