Credit, Collections & Insolvency News
The boss of a property maintenance company who lied about his turnover to secure a maximum-value Covid Bounce Back Loan has been jailed. Craig Smith set up C.A.S. Property Maintenance (Midlands) Limited in April 2020. The 42-year-old applied for a Covid Bounce Back Loan in August 2020 using his own name as the loans were…
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Two key enablers of a scheme designed to undermine insolvency legislation by allowing business owners to keep their assets and drop debts have been banned as company directors. Sisters Karen Mortimer and Joanna Seawright put the creditors of 138 companies at risk of financial loss after taking control of the businesses which were referred to…
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A bankrupt builder who persuaded a customer to pay him more than £30,000 for home improvements he never completed has been sentenced. Wayne Miller deliberately concealed his status as a bankrupt from his victim and abandoned the building project in Canterbury when it was nowhere near finished. He also promised to repay the customer for…
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RSM UK is urging businesses to be fully prepared for a cyber-attack, as recent figures from the NCSC (National Cyber Security Centre) show a worrying rise in ‘nationally significant’ cyber incidents. These attacks, which can cause significant business disruption and financial loss for businesses and consumers, have more than doubled already this year. Cyber-attacks are…
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The boss of a glazing firm who fraudulently applied for two Covid Bounce Back loans and spent significant sums on gambling and crypto investments has received a sentence of 22 months in custody, suspended for two years. Just months into the pandemic, Haralombos Ioannou secured two maximum-value £50,000 Bounce Back Loans when businesses were only…
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A Covid fraudster who bought a house in Huddersfield using Bounce Back Loan funds has been jailed. Mohammed Rashidzadeh appointed solicitors to help him buy a three-bedroom semi-detached house in the Almondbury area of the town just two days after receiving the £50,000 loan in June 2020. The 34-year-old also attempted to strike his Cozy…
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A tour operator has been jailed after securing two maximum-value £50,000 Covid Bounce Back Loans when businesses were only entitled to one. Raja Imtiaz fraudulently applied for a second Bounce Back Loan on behalf of Al Fayroz Travel & Tourism Limited in the summer of 2020, just two weeks after securing another £50,000 loan for…
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A former Director General of the Institute of Directors, who was nominated for a prestigious businesswoman of the year award has been disqualified as a company director for Covid loan abuse. Anna Daroy served as interim Chief Operating Officer and later as interim Director General of the Institute of Directors from October 2018 to November…
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The owner of a scaffolding company who fraudulently obtained £100,000 in Covid loan funds has been ordered to repay the money in full, with interest of more than £15,000. Mark Degnan, repaid £55,608 before appearing at Leeds Crown Court on Monday 15 September where he was ordered to repay the remaining £59,578 within six months.…
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Three connected debt collection companies, which kept more than £50,000 in client funds they collected on their behalf, have been shut down. Sunderland-based EDC Group NE Ltd, UK EDC Ltd and UK TCF Limited falsely presented themselves as professional agencies with decades of experience while taking money from both clients and their debtors. The companies…
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The director of a century-old Scottish machinery firm which went into administration last year has been banned after failing to declare more than £1.5 million in VAT. David Smith, was the director of FB Realisations Limited, which was known for decades as Balgownie Limited. However, for more than three years between 2019 and 2022, Smith…
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A video game composer and sound designer who fraudulently applied for a Covid loan has been jailed. Peter Connelly, best known for his work on the Tomb Raider series, overstated his company’s turnover to obtain a second Bounce Back Loan of £37,500 in 2020 when businesses were only entitled to a single loan. Connelly had…
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The Insolvency Service has announced ambitious and transformational plans to play a more prominent role in the fight against economic crime and be recognised as the UK’s leading authority in enforcing corporate and insolvency standards. The strategy commits the agency to broadening its remit, taking robust action against criminals who defraud businesses and taxpayers, and…
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