Posts Tagged ‘insolvency service’
Poor Policing Leaves HMRC Exposed
I strongly disagree with the Insolvency Service’s recent claim the organisation ‘…does not hesitate to punish irresponsible directors.’
Read MoreDodgy Football Fat Cats like Peter Ridsdale Must Be Punished
Last month, the Insolvency Service banned football club chairman Peter Ridsdale (pictured) from holding company directorships for seven-and-a-half years. Under Ridsdale’s chairmanship, Cardiff City football club accrued debts exceeding £42m between 2006 and 2010. During the same period, Ridsdale secretly and unlawfully transferred more than £345,000 from Cardiff City into his personal bank account, and…
Read MoreOffice of Fair Trading’s Insolvency Recommendations are Long Overdue
Last month, the Insolvency Service released a review paper on the regulation of insolvency practitioners (IPs) and asked the public for feedback. The consultation, which can be read here, follows an Office of Fair Trading (OFT) investigation into corporate insolvency and practitioner fees. The investigation found inconsistencies in the way complaints about IPs were handled…
Read MoreR3 Wrong to Blame Cable’s Insolvency Service for Fall in Company Director Disqualifications
The UK’s leading professional association for insolvency and business recovery specialists, R3, claims dodgy company directors are escaping punishment because the Insolvency Service (IS) is more concerned with meeting targets than launching complex investigations. According to R3, while the number of reports alleging director misconduct has doubled since 2003, during the same period there’s been…
Read MoreWhat’s More Important: Managing Debt or Bad Practice?
Last year, I advised a company that went bust owing £100,000. The Insolvency Service sought to have the company’s director disqualified, but he couldn’t understand why as his liabilities dwarfed the sums owed by other companies. I explained that he faced prosecution because of his conduct rather than the size of his debt. You may…
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