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Directors guilty of BBL abuse face disqualification

Directors face disqualification for Bounce Back Loan (BBL) abuse

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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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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Dodgy Football Fat Cats like Peter Ridsdale Must Be Punished

Banned Director Peter Risdale

Last month, the Insolvency Service banned football club chairman Peter Ridsdale (pictured) from holding company directorships for seven-and-a-half years. Under Ridsdale’s chairmanship, Cardiff City football club accrued debts exceeding £42m between 2006 and 2010. During the same period, Ridsdale secretly and unlawfully transferred more than £345,000 from Cardiff City into his personal bank account, and…

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Office of Fair Trading’s Insolvency Recommendations are Long Overdue

Last month, the Insolvency Service released a review paper on the regulation of insolvency practitioners (IPs) and asked the public for feedback. The consultation, which can be read here, follows an Office of Fair Trading (OFT) investigation into corporate insolvency and practitioner fees. The investigation found inconsistencies in the way complaints about IPs were handled…

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R3 Wrong to Blame Cable’s Insolvency Service for Fall in Company Director Disqualifications

The UK’s leading professional association for insolvency and business recovery specialists, R3, claims dodgy company directors are escaping punishment because the Insolvency Service (IS) is more concerned with meeting targets than launching complex investigations. According to R3, while the number of reports alleging director misconduct has doubled since 2003, during the same period there’s been…

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