Whats Wonga With This Picture?

Business loans have been making the headlines recently, but it's not all bad news - particularly for companies that have improved debt collection over the past year or so.

There's a perception in the media that businesses need loans in order to succeed. And in some cases, yes, that's true - an injection of cash can be useful for all kinds of reasons, from setting up a new firm to undergoing expansion or a change of direction.

Not a Good Friday For Credit Control...

 Easter weekend is traditionally a time to think about finances, with Maundy Thursday in particular famous for its centuries-old ceremony in which the British monarch gives alms to specially selected individuals.

But this year, a new CIFAS report highlights the prevalence of financial fraud throughout the UK, and hints at why making use of professional credit control and debt recovery services can help your company avoid losing money to fraudulent transactions.

Victims of Wine Investment Stitch-Up Face Double Threat

Losing money to a scam investment scheme is bad enough. But then being targeted a second time by bogus officials asking victims to hand over personal details with false promises of getting their money back… it’s enough to make you wonder if there’s any justice in the world.

Reports of just such a so-called recovery room scam targeting investors who were duped into backing a rogue wine company have prompted the Insolvency Service to issue a warning

What makes it even worse is that many of the people being hounded again are known to be elderly and vulnerable.

Footballer Slapped With Bankruptcy Order Over Gambling Debts

A former Premier League footballer who ran up huge gambling debts while struggling to pay his bills has been hit with extended bankruptcy restrictions.

Danny Guthrie, 35, who started his career at Liverpool before going on to play for Bolton Wanderers, Newcastle United and Reading in the Premier League, admitted breaking insolvency rules after borrowing £75,000 from a friend.

The loan was made in May 2019 to help Guthrie through some financial difficulties on the understanding that he was in the process of selling a property to raise capital. A promise was made to repay the loan after the sale went through.

Contractors Face Losses as Tax-Dodging Director Gets Laughable Ban

Contractors could end up footing the bill after a recruitment agency director who swindled HMRC out of millions in unpaid taxes received a paltry eight-year disqualification.

Adrian Sacco ran Manchester-based Best Employment Services (BES), an umbrella payroll company targeting high-earning contractors in IT, engineering and HR

The 55-year-old, who company records show has been director of a string of liquidated or dissolved payroll agencies over the years, faced investigation by the Insolvency Service after BES was wound up in 2019 owing at least £4.1m in tax to HMRC.

Becker Bang to Rights for Bankruptcy Racket

Former Wimbledon champion Boris Becker has been sentenced to two and a half years in jail for failing to disclose millions of pounds worth of assets in a high-profile bankruptcy swindle.

The tennis ace, 54, was found guilty on four charges at Southwark Crown Court on April 8 2022.

The case was brought in relation to Becker’s bankruptcy dating back to 2017. In June that year, he was declared bankrupt over failure to keep up with repayments on a £3.85m loan from German bank, Arbuthnot Latham.

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