Covid 19 Fraud and Insolvency Service Investigations

Category: Law

The insolvency service gets extra powers to investigate COVID fraud Companies that abuse Government COVID-19 loan-related schemes through fraud will now face petitioning for wind up to the Courts from the Insolvency Service. This is in addition to other measures being imposed, such as Director disqualifications. Covid 19 Fraud and Insolvency Service Investigations This is the clear message from the Insolvency Service’s 22 June 2021 press release in which it announces that since February 2021 the Insolvency Service has successfully petitioned the Courts to wind up five companies that have been involved in abusing COVID-19 government loans. These loans were introduced to help businesses during the pandemic, and there is reported abuse of both the Bounce Back Loan and the Coronavirus Business Interruption Loan. Read more