The director of a fruit and vegetable retailer, who improperly invested more than half of a Covid Bounce Back loan on the stock market instead of using it for his business, has been disqualified and ordered to repay the money. Emra Kayam, 35,...
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When a business fails a director’s duties continue. Directors have several responsibilities and potential liabilities they must fulfil and these cannot be avoided by entering into insolvency or liquidation – even by resigning. Generally,...
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The road to success for Small and Medium Enterprises (SMEs) in the UK isn't always paved with gold. It's often riddled with financial potholes that can derail even the most promising venture if not detected early. With a new tax year underway,...
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An ex-electrician faces over a decade of constraints after a significant misuse of a pandemic aid scheme meant to assist businesses through tough times. Andrei Adrian Moise, a 35-year-old from Mitcham, Surrey, secured a Bounce Back Loan of £45,000...
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The Insolvency Service has taken robust action against company directors who misused COVID-19 financial support schemes, banning 831 directors in the 2023-24 financial year. This represents an increase of over 80% from the previous year. The...
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An Individual Voluntary Arrangement (IVA) provides individuals with protection from legal action while trying to settle debts. It is a good option for those wanting to repay debts, or an agreed percentage thereof, over a set period of time and avoid...
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One way to deal with personal debts is to apply for a Debt Relief Order (DRO) which are not particularly well-known but can offer a helpful solution for those with relatively low levels of debt and few personally-owned assets. As always, seek...
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If you or your client’s business is facing financial distress it can be a stressful and worrying time for all involved. It can also be daunting to be presented with an overload of information and options on what to do next. Perhaps a formal...
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A former director has been banned from being a company director for 14 years after the Insolvency Service found he had taken £57 million from investors in an unlawful care home investment scheme. Robin Forster was a director at Qualia Care...
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Isobel Brett provides comment for Financial Accountant on bounce back loans
Posted By: Bretts Business Recovery Ltd on 19th March 2024
Isobel Brett was featured in a recent article in Financial Accountant looking at the worrying number of bounce back loans issued to struggling SMEs by the Government, which may never be re-paid or were potentially mis-used. The article considers...
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