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The Latest Breaking News from The Insolvency Service

‘Concerning’ level of poor practice found in IVA market – Insolvency Service

Of the 310 terminated IVAs that were examined, 60% showed evidence of poor practice by providers, the agency said.

The Independent UK

Company failures soar by nearly a fifth amid construction and hospitality woes

The Insolvency Service said company insolvencies in England and Wales jumped 18% to 2,177 last month.

The Independent UK

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

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Unemployment Rate in the UK: Official Figures Show Potential Discrepancy

The new data, derived from experimental results within the Labour Force Survey, could potentially exert pressure on the Bank of England to reconsider any immediate plans for interest rate cuts.

International Business Times UK

Debt ‘breathing space’ requests rose 25% last year in England and Wales

Number increased to 88,390 under scheme brought in during pandemic to help people struggling with bills

The Guardian - UK

Disgraced ex-Carillion boss lands senior US role months after UK boardroom ban

Richard Howson’s job with Florida-based tech firm sparks anger among unions and industry experts

The Guardian - UK

How Bankruptcies and CCJs Affect Your Credit Score

There’s no easy way to say this, but bankruptcies and County Court Judgements (CCJs) can devastate your credit score - they stay there for 6 years and are a massive red flag to lenders.

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Number of people taking out debt relief orders reaches highest level since 2009

The number of people needing ‘breathing space’ from their debts also jumped, according to Insolvency Service figures for England and Wales.

The Independent UK

Number of firms in England and Wales going bust in August rises by a fifth

Insolvency Service reports 19% rise from August 2022’s figures as firms fight high interest rates and falling sales

The Guardian - UK

26% annual jump in people registering for ‘breathing space’ from debts

Breathing space schemes give people with problem debt legal protections from creditor action for certain periods.

The Independent UK

Company insolvencies rise 27% in June as interest rate hikes hit firms

Official figures from the Insolvency Service revealed that 2,163 insolvencies took place in June.

The Independent UK

Half of UK company directors struck off linked to alleged Covid loan fraud

Official figures show in a 15-month period at least 50% of disqualified bosses are accused of fraud or abuse of coronavirus support schemes

The Guardian - UK

UK’s ‘zombie’ firms will be wiped out by interest rates, says insolvency specialist

Begbies Traynor’s profits leap 50% as insolvencies in England and Wales hit a 24-year high

The Guardian - UK

11-year boardroom ban for former Carillion finance chief

Zafar Khan served as the finance director for just eight months prior to the 2018 collapse of the outsourcing and construction giant

Birmingham Post

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The Guardian - UK

Ex-Carillion finance chief given 11-year company director ban

Zafar Khan’s disqualification comes more than five years after outsourcing firm’s collapse

The Independent UK

Company insolvencies jump 40% in May to four-year high

Government data from the Insolvency Service showed 2,552 companies entered insolvency during the month.

Daily Mirror

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

The Independent UK

Annual jump in number of people taking up debt ‘breathing space’ schemes

Breathing space schemes give legal protections for people with problem debt.

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Wales Online

Ice cream shop owner slapped with 10-year ban over £50k Covid loan that was never paid back

Belinda Bakerman submitted false information to claim money which she then transferred to another business

Daily Record

Ice cream shop owner banned after 'falsely claiming' £50,000 government Covid support loan

An investigation found the owner submitted false information to claim the maximum amount available from the government loan aimed at helping businesses during Covid.

Liverpool Echo

Woman falsely claimed £50,000 government loan and only paid back £1,000

Belinda Bakerman has been hit with a 10 year ban from running any company

Wales Online

P&O bosses confident it will avoid fine for sacking 800 staff without notice

A union said it would be a 'scandal'

Insider UK

Bosses at P&O Ferries confident of avoiding fine for mass sackings

Some 786 P&O workers were made redundant without consultation

The Independent UK

P&O Ferries bosses set to avoid punishment after sacking 800 seafarers without notice

786 of the company’s workers were made redundant without consultation on March 17 2022

The Guardian - UK

Monthly insolvencies in England and Wales hit three-year high

Insolvency Service says 2,457 businesses went bust in March as firms struggle with rising bills and high inflation

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