Insolvency

Insight / Eight-year bankruptcy restriction on Lincoln accountant

The Insolvency Service has published details of an eight-year restriction on Lincoln accountant Russell Payne for failing to disclose to the Official Receiver that he had disposed of assets in the lead up to his bankruptcy over £4.5m of debt

Tax / Budget 2017: insolvency regime overhaul to curb tax debt

The Budget proposals include a measure designed to tackle the use of insolvency to escape tax debt by expanding the current security deposits legislation, in a bid to recoup some £150m of tax annually, as well as a planned review of airline insolvency

Insight / Taxi firm director runs up £300K HMRC bill

A former Olympic boxer who moved to the UK from Romania and set up a private transport hire firm has been disqualified as a director for seven years, after an Insolvency Service investigation found it owed HMRC over £300,000 in taxes and had not maintained adequate accounting records

Insight / Accountant’s PAYE failures add up to four-and-a-half year director’s ban

An ICAEW-qualified accountant from Liverpool has been disqualified from acting as a company director for four-and-a-half years, following the insolvency of his contractors payroll company which collapsed owing HMRC almost £400,000

Insight / Insolvency Service cooks up ban for failed kitchen fitting director

The director of a Liverpool kitchen fitting company has been disqualified for seven years after failing to keep adequate accounting records or pay some £138,000 in tax, following an investigation by the Insolvency Service

Insight / Insolvency Service steps up hunt for ‘rogue’ directors

The Insolvency Service is increasingly using ‘public interest’ disqualification orders to remove potentially rogue directors from their positions before they can do more harm, with a 600% increase in a year, according to analysis by Moore Stephens

Insight / Film producer who hid £180k in bankruptcy spotlight faces further restrictions

Stephen Wilkinson, a bankrupt film producer from Sussex, will now be bound by bankruptcy restrictions for a further ten years after failing to disclose over £180,000 of income and the existence of three bank accounts, following an Insolvency Service investigation into the failure of a company in which he was involved

Insight / Baker disqualified after HMRC fails to receive dough for taxes

Clive Cobb has become the second director to be disqualified from a Plymouth bakery company in two years after failing to pay £143,000 in tax to HMRC

Insight / RSM administrators to collapsed building supplies firm

Diana Frangou and Guy Mander, partners at RSM Restructuring Advisory have been appointed joint administrators of Shropshire company J.C. Evans Building & Landscaping Supplies Ltd, which has collapsed with the loss of all jobs

Insight / Corporate and individual insolvency levels rising

Levels of corporate insolvency are starting to inch up, while personal insolvency levels are also rising, with the number of individual voluntary arrangements (IVA) signed in the past three months at their highest level since the option was first introduced 30 years ago

Insight / Falsified cash takings ring up ban for restaurant bosses

The directors of a restaurant in Kent have been disqualified for a combined total of ten and a half years after an Insolvency Service investigation found they owed HMRC more than £400,000 and had failed to declare cash takings

Insight / Restaurant director roasted for lack of accounting records

The director of a London Indian restaurant has been disqualified from acting as a company director for seven years after failing to provide adequate accounting records

Insight / Ban for jewellery seller over tarnished accounting records

Gary Wright, director of a watch and jewellery wholesaler, has been banned from acting as a director for six years for failing to provide adequate company records, while also treating HMRC detrimentally in comparison to other creditors when the company went into liquidation

Insight / Unpaid tax bills see HMRC pull the plug on computer reseller

Misco UK Ltd, a computer reseller business has gone into administration after HMRC applied for a winding-up order over unpaid taxes, with the loss of around 300 jobs

Insight / Sham company director fakes death to avoid 14-year disqualification

In move described by the Insolvency Service as ‘bizarre’ a man who ran a sham TV company, which he claimed had a turnover of £4.7bn, got a friend to claim he had died, in order to avoid disqualification for dishonest attempts to obtain credit made through a limited company
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