Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Over 450 directors banned for pandemic loans misuse

by April 19, 2023
April 19, 2023
Over 450 directors banned for pandemic loans misuse

The Insolvency Service has disqualified 459 directors for abusing government support schemes during the pandemic.

The directors have been banned from running companies for up to seven years and four months as part of an effort to punish those who misused taxpayer funds. The Insolvency Service also has pursued criminal proceedings against six directors over the past year for misconduct relating to pandemic loan schemes.

The bounce back loan scheme allowed businesses to borrow up to 25 per cent of annual turnover up to £50,000 and the loans were fully underwritten by the government in the event of default. Banks were allowed to sacrifice normal credit checks to ensure the money could be distributed quickly, but this exposed the scheme to substantial fraud risk.

Taxpayers have been forced to pay out £640 million so far for pandemic loans that had been linked to “suspected fraud”. Starling Bank has flagged the highest proportion of loans that may be fraudulent. It has issued bounce back loans worth at least £695 million of that 35 per cent are in arrears or default.

Dave Magrath, director of investigation and enforcement at the Insolvency Service, said: “These fraudsters are just the latest to find out that we will not hesitate to take firm action where we uncover such abuse, and this can ultimately result in a jail sentence.”

Read more:
Over 450 directors banned for pandemic loans misuse

0
FacebookTwitterGoogle +Pinterest
previous post
Why is the full set of veneers becoming more popular in Turkey?
next post
Technology bosses anger as minister’s mayoral ambitions ‘delay semiconductor strategy’

You may also like

PayPal plans to lay off 2,000 staff

February 1, 2023

British Business Bank returns to profit with £144m...

July 22, 2025

Government urges supermarkets to make healthy food more...

June 29, 2025

Mike Lynch’s estate hit with £700m bill as...

July 22, 2025

UK unemployment reaches 4.7% as labour market cools,...

July 17, 2025

Landmark Supreme Court ruling rejects Uber’s attempt to...

July 29, 2025

What is a retail experience agency and how...

October 17, 2023

65,000 customers use HMRC app to pay their...

February 8, 2023

Government calls for small businesses to enter ‘Made...

January 27, 2025

Ofgem threatened with legal action if it doesn’t...

August 17, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • XRP price prediction hits new highs, GMO Miner helps you earn $6,800 a day

      August 28, 2025
    • West End retailers lose £310m from VAT-free shopping ban in first half of year

      August 28, 2025
    • Dollar slips as Trump moves to sack Fed governor Lisa Cook in unprecedented clash over central bank independence

      August 28, 2025
    • CDC Director Susan Monarez refuses to be fired as other officials call it quits

      August 28, 2025
    • Bill Gates met with Trump to talk ‘importance of US global health programs and health research’: spox

      August 28, 2025
    • Trump asks SCOTUS to uphold freeze on billions in USAID payments

      August 27, 2025

    Categories

    • Business (8,900)
    • Investing (2,246)
    • Politics (16,503)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved