Credit, Collections & Insolvency News
In August Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 122 LR LTD 1ST MAINTENANCE LTD 3 G TRADE AND SERVICES LTD A.B.G. ELECTRICAL & MECHANICAL SERVICES LTD. ABACUS FINANCIALS LTD ABC ENGINEERING LTD ABP (LONDON) INVESTMENT LTD ABSTRACT LONDON LTD ACCIDENT & INJURY HELPLINE LTD…
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Directors of Scunthorpe headstone company have been disqualified as directors by the Insolvency Service. The husband and wife directors were disqualified after taking customers’ payments while knowing the business was insolvent. Paul Hubbard and Susan Hubbard have been disqualified as directors for eight and six years respectively, after taking deposits in excess of £30,000 from…
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A company director has been banned after each of his four companies wrongly claimed Bounce Back Loans and overstated turnover of his construction contractor companies to secure £200,000 Covid 19 financial support to which he was not entitled. Stephen Burke, has been disqualified as a director for 11 years. Burke was director of four companies…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 7.5% in July 2022 to a total of 1,827 compared to June’s total of 1,699, and increased by 66.7% compared to July 2021’s figure of 1,096. The figures 67% higher than in the same month…
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Five individuals have separately been made subject to bankruptcy restrictions totalling 48 years as the Insolvency Service continues to identify and tackle abuse of the Bounce Back Loan scheme. In each of the five separate cases, the Bounce Back Loans were either wrongfully obtained through overstating their businesses turnover, or on behalf of a company…
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The Insolvency Service has used its new powers to investigate and sanction directors who dissolved their companies to avoid repaying bounceback loans. The Service has begun using new powers, given to it last December, to crack down on company directors that dissolve their firms to avoid making repayments on government-backed loans. The crackdown has seen…
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A shortage of workers and surging inflation are pushing more restaurants into insolvency with the number jumping by more than 60% in the past year according to new data from UHY Hacker Young. The data analysis shows that 1,406 restaurants in the UK closed their doors in the 12 months to May, up 64% (856)…
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The Government has launched a call for evidence seeking stakeholders’ views and evidence on the personal insolvency framework and whether it serves the needs of debtors and creditors in the 21st century. The last fundamental review of personal insolvency was carried out 40 years ago. The government is seeking views and evidence on the overall purpose…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in June: 3D ENTERPRISES LTD 3D IT ENGINEERING LTD 3H&M LTD 6969 LTD 72 CONSULTANCY LTD A & A PRESTIGE CHAUFFEURS LTD A & MP LTD A B MEDIATION LTD A H A EVENTS. LTD. A…
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Two connected companies have been wound-up in court after they abused multiple local authorities to receive covid support loans worth £85,000 they weren’t entitled to. Momz Love Limited and Unique Homes Lettings were wound-up in the High Court in the public interest and the Official Receiver was appointed the Liquidator of the companies. The court…
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A bankrupt from North London has received 8 years of additional restrictions from the Insolvency Service after he applied for bounce-back loan for a bogus business. Salih Ozhot, from Southgate, North London, petitioned for his bankruptcy before being made bankrupt on 13th October 2021. The Official Receiver was appointed as his trustee in bankruptcy before…
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Directors of distressed building firm have been disqualified from running businesses by the Insolvency Service after abusing government support they were not entitled to. David Garry Harrison and Paul Hudson both received 11-year bans after they did not dispute they caused their company to apply for £100,000 worth of bounce back loans it was not…
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Former professional footballer Danny Guthrie has been given 6-year bankruptcy restrictions by the Insolvency Service. Guthrie played football professionally for several English football clubs at a senior level. In May 2019, Guthrie borrowed £75,000 from a friend to help him pay his household expenses, promising to repay the loan with funds raised from selling a…
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