Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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…
Read more
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…
Read more
A West London building contractor who overstated his company’s turnover by almost £200,000 to secure a maximum-value Covid Bounce Back loan has been banned as a director and ordered to repay the money he was not entitled to. Tahir Haq obtained a £50,000 Bounce Back loan for building completion and freight transport company Integral Maintenance…
Read more
A new Government report has highlighted how Companies House is transforming from a passive register to an active gatekeeper, providing examples of how the agency is actively tackling economic crime and improving register data. Key to Companies House progress is strengthened collaboration with The Insolvency Service and other law enforcement agencies to present a unified front…
Read more
The boss of four companies, which owed HMRC more than £1 million, including £400,000 in VAT they falsely reclaimed, has been banned as a Director. Hassan Waqar was the director of HN Restaurants Limited, Kiani Construction Limited and Moneemint Ventures Limited when they submitted falsified documents to HMRC. A fourth company, Zoya Investments Limited, failed…
Read more
The director of two companies which run mobile phone shops across the UK has been handed a two-year suspended sentence, after he fraudulently claimed £150,000 in Covid Bounce Back loans. Zahid Afzal, the director of Phone Bits Ltd and Phones Onn Ltd, had already received Covid loans for both companies legitimately – totalling £52,500 –…
Read more
A Management Consultant who secured two Covid Bounce Back Loans – totalling £80,000 – having twice significantly overstated his company’s turnover has been disqualified for 11 years. Romain McLean was the sole director of RMC Associates Limited, registered at Kingston Road in Wimbledon. He applied for a £30,000 Covid Bounce Back loan for his business…
Read more
The founder of a football betting investment firm has been banned as a director after his company went into administration owing investors more than £10 million. Former television presenter Alan Bentley allowed his Bentley Global (UK) Limited company to obtain more than £1.5 million from investors during late 2019 and the first half of 2020,…
Read more
A woman who pretended to run a business to secure a £50,000 Covid Bounce Back Loan has been sentenced for fraud following an investigation by the Insolvency Service. Rubaszko applied to a bank for a Covid Bounce Back Loan on 26th April 2021, which was approved on 28th April 2021 and paid into her bank…
Read more
A Recruitment consultant has been handed a suspended sentence. after fraudulently using Covid loans for personal purposes after an Insolvency Service investigation. Rico Iheagwara secured two Bounce Back Loans worth £20,000 each from different banks for his Essex-based SJR Recruitment Limited company when businesses were only entitled to a single loan under the scheme. Iheagwara…
Read more
A car dealer from Kent who now lives in Spain has been banned from being a company director for 12 years after his company received a second £45,000 Covid Bounce Back loan it was not entitled to. Joseph Harrison was the director of South East Commercials Ltd, a used car sales dealership in Kent before…
Read more