Insolvency Service

The Insolvency Service has been granted new powers to tackle unfit directors who dissolve companies to avoid paying their liabilities. The new legislation extends the Insolvency Service’s powers, on behalf of the business secretary Kwasi Kwarteng, to investigate and disqualify company director

A company director in Glasgow who failed to keep accounting records has been disqualified for eight years. Rashid Munir, 42, also known as Mohammed Rashid Munir, from Glasgow, was a director of Yo Retail Ltd, which purported to trade from a business unit in Strathclyde Business Park.

Temporary insolvency restrictions protections are being lifted and new targeted measures to support small business and commercial tenants introduced. The Insolvency Service has announced that temporary measures brought in to support businesses from insolvency during the pandemic will be phased out f

A Scottish care home owner has been banned from being a company director for six years after Seabank Care Ltd in Saltcoats went into liquidation with no explanation for hundreds of thousands of pounds leaving company accounts. Laurie Gray, 50, from Hamilton, was director of Seabank Care Ltd, incorpo

A new chair and three new non-executive board members have been appointed to the Insolvency Service Board, providing strategic leadership to the agency. Incoming chair, Mark Austen, will be joined by Gary Kildare, Samantha Durrant and Rob Hunt on the Insolvency Service Board.

The Insolvency Service (IS) was warned UK investors that scammers have been contacting investors dishonestly claiming to be working on behalf of the Official Receiver or the Insolvency Service, with the false promise of recovering lost funds for an up-front fee.

The Insolvency Service and insolvency and restructuring trade body R3 have announced a project aimed at understanding and promoting diversity and inclusion across the insolvency profession. The two have collaborated to form a Diversity & Inclusion Steering Group to guide this project.

The Insolvency Service paid out £453.4 million in missing wages and benefits to former employees at firms that went bust in 2020. According to new data released by the government agency, the payments were at the highest levels in a decade, although the various financial lifelines provided by t

Audit, tax and consulting firm RSM has predicted that insolvencies will double in 2021 when government support, such as the furlough scheme and bounce back loans, ends. According to the Insolvency Service, there were 12,557 company insolvencies in 2020, down on the 17,225 the previous year.

The UK Government has launched new legal action against eight former directors of failed contractor Carillion which could see them banned from running businesses for up to 15 years.

Property developers Richard Black, from Collessie, and William Edmiston, from Kirkcaldy, have been banned for a total of 13 years after failing to pay tax on a land deal.

Aberdeen restaurateur Syed Shabbi Ahmed, who funnelled £800,000 of customer payments into a secret bank account, has been banned from running a business for 11 years.