New bill targets fraudulent company dissolution New bill targets fraudulent company dissolution Bounce Bank Loan Scheme fraud of particular interest
Author
Categories
Given the speed at which the pandemic upended the UK economy, financial support was given on a ‘trust, but verify’ basis. The government has signalled it will be doing more of the latter as the UK moves into recovery.
The Ratings (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill, introduced earlier this month, will give the insolvency service the ability to investigate directors of companies which have been dissolved to determine if it was done to fraudulently avoid repayment of outstanding debt.
UK: Ability to Disqualify Directors of Dissolved Companies natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
The Weekly Whip
Voter ID, Planning reforms, and absolutely nothing on Social Care: following prorogation for the Local Elections, the Queen addressed a socially distanced group of Peers and Party Leaders, outlining the Government’s severe visions for the UK.
By Peter Munro, May 19, 2021 8:05
Welcome to the Weekly Whip. Your one-stop-shop for Lib Dem Parliamentary updates, covering the week that was and the week to come.
For up to date information from the Lib Dem Whips Office, follow us on Twitter: @LibDemWhips
Weekly Whip w/c 10th May
Monday 10
Tuesday 11
On Thursday 29
th April, Parliament prorogued for the Local Elections and returned to start a brand new session on Tuesday 11
The Insolvency Service is set to gain new powers for cracking down on directors who dissolve companies to avoid repaying government support monies.
Under new legislation, the Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a deterrent against the misuse of the dissolution process.
The process will no longer be able to be used as a method of fraudulently avoiding repayment of government-backed loans given to businesses to support them during the coronavirus pandemic
Extension of the power to investigate also includes sanctions such as disqualification from acting as a company director for up to 15 years.