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Insolvency Statistics on Insolvency Enforcement Actions

The insolvency service has just released some statistics on their enforcement actions for April to June 2015

  • The number of enforcement outcomes obtained by the Insolvency Service continued to decrease year-on-year, in line with falling numbers of insolvencies.
  • Director disqualifications decreased year-on-year for the third consecutive quarter.
  • The number of companies wound up in the public interest decreased but remained broadly on trend.
  • Bankruptcy and debt relief restriction orders and undertakings continue to decrease in line with decreasing trends in bankruptcies and debt relief orders.
  • The number of suspension of discharge orders obtained continued to decrease, in line with the decreasing trend in bankruptcies.

Two directors disqualified after lying about sales of over £1 billion

John and Carmel Billany are banned from acting as directors after an investigation found accounts had been tampered in order to secure extra finance for their supply business. John is disqualified for nine years while Carmel is banned for six years and three months.

Based in County Durham, Linden Group Limited supplied hydraulic components to traders and businesses around the world.

Falsified accounts showed their turnover was £1.2 billion, when in fact the actual turnover for £3 million. The investigation came as a result of Linden Group Limited becoming insolvent in 2013 after (unsurprisingly) falling behind with payments to a finance company.

The liquidator of the company sold the business on to an unconnected company in the same industry.

John and Carmel are two of the 1209 directors disqualified in the last year.

Free tools to help your business

Below we’ve provided a handy list of free downloadable expert guides, toolkits and templates from across the whole of our site to help directors and accountants plan the next best steps for a struggling business. 

Browse the Company Rescue site for more guides on time to pay arrangements, administration, pre-packs, dissolution, winding up petitions, partnership insolvency, members voluntary liquidation and everything in between!

If you’re in need of specific advice, give us a call on 0800 9700539 or fill in our online form. One of our regional managers can visit you for a free face-to-face meeting to discuss the business’s situation and the best way forward.

Company mis-sold an interest rate swap wins £4.6 million settlement with Lloyds

The director of the Coin Group care home company, Errol Bland, has recently won an out of court settlement with Lloyds Bank in the latest case involving the mis-selling swaps scandal.

London law firm, Lexlaw, acted on Bland’s behalf to claim back compensation on a 30-year hedging product bought eight years ago. Compensation had previously been refused on the grounds the borrower was too ‘sophisticated’ and knew the risk involved.

However, Bland is now being paid back £900,000 in interest payments, £200,000 in legal fees and an expected £3.5 million from a break fee after litigation forced the bank to pay up and avoid judicial scrutiny.
 
Back in 2012, an investigation by the FCA decided Coin Group and thousands of other SMEs should be denied compensation because the size of assets involved proved they were well aware of the risk.  This, for many companies, was simply not the case. Many are now fighting to claim back what they should have been entitled to in the first place.

Bland’s settlement is an encouraging sign to SMEs that there is a chance to reclaim what’s rightfully owed. Read more about Lexlaw’s case here.

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