Insolvency Service

The Insolvency Service and insolvency and restructuring trade body R3 have announced a project aimed at understanding and promoting diversity and inclusion across the insolvency profession. The two have collaborated to form a Diversity & Inclusion Steering Group to guide this project.

The Insolvency Service paid out £453.4 million in missing wages and benefits to former employees at firms that went bust in 2020. According to new data released by the government agency, the payments were at the highest levels in a decade, although the various financial lifelines provided by t

Audit, tax and consulting firm RSM has predicted that insolvencies will double in 2021 when government support, such as the furlough scheme and bounce back loans, ends. According to the Insolvency Service, there were 12,557 company insolvencies in 2020, down on the 17,225 the previous year.

The UK Government has launched new legal action against eight former directors of failed contractor Carillion which could see them banned from running businesses for up to 15 years.

Property developers Richard Black, from Collessie, and William Edmiston, from Kirkcaldy, have been banned for a total of 13 years after failing to pay tax on a land deal.

Aberdeen restaurateur Syed Shabbi Ahmed, who funnelled £800,000 of customer payments into a secret bank account, has been banned from running a business for 11 years.