Credit, collections & insolvency news
HMRC has ramped up efforts to recoup £1 billion from fraudulent or incorrect furlough pay-outs, with more than 26,500 investigations into potentially fraudulent pandemic support claims launched over the past eight months. The level of fraud and error in the benefit system almost doubled during the pandemic from what was already the highest rate since…
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New research from Mazars has shown that prosecutions of company directors for fraud tripled over the past year amid a crackdown on coronavirus loan scams, with 122 company directors convicted of crimes during the year to the end of September — a rise from 40 during the previous 12 months. The total points to a…
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Three directors have been banned following investigations which found that nearly £100,000 worth of Bounce Back loans had been inappropriately applied for, or misused following investigations by the Insolvency Service. The Bounce Back Loan (BBL) scheme ran to March 2021 and provided loans of up £50,000 to help businesses survive the impact of the Covid-19…
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