Director Disqualification
Why Liquidators Pursue Director’s Loan Accounts
The Director’s Loan Account Knowledge Centre: Understanding what happens after insolvency When a company enters liquidation, many directors assume the focus will be on creditors, employees, and company assets, such as stock or equipment. Those matters are certainly important. However, another asset often receives careful attention: the Director’s Loan Account. If that account is overdrawn,…
Read MoreCompanies House: New Director ID Rules Target Fraudsters
In an effort to reduce the number of faceless and fraudulent UK business owners, from November 2025, all company directors and persons with significant control (PSCs) will be required to verify their ID at Companies House. Under the requirements introduced by the Economic Crime and Corporate Transparency Act 2023, the UK company register is set…
Read MoreIs the director disqualification process futile?
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…
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 More