Important – Bounce back bite back again!

Recent guidance issued by the Insolvency Service has asked Insolvency Practitioners as part of their reporting procedures to look into whether any Government support schemes have been abused by the insolvent company or the directors. Examples of the abuse include; Directors using Bounce Back Loan funds for their personal benefit or paying off their director’s […]

Bounce back loans bite back

The Bounce Back Loan scheme was introduced in May 2020 to help smaller businesses hit by the panemic. The Government guaranteed the loans provided by the banks. There is widespread speculation that the default rates with these loans will be very high and the Government have put pressure on the banks to take steps to […]

The Domino Effect

Arcadia could not be saved and is in administration. The knock-on effect of that is going to be far reaching and already we have seen that JD Sports have pulled out of talks to buy Debenhams, who are now set to close their doors after Christmas as a direct consequence as Arcadia had concessions in […]

Arcadia in trouble!

It has been reported this afternoon that The Arcadia Group is likely to appoint administrators as soon as Monday, as talks with potential lenders have broken down. Arcadia, which is Sir Philip Green’s empire and includes Dorothy Perkins, Topshop and Burtons, employ some 13,000 employees across its 500 shops, whose jobs are now at risk. […]

Assets for Sale

we are assisting the directors of a marquee hire company. The directors are selling the assets. If you would like more information, please click the ‘Assets for Sale’ button on our homepage and it will take you to the list.

Debt and Mental Health

It has been reported that some 50,000 people have been affected by HMRC’s loan charge. A recent report from the BBC highlights the impact that the loan charge is having on people’s mental health. In the report, a contractor says that he was paid as a contractor and used a company to manage his tax […]

Reduction in national insolvency numbers ….

The latest figures for October 2020 from the Insolvency Service show that there were 672 creditors’ voluntary liquidations, 59 compulsory liquidations, 104 administrations and 31 company voluntary arrangments, in England and Wales. This was a decrease on the same period last year by 42% which can be explained by the Government support schemes, including the […]

Bounce Back Loan arrest!

Another arrest has been made on suspicion of bounce Back Loan fraud. An address in Hoddesdon, including a lockup, was searched and £17k of cash was recovered along with a quantity of high end watches. The arrest was made on suspicion that a claim for the loan was falsely made and the money was used […]