Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
A Bank business manager and his friend have been sentenced following an investigation into fraudulent accounts that helped them steal over £7.3 million. The two men from East London were sentenced at Southwark Crown Court to a combined nine-and-a-half years in prison for opening bank accounts used to launder money from fraud. The sentencing follows…
Read more
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