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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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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Why chase failed SMEs for unpaid Bounce Back debt?

Why chase failed SMEs for Covid debts?

The Insolvency Service recently announced plans to investigate business owners who close down companies without repaying the government’s Bounce Back Loan Scheme (BBLS) debts. Considering the chronology of events, and state of the economy, such a strategy seems unjust. Here’s why… The implementation, abandonment, and then reinstatement of lockdown restrictions caught business owners, and most…

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