Austerity Hammers Efforts to Protect Public from Rogue Businesses

New figures from the Insolvency Service show a shocking decline in enforcement actions against unscrupulous businesses since the government’s austerity programme was introduced in 2010.

According to the Service’s regular Enforcement Outcomes updates, the number of interventions to wind up companies in the public interest is set to decline again this year, the fourth consecutive annual fall. Over the longer term, in 2009/10 there were 267 successful petitions to close companies down, compared to just 73 in 2017/18 - a decrease of 73%. In the current year, with just a month to go, there have been just 57 completed actions.

Spectrum VEGA+ Backers Face Fight for Cash As Developer Goes Under

Backers of a project to reboot the classic ZX Spectrum as a handheld games console have been left half a million pounds out of pocket after the developer went to the wall.

As we have previously reported, the project to bring back the cult 80s device launched by Retro Computers Ltd has been dogged with problems in what has become a long-running saga.

The company initially set up a crowdfunding campaign through IndieGoGo to bring the concept to life. It raised £513,000 from more than 4,500 backers, with Retro promising each enthusiast a finished console when production was completed.

 

No Win, No Fee: Too Good To Be True?

It’s a phrase that has become a mantra for personal injury and small claims lawyers. Imported from the US legal system in the mid-90s, No Win, No Fee is the consumer-friendly name given to a method of claims financing officially known as a conditional fee agreement.

It more or less works as the two names suggest - payment is conditional on the case being won. This means litigants don’t have to raise funds up front for expensive legal action, it is the lawyers that take on the risk, and final payment is usually taken as a percentage of the compensation won.

Fake Bailiff Telephone and Text Scams

Action Fraud are warning UK based consumers and businesses to be aware of a new type of financial scam, fraudsters claiming to be bailiffs are sending SMS messages or making calls to targets across the UK in the hope of pressuring them to pay fictitious debts.

The scam sees victims receive texts by the fraudsters about the fake debt, claiming that they will "attend your address for resolution" if payment of the imaginary debt is not made.

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