Credit, Collections & Insolvency News
Firms which took customers’ deposits but didn’t fit their kitchens have been a shut down by the Insolvency Service following phoenix concerns. The investigations found the Manchester-based companies took upfront payments from more than 20 customers, but there is no evidence they installed the kitchens as promised A group of linked kitchen design and fitting…
Read more
A former London minicab driver is subject to 11 years of stringent sanctions after the Official Receiver found he abused the Covid loan scheme to claim over £47,000 more than his business was entitled to. Huseyin Houssein, a former private hire driver from Nash Road in Edmonton, North London, applied for a £50,000 Bounce Back…
Read more
A man from South London has been sentenced to five years in prison for impersonating banks and stealing £988,719 from banking customers. The sentencing follows an investigation and arrest by specialist banking industry sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). Between 2021 and 2024, Adam Raja, defrauded banking customers by impersonating…
Read more
A key figure in a scheme designed to undermine the insolvency system has been banned as a company director for nine years. Neville Taylor was paid more than a quarter of a million pounds by Atherton Corporate (UK) Ltd to become the sole director of more than 400 companies. Taylor’s disqualification means he will have…
Read more
A fraudster jailed for illegally obtaining a Covid Bounce Back Loan has been ordered to pay the funds back in full with interest. Restaurant owner Ilhan Kekec overstated his company’s turnover to secure a £30,000 loan in May 2020. The 36-year-old was jailed for two-and-a-half years in March 2024 following a trial at Isleworth Crown…
Read more
New research by Chartered Institute of Credit Management (CICM), in a survey of 200 professional Credit Managers, has shown that more than four out of five (81%) say their organisations have experienced fraud this year with two out of five (40%) saying the frequency of attempted frauds has increased. The most common frauds relate to…
Read more
A company director moved £100,000 in fraudulent Covid loans through family bank accounts Muhammadh Chaudhry, who previously went by the name of Masood Jamati, secured a £50,000 Bounce Back Loan for a media business in July 2020. The 41-year-old then fraudulently obtained another £50,000 loan for UK Media Kit Hire Ltd in September 2020, which…
Read more
A man has been sentenced at Manchester Crown Court to 6 years and 9 months in custody for defrauding elderly customers out of an estimated £958,949. He posed as a bank employee working to investigate fraud, tricking customers into handing over control of their bank. The sentencing follows an investigation and arrest by specialist banking…
Read more
According to a recent report by FGS Global, British business leaders are increasingly concerned about the impact of cyber-attacks, with 85% of firms experiencing a crisis in the past year. The report reveals that business leaders across Britain, including top executives from EY and JD Sports, are concerned about cybersecurity. This concern comes after a…
Read more
The Social Market Foundation (SMF) has called for a united international effort to combat fraud, which has cost the UK economy approximately £16bn between 2021 and 2023. The report highlights that 21% of adults globally have fallen victim to fraud in the past three years, with £168bn lost to fraudsters worldwide. Including the wider social…
Read more
The Intellectual Property Office (IPO) has issued a fresh warning to customers to beware of misleading requests for payments, sent by unsolicited organisations. These typically take the form of invoices requesting payment for trade marks, designs, or patents services. Such ‘services’ – once paid for – may simply never be provided, or may be of little…
Read more
A Sussex director who committed Covid Bounce Back Loan fraud and encouraged an associate to invest in the creation of a footgolf course he never had permission to create, has been sentenced. Lee Walkey was sentenced to eight months in prison, suspended for 12 months, at Lewes Crown Court. Walkey was also ordered to complete…
Read more
A construction contractor has been banned as company director after Covid loan abuse. An Insolvency Service investigation found that Nick Addison submitted misleading information to obtain a £50,000 Bounce Back Loan, the maximum amount businesses were entitled to. Addison was the owner of a former Bedfordshire construction firm which mainly focused on dry lining and…
Read more