Insolvency

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

Insight / KPMG administrators to failed sugar beet supplier

Chris Pole and Mark Orton, partners at KPMG, have been appointed joint administrators to M&J Haulage Limited, a sugar beet handling company based in Lincolnshire which has ceased operating due to cashflow difficulties

Insight / Furniture director shelved with six-year ban

The director of a children’s furniture retailer has been disqualified for six years for removing £121,500 of company funds to avoid paying taxes when her business collapsed

Insight / Director ban for tax-avoiding football tour operator

Kenneth Moyes, who ran a company organising pre-season tours for top division football clubs, has been disqualified for five years from acting as a director after he withdrew cash from the company to avoid over £250,000 in tax payments

Insight / KPMG finds owner for insolvent 163-year old local newspaper title

Administrators from KPMG have found a buyer for the Oldham Evening Chronicle, one of the oldest newspapers in the UK, which has been sold to local radio station Revolution 96.2

Insight / Insolvent financial adviser couple banned for hiding assets

A married couple who used hidden funds to maintain a lavish lifestyle after their financial advisory business collapsed have been banned from working in financial services for integrity failings by the Financial Conduct Authority (FCA), which has fined the wife £50,000 for attempting to mislead the regulator during an FCA interview

Insight / Monarch collapse prompts airline insolvency review

In the wake of the collapse of Monarch Airlines, transport secretary Chris Grayling has indicated the government is considering reforms to the rules governing insolvent airlines, a move which has been welcomed by insolvency and restructuring trade body R3

Insight / Payment transparency reporting for large business goes online

Under new rules to force companies to pay invoices more quickly and speed up payment to suppliers, the government has launched an online reporting service for large businesses who have to to publish mandatory business payment practices reports twice a year online

Insight / The Astbury golf course in the rough as FRP Advisory administrators appointed

FRP Advisory administrators have been appointed to Astbury Hall stately home and The Astbury golf course as they seek a buyer for the £10m, 320-acre Shropshire site

Insight / Director disqualification for accountants’ failure over £1.4m tax due

Two ICAEW-qualified accountants from Wales have been disqualified from acting as directors after failing to pay £1.4m in tax from their payroll companies

Insight / Brokerage firm director’s ban over £8m owing

George Popescu, the director of Boston Prime Ltd, a prime brokerage firm approved by the Financial Conduct Authority (FCA), has been disqualified for 12 years after owing over £8m to creditors

Insight / FRP Advisory administrators to failed Scottish cabling company

Iain Fraser and Tom MacLennan, partners with FRP Advisory, have been appointed joint administrators to Xtreme Business Solutions Ltd, a specialist supplier of cabling infrastructure and networked wireless systems and services, which has collapsed with the loss of all 50 jobs at the company, which had the Trump golf course amongst its clients

Insight / KPMG flown in as administrators to collapsed Monarch Airlines

Blair Nimmo, Jim Tucker and Mike Pink from KPMG have been appointed joint administrators to Monarch Airlines Ltd which has ceased operations overnight, stranding 110,000 holidaymakers abroad and putting 2,000 jobs at risk

Tax / Under-declared sales and VAT cook up ban for Chinese restaurant owner

The director of a Chinese takeaway restaurant in Rainhill, near Liverpool, has been disqualified for five years for under-declaring cash sales and VAT
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