Loan Scheme

Insolvency Service criminal prosecutions drop 42%, Mazars finds

The number of criminal prosecutions of directors following investigations by the Insolvency Service has dropped by 42% in the year ending 31 March 2023, from 134 in 2021/22 to 72, according to Mazars.  This fall in prosecutions comes despite the boom in fraud by directors during the pandemic, which saw…

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Investigations into insolvent company directors up 36% in 2022

Investigations launched by The Insolvency Service into directors of insolvent companies for alleged misconduct rose by 36% from an average 142 cases per month in 2021 to an average of 193 per month between 1 April and 31 December 2022, according to RPC data. The increase was partly driven by…

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Insolvency Service disqualifies 450 directors over Covid fraud schemes

Over 450 directors have been disqualified by the Insolvency Service in 2022-23 for abusing the Covid-19 financial support scheme, as the agency continues to clamp down on pandemic fraudsters. Figures published today also show that directors guilty of misconduct are being hit with longer disqualification periods. The average length of…

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2022 in review: turbulence and resilience abound

When I sat down in December 2021 to pen my predictions for 2022, writes John Edwards, Chief Executive and Group Executive International of the Institute of Financial Accountants (IFA), my focus was on the major trends that would affect the sector. I included digitalisation, the drive for sustainability, AI, cryptocurrency,…

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Construction, manufacturing and retail account for 40% of administrations

Data from The Gazette Official Public Record revealed construction, manufacturing and retail were the sectors that accounted for almost 40% of administrations in 2022. The retail sector accounted for 10% of the administrations in the first six months of the year – the third highest industry in the UK and…

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What’s behind Johnston Carmichael’s ‘record’ year in corporate finance?

“We saw a good breadth of transactions across a range of industries, we have a good mix of sectors given the size of our business and no overreliance in any particular industry.” This is the short version of how Johnston Carmichael had a bumper year, according to Graham Alexander, partner…

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The rising case of insolvencies

“One of the difficulties for a business owner or an entrepreneur is to admit that they have an issue and reach out to take advice,” says Mark Supperstone, managing partner at the UK business advisory and investment practice, ReSolve. In January 2022, there were 1,560 registered company insolvencies in the…

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Covid fraud and error losses could reach £15bn

The estimated loss to fraud and error across all Covid-19 response measures is expected to reach at least £15bn across the schemes and loans implemented by HM Revenue and Customs, the Department for Work and Pensions and the Department for Business, Energy and Industrial Strategy. According to the Public Accounts…

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Azets warns of ‘devastating’ economic impact of Plan B on SME sector

Azets has warned that the impact of ‘Plan B’ and the re-introduction of stricter Covid-19 measures could “derail” the UK’s economic recovery and have a “devastating” impact on the SME sector. Matthew Richards, R&I partner at the firm stated that “unclear” guidance and an increasing “lack of confidence” could have…

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Azets warns firms of funding problems amid RLS scheme end

Azets has warned that businesses could face “serious” funding problems unless the Recovery Loan Scheme (RLS) and Coronavirus Business Interruption Loan Scheme (CBILS) rules are amended. Murdoch MacLennan, banking partner with Azets, is calling upon the government and British Business Bank to extend the RLS further to the end of…

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