A man who abused the government’s Covid support schemes by fraudulently securing multiple Bounce Back Loans for his mobile phone businesses has been ordered to repay almost £200,000 following court proceedings. Zahid Afzal, 37, previously...
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Directors’ Loan Accounts (DLAs) are common in owner-managed businesses and can be a practical way for directors to move money between themselves and their company. Used carefully, they offer short-term flexibility. Used casually, they can create...
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The insolvency statistics released for December show that of the 1,671 registered company insolvencies: There were 245 compulsory liquidations 1,305 creditors’ voluntary liquidations (CVLs) 106 administrations 15 company voluntary...
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The insolvency statistics released for October show that of the 1,866 registered company insolvencies: There were 250 compulsory liquidations 1,461 creditors’ voluntary liquidations (CVLs) 136 administrations 18 company voluntary...
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A company director who misused business funds to clear the finance on a high-value Audi and sold plant machinery that was still subject to hire purchase agreements has been ordered to repay more than £190,000. If he fails to do so within three...
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HMRC has become increasingly assertive in its approach to recovering unpaid tax, and one area where we are seeing more activity is the use of Personal Liability Notices (PLNs). These notices allow HMRC to transfer certain company tax debts to...
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The insolvency statistics released for October show that of the 2,029 registered company insolvencies: There were 301 compulsory liquidations 1,592 creditors’ voluntary liquidations (CVLs) 119 administrations 17 company voluntary...
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A solar energy business that misled older homeowners with promises of non-existent government rebates has been shut down by order of the High Court, following an Insolvency Service investigation. Its connected company had already entered voluntary...
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When a business begins to struggle, directors often find themselves under intense pressure. Cashflow tightens, creditor contact increases and difficult decisions mount. It is during this period that directors’ legal duties change and the...
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A company director has received a suspended prison sentence after fraudulently securing two government-backed Covid Bounce Back Loans worth £100,000 and spending significant sums on gambling, cryptocurrency investments and personal...
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