Debt Collection

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.

Dutch Trial Shows Potential of Debt Recovery Expertise in Fraud Cases

A pilot scheme in the Netherlands which saw debt recovery specialists brought in to investigate online fraud cases resulted in half the victims getting at least some of their money back.

The trial focused on incidents where people had made a purchase online but never received the goods they paid for. Working with Dutch police, two debt collection organisations were asked to step in to track down the scammers and work on recovering funds.

In total, a quarter of the victims ended up getting all their money back, while another quarter received some of their money. In total, 87% of the fraudsters either paid back the money or went on to face police charges.

Rogue Directors Face Disqualification for Dissolving Companies to Avoid Debts

Directors found abusing company closure rules to worm their way out of paying creditors can now be disqualified from holding future positions.

In a welcome crackdown on debt avoidance, the government has extended the powers of the Insolvency Service so it can now investigate voluntary dissolution of companies. If directors are found to have shut down their business with the primary motive of wiping off debts, the Insolvency Service can now bring misconduct charges against them.

As well as being disqualified for up to 15 years, directors could be ordered to pay compensation to unpaid creditors.

Dissolution Loophole for Rogue Directors To Be Closed At Long Last

The government is set to take action to slam shut a loophole in insolvency rules frequently used by unscrupulous directors to escape investigation over failed companies.

Creditors have long complained that the Insolvency Service’s inability to open cases into dissolved companies has handed directors an opportunity to dodge accusations of malpractice.

What’s in a Company Name? More Than You Might Have Bargained For…

When it comes to flexing its censorious muscles over what you can and cannot register as a company name in the UK, it appears that Companies House may have fallen behind the times.

The executive agency in charge of incorporating and dissolving registered commercial entities has long been known as a bastion of decorum and decency. Every year, the government body rejects a few dozen applications to set up companies on the grounds that the requested names are potentially offensive.