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The Latest Breaking News from Insolvency Service

12% annual jump in personal insolvencies across England and Wales in January

A rise in debt relief orders numbers since last year has coincided with the abolition of an admin fee and the expansion of eligibility criteria.

Evening Standard

Personal insolvencies jumped by 14% annually in 2024 across England and Wales

The number of people taking out debt relief orders increased to reach a record high last year, the Insolvency Service said.

Evening Standard

John Barnes banned from being company director over unpaid taxes

The former England and Liverpool footballer John Barnes has been banned as a director after his company failed to pay tens of thousands of pounds in tax

The Guardian - UK

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UK Insolvency Service seeks up to 15-year director ban for Lex Greensill

Government agency issues disqualification proceedings after inquiry into failed finance firm Greensill Capital

The Guardian - UK

Company insolvencies in England and Wales jump to 14-year high

Insolvency Service data revealed that there were 6,342 company insolvencies over the three months to June 2023.

The Independent UK

Slaps on the wrist for foreign bosses who scammed Covid lockdown help schemes

Banning cheating directors from running UK companies isn't much of a penalty if they're foreign nationals

Daily Mirror

Number of firms going bust up year on year as experts warn of 'domino effect'

The number of insolvencies in England and Wales increased by 7% in January against the same month last year against a backdrop of higher borrowing costs and soaring inflation

Wales Online

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OAP Lanarkshire businessman pocketed £50,000 taxpayer backed loan for 'own benefit'

Thomas Whyte applied for the Bounce Back Loan intended to support businesses through the covid pandemic for his dormant company with just £203 in it's bank account.

Glasgow Live

Craig Whyte's dodgy dad banned from being company director after fraud probe

Thomas Whyte used Fortress Restructuring to cheat taxman and rob staff of redundancy money. He also wrongly claimed a £50,000 Bounceback Loan. He was slapped with a 10 year directorship ban.

Daily Record

High Street Group administrators warn of scammers targeting creditors

To date the joint administrators for the collapsed property firm say they have received claims from 1,648 creditors

Birmingham Post

Greedy bosses pocketed Covid cash as up to £27bn of taxpayer loans lost

A company in Keighley received a £40,000 Bounce Back loan from the Government and later the same day transferred all but £500 into the director's personal account

Daily Mirror

Orchard House Foods: Workers forced to move in with elderly parents amid 'terrible wait' for redundancy cash

Staff made redundant at the Gateshead factory formerly run by Orchard House Foods are still waiting for their pay-offs.

Chronicle Live

TUC seeks changes to draft law to help seafarers after P&O Ferries scandal

Sacking of nearly 800 crew in favour of low-paid agency workers in March led to calls for loopholes to be closed in seafarers’ wages bill

The Guardian - UK

East Midlands businessmen banned over Covid Bounce Back loans

The men were disqualified following separate investigations into tens of thousands of pounds worth of fraud

Birmingham Post

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Glasgow Live

Glasgow businessman in £4million wind farm scam living on benefits and driving Mercedes

Dr Paul Dougan has been banned from running a company for 14 years after an investigation by the UK Insolvency Service found investors were encouraged to put savings into a wind farm scheme that folded owing millions.

Daily Record

Wind farm scammer who conned millions from customers banned from running companies for 14 years

Dr Paul Dougan was found to have used investors’ cash to fund separate property ventures instead of putting it into wind farm projects.

Daily Mirror

Contestant on The Apprentice ripped-off Covid lockdown loans scheme

Riyonn Farsad banned from being a director, while campaign group warns that feeble penalties have 'little deterrent effect' on cheats

Nottingham Post

Arnold man who misused £50,000 government Covid loan gets 6-year director ban

The loan aimed to support small to medium sized businesses during the pandemic

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Birmingham Post

Takeaway and building supplies bosses disqualified after falsely claiming tens of thousands in Bounce Back Loans

Business owners 'completely abused the government-backed loans to further their own interests'

Wales Online

Rogue publisher charged customers £74k for bogus adverts in police magazine

Sage Media National Limited 'unscrupulously' targeted companies using aggressive sales tactics to advertise in a magazine that lied about its reach and associations

Wales Online

The number of businesses going bust is soaring as costs rocket

There's been a big year-on-year jump

The Independent UK

Almost 28,000 Britons enter insolvency as inflation hits

New insolvency service data showed that 27,927 individual insolvencies were recorded over the three months to September.

Evening Standard

As recession looms, company directors are in the firing line

City Voices: Withdrawal of government support will hit business hard

Insider UK

Glasgow property director disqualified for 12 years

Director set up companies to get three Bounce Back Loans which funded a house purchase

Wales Online

Man sacked by P&O Ferries wins payout after taking company to court

He has donated the money to help other families during the cost of living crisis

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