Insolvency Service continues to tackle Covid Loan Abuse

Published on 2 August 2024 at 11:09

The recently released Insolvency Service’s 2023-24 Annual Report and Accounts provides some interesting information on how the Service is doing in tackling Covid loan abuse.

The report identifies that 831 directors have been disqualified for abusing Covid loans. 22 criminal prosecutions have been carried out, and efforts have been made towards recovering nearly £3 million for the taxpayer.

 

In addition, the Report shows other more general enforcement work has been carried out. Including that a total of 1,222 directors were disqualified for various forms of misconduct. 139 live company investigations were conducted during the year and 45 companies were ordered to wind up for acting against the public interest.

 

The Insolvency Service were also able to return nearly £60 million to creditors, marking an increase of almost £15 million from the previous year.

Dean Beale, the Chief Executive of the Insolvency Service, expressed pride in the agency's accomplishments. He said: "This year’s Annual Report showcases how we are strengthening the insolvency regime to ensure it works effectively for all its stakeholders, whilst at the same time we continue to provide excellent service for all our customers. Our insolvency framework is rightly regarded as one of the best in the world and we want to maintain that reputation, keeping pace with the way people manage their affairs in today’s environment."

 

For more info, see: https://www.gov.uk/government/news/insolvency-service-continues-hard-work-to-tackle-covid-loan-abuse