Shut down of Four companies linked to scheme aiding directors to walk away from debts

Wound-up in the public interest following Insolvency Service investigations Four companies have been shut down after investigations revealed they were connected to a scheme which helped directors sell struggling businesses for £1 while keeping assets and dropping debts The scheme’s operators failed to preserve accounting records or assess what had happened to the more than … Continue reading Shut down of Four companies linked to scheme aiding directors to walk away from debts →

Dedicated crypto specialist to help recover online assets

New crypto specialist will help the insolvency agency trace rising number of digital assets held by individuals in bankruptcy and criminal cases Number of insolvencies where crypto is identified as an asset has increased 420% in five years  More than £500,000 in cryptoassets identified in insolvency cases last year – 364 times higher than in … Continue reading Dedicated crypto specialist to help recover online assets →

Tackling COVID loan abuse

Work to tackle Covid loan abuse revealed in Insolvency Service’s Annual Report and Accounts More than 830 directors banned following Covid loan abuse in 2023-24  Steps taken towards the recovery of almost £3m for the taxpayer  Statistics released in service’s Annual Report and Accounts, which presents a snapshot of work carried out in 2023-24  Latest … Continue reading Tackling COVID loan abuse →

People who lost jobs in business failures thrown vital lifeline by Insolvency Service

The Insolvency Service’s Redundancy Payments Service processed more than 85,000 claims from former employees of companies which had become insolvent The Redundancy Payments Service (RPS) received 85,592 redundancy payments claims in 2023-2024  Funding of £494 million from National Insurance payments helped people who had been left in financial crisis  The service ensured claims for redundancy … Continue reading People who lost jobs in business failures thrown vital lifeline by Insolvency Service →