Insolvency Service tackles further Bounce Back Loan abusers

21st April 2022 Insolvency | #regulation

The Insolvency Service has announced secured new restrictions to tackle Bounce Back Loan abusers. The regulator has successfully secured restrictions against a gym operator and roofer after they falsely applied for bounce back loans. In separate applications, Junaid Dar from Birmingham, and David Godderidge from Tamworth, falsely applied for close to £60,000 from the Bounce…

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Six year ban for Recruitment Director

19th April 2022 Insolvency | #director ban

A company Director has been given a six-year ban by the Insolvency Service. Mason was director of Angel Contracting, a recruitment agency specialising in providing contractors to the construction industry. The company was incorporated in 2017 but went into liquidation two years later. At this point the Insolvency Practitioner made repeated requests for the company’s…

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Bans for Directors who failed to pay £70,000 tax

7th March 2022 Insolvency | #director ban

Company Directors of a sign company are to face a ban after they failed to pay a £70,00 tax bill but also failed to maintain and preserve adequate accounting records for the company. Husband and wife, Robert Headspeath and Mandy Headspeath both of Galashiels, Scotland, have been disqualified as directors for six years each. The…

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Fake insolvency practitioner faces maximum 15-year ban

7th February 2022 Insolvency | #insolvency regulation

A maximum 15-year ban has been imposed on a company director after he posed as a fake Insolvency Practitioner. Kevin Morris, also known as Kevin Gordon Sykes,  from north London has been disqualified for the maximum 15 years after he was found to be a de facto director of Rigil Kent Acquisitions Limited (RKAL), while…

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Government proposes insolvency regulation change

21st December 2021 Business | #insolvency regulation

The Government has set out new proposals to reform and simplify regulation of the insolvency sector. The new consultation is inviting views on creating a single regulator for Insolvency Practitioners and extending regulation to firms that offer insolvency services. Key changes set out in the consultation include: establishing a single independent regulator to sit within…

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Insolvency Service gets powers to ban debt evading directors

20th December 2021 Business | #insolvency regulation

The Insolvency Service can now investigate and disqualify directors who dissolve their own companies in order to avoid paying liabilities. If misconduct is found, directors can face sanctions, 15-year-long bans or, in the most serious of cases, prosecution. Rogue directors who dissolve their companies and avoid paying liabilities to staff, creditors and the taxpayer can now…

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Directors of insolvent companies face greater personal exposure to tax liabilities

15th December 2021 Insolvency | #insolvency regulation

While company directors are generally protected by limited liability, recovery powers granted to HMRC in the Finance Act 2020 mean directors can face greater personal liability for tax debts held by the company in the event of insolvency. This has potentially huge ramifications for your clients if they intend to utilise an insolvency procedure to…

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Government support of Bulb set to cost £1.7bn

25th November 2021 Business | #utilities

Government support of energy provider Bulb, which is set to continue to operate under a Special Administration Regime (SAR), is set to cost £1.7billion. The funds will allow Bulb to continue supplying energy to customers. Bulb will be run by administrator Teneo until a buyer can be found or until its customers have moved. A…

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Bulb Energy announces administration measures

Bulb Energy, which has 1.7 million customers, has announced that the firm will be put into administration. The energy firm has confirmed it will enter the special administration regime (SAR), becoming the first energy supplier to do so. The decision to place a company into a Special Administration Regime is made by the court upon…

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Savants Restructuring enters administration

15th November 2021 Business | #insolvency

Savants Restructuring and Savants Covenant Advisory have appointed Quantuma to oversee their own administration with immediate effect. The company has ceased to trade with immediate effect, after Adrian Duncan, a sole practitioner and Director of Savant, had his insolvency licence withdrawn by the Insolvency Service. Carl Jackson and Michael Hall of business advisory firm Quantuma…

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New insolvency laws could spell trouble for suppliers

8th November 2021 Business |

Recent changes to laws around insolvency could cause major problems for suppliers according to Bishop & Sewell. The London law firm is recommending that companies proactively review their commercial relationships and, where necessary, take steps to re-negotiate contracts and reduce their exposure to creditors. George Marques, a Senior Associate Solicitor in Bishop & Sewell’s Corporate…

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Business insolvencies rose in September

18th October 2021 Business | #business insolvencies

The number of businesses in England and Wales that failed last month was the largest since the pandemic began, with Insolvency Service data showing that 1,446 company insolvencies were logged in September.  Business insolvencies increased by 7.2% in September 2021 compared to August’s figure of 1,349, and increased by 55.8% compared to September 2020’s figure…

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Furlough support scheme ends

30th September 2021 Commercial Credit Management |

The UK’s furlough support scheme, introduced in March 2020 and helped pay the wages of 11.6 million workers after Covid-19 forced large parts of the economy to close, is to end today (Thursday 30th September). HMRC figures indicated that at the end of July it was still supporting the incomes of around 1.6 million workers. The…

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