Credit, Collections & Insolvency News
In the run-up to the General Election on 4th July, small businesses across the UK are calling on the incoming government to prioritise sustainable and green initiatives according to new research by Novuna Business Finance. The research found that 38% demand a green tax system that rewards small businesses for implementing green initiatives and penalises…
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The Institute of Directors (IoD) has published a consultation document on a code of conduct for directors. The code of conduct is a practical tool to help directors make better decisions. It also provides organisational leaders with a behavioural framework that can help them build and maintain the trust of the wider public in their…
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The Government has launched a new HMRC fraud and error taskforce in a bid to recover overpayments made to UK taxpayers during the pandemic. The £100 million Taxpayer Protection Taskforce of 1,200 HMRC staff will combat fraud and aims to recover up to £1.5 billion from fraudulent or incorrect payments for the 2022/23 financial year.…
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Higher interest rates will cost British businesses an additional £4.7 billion a year for the rest of the decade – and much of this cost will be pushed onto consumers, according to a new study by management consultancy Baringa. Baringa believes companies are experiencing the largest such hike in debt-related costs ever faced by the…
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A former electrician has had his bankruptcy restrictions extended for 11 years after claiming a £45,000 Bounce Back Loan to support his business during the pandemic despite not being self-employed at the time. Andrei Moise from Mitcham in Surrey, received a £45,000 Bounce Back Loan in July 2020 to support his role as a self-employed…
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SilverRock Bank has announced the granting of its banking authorisation with restriction by the Prudential Regulation Authority following the completion of a £50m funding round. SilverRock’s unique business model and strategy is predominantly built to partner with non-bank and other lenders to support them to compete more effectively over the long term. An Ipsos SME…
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A new report by the London Business School and Evolution and the Institute of Directors has indicated that the adoption of generative artificial intelligence (AI) could widen corporate inequalities, with sectors prone to market consolidation seeing the most significant shifts. The report also proposed a series of recommendations that businesses and policymakers can implement in…
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A restaurant manager has been givena suspended sentence after using Covid Bounce Back loan to buy jewellery. The Manchester-based restaurant manager fraudulently obtained two Covid loans worth £100,000. Sehrish Yasmin was sentenced to 10 months in prison, suspended for 12 months, at Manchester Crown Court. The 32-year-old was also ordered to pay costs and compensation…
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A man who cheated taxpayers out of £50,000 by using the funds from a Covid loan to replace his car has been sentenced for fraud. Insolvency Service Investigations found that James Todd applied for and secured a £50,000 Bounce Back Loan for a fictitious business he named Pro Detailing, inventing a turnover of £255,000 to…
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Latest ONS data has found that inflation came in at 2.3% in April, lower than the 3.2% reported in March. The rate is at its lowest in two and a half years, and down from the peak at 11.1% in October last year. Commenting on the inflation data for April, ONS Chief Economist Grant Fitzner…
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A London-based builder has been disqualified as a company director for ten years after he overstated his company’s turnover to claim the maximum Bounce Back Loan during the pandemic and then failed to show the money had been spent on his business. Marcel Ion from Bromley, was the sole director of Mavion Group Ltd, a…
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A fraudster who illegally secured a £50,000 Bounce Back Loan designed to support businesses during the Covid pandemic has been handed a suspended sentence. Rian O’Keeffe, 28, was sentenced to 18 months in prison, suspended for two years, when he appeared at Southwark Crown Court. O’Keeffe, of Lisgar Terrace, Hammersmith, is also subject to a…
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The Federation of Small Businesses (FSB) has called for the energy regulator Ofgem to take action on the standing charges paid by small businesses, many of whom have seen the daily fixed price they pay, regardless of usage levels, soar over recent months. FSB has written to Ofgem’s chief executive Jonathan Brearley to draw his…
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