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Blog

Government gives businesses much-needed breathing space with extension of insolvency measures

15/12/2020

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CORPORATE INSOLVENCY AND GOVERNANCE ACT CHANGES EXTENDED
Changes to the Corporate Insolvency and Governance Act were due to expire on 30 September 2020. These measures from the Corporate Insolvency and Governance Act have been extended to relieve pressure on businesses dealing with coronavirus. These are summarised below;
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  • Statutory Demands  - will continue to be restricted until 31 December to protect companies from aggressive creditors. In addition on 9 December 2020 the government announced it intends this further until 31 March 2021.
  • Winding-up petitions - will continue to be restricted until 31 December to protect companies from aggressive creditors. In addition on 9 December 2020 the government announced it intends this further until 31 March 2021.
  • Wrongful trading - On 25 November 2020 the government announced it intends to reinstate the temporary removal of the threat of personal liability for wrongful trading from directors until 30 April 2021.
  • AGMs - flexibility to hold meetings virtually continues until 30 March 2021
  • Termination clauses - will continue to be prohibited until 30 March 2021, stopping suppliers from ceasing their supply or asking for additional payments while a company is going through a rescue process.
  • Moratorium procedure - temporary moratorium rules will also be extended to 30 March 2021, easing access the process.
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DISQUALIFIED: FRAUDULENT INVESTMENT IN ART COMPANIES

14/12/2020

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WARDELLS DESIGN LIMITED AND CAMP PARTNERS LIMITED WOUND UP IN THE PUBLIC INTEREST
On 4 December 2020 Wardells Design Limited and Camp Partners Limited were wound up in the public interest, having come to the attention of the insolvency Service through the investigation of associated companies.
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The insolvency Service have the power, with the court to wound up companies in the interest of the public (they do not have to be insolvent).
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The Company received £600,000 from investors, but all of the funds were removed from the companies’ bank accounts.
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The two companies were wound up by the court on the grounds they had been incorporated or used as vehicles for fraud with their sole purpose being to receive monies wrongly obtained as investments from members of the public.
Read the full press release here >

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DISQUALIFIED: Nuisance calls results in directors disqualification

11/12/2020

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MARKETING BOSS BANNED AFTER MAKING MORE THAN 75,000 NUISANCE CALLS
Elia Bols (32) now living in Australia, was director of AMS Marketing Limited, a telephone marketing company incorporated in January 2016.
The Telephone Preference Service (TPS), received 71 complaints and the nformation Commissioners Office (ICO) received a further 32 complaints for unsolicited call.
The ICO informed Elia Bols that a fine of £100,000 would be issued, but the company was wound-up in the courts with the fine outstanding. Further joint investigations and action against the director  resulted in Elia Bols being disqualified for 6 years from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
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As of the 26 November 2020 , Andy Curry, Head of Investigations at the ICO said:"Our work with the Insolvency Service has seen the successful disqualification of 17 directors who have shut their business down to try and avoid paying a fine for illegal marketing activity".
Read the full press release from the Insolvency Service here >

Closing a business does not necessarily negate the responsibilities and duties of directors. Directors often think we as Insolvency Practitioners have a magic wand, but Directors should seek professional advice, and be mindful action against them as directors may be taken for wrong doing, even when a company has been wound up or dissolved.


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DISQUALIFED: MARKETING BOSSES DUPE SHAREHOLDERS OF INVESTMENT

7/12/2020

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SHAREHOLDERS OF OUR PRICE RECORDS LTD DUPED OF £3.5 MILLION
Directors of online affiliate marketing company, Our Price Records Ltd, raised funds of £3.5 million from shareholders under false pretences and breached financial regulations.

In 2017 the Company entered into Administration and further investigations by the Insolvency Service revealed the Company breached financial regulations.
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The two company directors who provided prospective shareholders with false information to secure millions in investments have been banned for a total of 17 years. Lee Anthony Skinner (60) has been banned for 10 years, while Karen Ferreira (60) has been disqualified for 7 years.

Full details of the disqualification can be found here >
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DISQUALIFIED: NIGHTCLUB OWNERS FAILURE TO FILE ACCOUNTS AND PAY TAX

30/11/2020

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FLEXITELL LIMITED DIRECTORS DISQUALIFIED FOR FAILURE TO KEEP PROPER ACCOUNT RECORDS  AND PAY TAX
Husband and wife, Paula Kelly (55) and Paul Anthony Kelly (58) are both banned from acting as directors of a company or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
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Directors of Flexitell Limited which managed several nightclubs and pubs in Blackpool under the trading name Ma Kelly’s, prior to administration have been handed a 7 year directors disqualification.

Directors had not maintained or preserved accounting records throughout the life of the company. This meant the directors could not explain or verify the business turnover, the tax owed or directors loan accounts. It is a serious offence not to keep proper accounting records.

Read the full press article from the insolvency service here >
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  • Home
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