Bounce Back Loans

Increased HMRC activity could be causing the recent rise in Scottish company liquidations, according to an Aberdeen insolvency specialist. New figures from Creditsafe showed 141 new Scottish administrations and liquidations in May – the highest number since December 2022 when 142 cases were re

More than 800 company directors have been disqualified in the past fiscal year for abusing Covid support schemes following investigations by the Insolvency Service. One such case involved 24-year-old Muhammad Anas, who accepted a six-year disqualification undertaking starting on 2 April 2024.

A Scottish director has been given a ten year ban over a £50,000 Bounce Back Loan taken out by his firm in 2020.

Two Glasgow company directors have received disqualifications after each falsely claimed loans for their companies, taking over £125,000 in taxpayer support that they were not entitled to.

John Gerard McGarvey, 37, from Rutherglen, has been disqualified as a director for 11 years after claiming two separate Bounce Back Loans totalling £100,000, and then using the money for personal benefit.

A director of three property management companies based in Glasgow has been disqualified as a director for 12 years after using his companies to take out Bounce Back Loans totalling £135,000 that the companies were not eligible for. Brendan Michael Gaughan, 40, was director of Gaughan Group Lt

The Insolvency Services has been using new powers to tackle fraudulent use of Covid loans. Several directors have been banned in the last month after investigations showing misuse of Covid loan money.