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The Latest Breaking News from The Insolvency Service

£5.5bn lost to tax evasion could be ‘vast underestimate’ by HMRC, MPs warn

The UK’s tax authority has processes which are ‘far too open to abuse’, the Public Accounts Committee warned.

The Independent UK

Fall in company collapses last year but experts warn of ongoing ‘headwinds’

Despite the drop year-on-year, the number of insolvencies remains at levels last seen during the 2008 financial crisis.

Evening Standard

Personal insolvencies jumped by 14% annually in 2024 across England and Wales

The number of people taking out debt relief orders increased to reach a record high last year, the Insolvency Service said.

Evening Standard

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Annual jump of 25% in personal insolvencies in England and Wales in November

Debt relief order numbers have been at record levels in recent months after the removal of a £90 admin fee.

Evening Standard

‘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.

inkl

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

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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 Guardian - 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

Birmingham Post

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

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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.

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

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