Credit, Collections & Insolvency News
A director who secured maximum-value Covid loans for three dormant companies and overstated his turnover to secure a fourth during the pandemic has been jailed. Ricky Harrison received a total of £200,000 in Bounce Back Loans during 2020, when he was entitled to just £16,000 at most. He also spent the money for personal purposes,…
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The owner of a North London tyre shop has been banned as a director for 10 years after overstating his company’s turnover to secure a maximum-value Covid loan. Shkelzen Gashi ran Smart Tyres Services Ltd from his address on Harringay Road from 2015 to 2022. The 53-year-old claimed his company’s turnover was £250,000 when he…
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A cafe owner who took £150,000 in Covid support funds for two companies which were not trading at the start of the pandemic has been sentenced. Mehmet Akyuz, fraudulently obtained three maximum-value bounce-back loans worth £50,000 each in 2020 for his Green and Hove Limited and Leathers Wear Limited companies. Both Green and Hove, trading…
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A building contractor who fraudulently claimed a £50,000 Covid Bounce Back loan has received a 13-month suspended sentence. Florin-Petrica Bodale operated as a building contractor offering plumbing, heating and air-conditioning installation and was based in Harrow, London. In November 2020, he successfully applied to a bank for a Covid Bounce Back loan of £50,000. But…
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Companies House has announced the launch of a new service that allows individuals to verify their identity through an Authorised Corporate Service Provider (ACSP). The introduction of identity verification is one of the key changes to UK company law under the Economic Crime and Corporate Transparency Act 2023. This landmark legislation gave Companies House new…
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A man who ran a Joinery business in Essex has been handed a 15-month suspended sentence, and 100 hours unpaid work, after he claimed a second Covid Bounce Back Loan and used some of the money for personal spending. Charles Ling had already received a £20,000 Bounce Back Loan in May 2020 which was both…
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Two connected technology companies which claimed to protect people online and enhance their social media image have been shut down by the Insolvency Service following concerns they were running a direct debit scam. Manchester-based companies Affinity Technology Solutions Limited and RCSR Tech Limited were both wound-up at the High Court. Affinity claimed to offer a…
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A company director has been disqualified after failing to provide accounting records when her company went into liquidation owing an estimated £319,000 in corporation tax. Jenna Lennon was the sole director of Hope & Pride Limited, which was incorporated in March 2019 and described its business on Companies House as “other information service activities not…
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A taxi driver jailed after inflating turnover to secure three Covid Bounce Back Loans. Nelson Clark fraudulently applied for three Bounce Back Loans in 2020 by significantly exaggerating his turnover.cHe then used the funds for personal use, breaking the rules of the scheme again. Clark from Dartford, was sentenced to two-and-a-half years in prison when…
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A husband and wife whose furniture company went into liquidation owing customers almost £100,000 have both been banned as company directors. George and Williamina Hay were directors of DWH Trading Ltd, which sold adjustable beds and chairs, mostly to elderly and vulnerable customers, from their home address in Aberdeenshire. The company was struggling financially by…
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A Nottinghamshire construction boss who fraudulently removed more than £700,000 from four failing companies and transferred the money to his casino account has been jailed. Wesley Grainger-Smith fraudulently removed more than £702,050 from four struggling construction companies between 2014 and 2017 into his casino gaming account. Grainger-Smith was not the official director of any of…
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More than 10,000 additional cases of suspected Covid loan fraud have been identified following a government review of settled loans. The British Business Bank review of loans which had been defaulted on and settled by the Government shows that the number for the 2023 financial year has almost doubled from 16,846 to 31,437. The fraudulent loans for…
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A delivery driver who spent Covid loans, which he was not entitled to on drugs and gambling has been sentenced. Amraiz Mahmood fraudulently secured a £20,250 Bounce Back Loan from his bank in 2020 by overstating his 2019 turnover by more than £65,000. He then claimed to have assets of only £100 despite withdrawing almost…
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