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insolvency Tag

Madison Legal > Posts tagged "insolvency"

How Long Do You Stay On The Insolvency Register?

Commercial litigation - Madison Legal

Insolvency can be an extremely challenging situation for an individual, both financially and emotionally. While there are steps one can take to manage debt and recover from insolvency such as an individual voluntary arrangement or declaring bankruptcy, personal insolvency solutions such as these are a matter of public record. When declared insolvent, a person’s details are added to the Insolvency Register. Note, in Scotland one is added to the Register of Insolvencies while in Northern Ireland you have the Individual Voluntary Arrangement Register. Although these databases are accessible to all, including credit reference agencies, an individual does not remain on the insolvency register...

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HMRC Bounce Back Loan investigation

HMRC Bounce Back Loan investigation

Introduced by the government in April 2020, the Bounce Back Loan Scheme (BBLS) provided rapid access to finance for small businesses affected by the coronavirus pandemic. Through the scheme, SMEs could borrow between £2,000 and 25% of their turnover, up to a maximum of £50,000. While businesses took advantage of the BBLS, it wasn’t without controversy. In June 2021, it was revealed that basic fraud checks were disregarded in the rush to ensure vulnerable businesses were protected at the start of the pandemic. As a result, the scheme was open to fraud, defaults, and error. Nearly half of the loans taken...

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