FW: Insolvency News Weekly round-up: Two fraudsters ordered to pay £92.3m to HMRC

 

Welcome to the insolvencynews weekly round-up HM Revenue & Customs flexed its considerable muscles this week as it clawed back more than £92m from two VAT fraudsters. Through a series of transactions which proved to be as overly ambitious as they were intricate, the duo amassed a multi-million pound fortune to furnish lavish London lifestyles. Elsewhere, the banned director Caleb Storkey set tongues wagging by his attempts to manoeuvre that tricky obstacle – a sense of professional ethics – while The Office of Fair Trading named and shamed a debt management firm for advertising "free" services, despite charging for them. And finally, in a study that will surprise absolutely no one, bad management was blamed for the majority of business failures.    Latest News: Two fraudsters ordered to pay £92.3m to HMRC Two convicted tax fraudsters must repay £92.3m to HM Revenue and Customs (HMRC) in its biggest ever confiscation order. Read More Business failures fall nearly 20 per cent  The number of businesses in the UK which failed in the second quarter of 2010 has fallen nearly 20 per cent on the same period in 2009. Read More Insolvency regime "too forgiving" say IPs The UK's insolvency regime is too forgiving to company directors who fail, according to 60 per cent of insolvency practitioners polled in new research. Read More OFT puts requirements on Carefree debt firm  The Office of Fair Trading has today slammed requirements on a debt management company after finding it advertised free services even though consumers were being charged. Read More North South divide lives on Recent personal insolvency figures have pointed to a distinct North South divide in the number of bankruptcies in the UK. Read More Appointments Alexandra Uniforms supplier Alexandra has appointed PricewaterhouseCoopers as administrators after announcing it no longer has sufficient funding to continue trading. click here Events Insolvency and Rescue Awards The deadline for entries for the Insolvency & Rescue Awards is 30 July so if you are considering entering then visit the website to see interviews with last year's winners which should help you make up your mind. Held at the Lancaster in London on 21 October, 600 guests from across the industry are already expected to attend. There are also five new categories to enter. For more details click here   Round Up Halliwells chairman jumps ship Ian Austin, the executive chairman of embattled law firm Halliwells, has been appointed head of commercial litigation at the Manchester office of Heatons and will start in his new role on Wednesday. Austin was appointed executive chairman of Halliwells last September after spells as managing partner and head of commercial litigation. The crisis-hit law firm is set to enter administration shortly. Bankrupts denied bank accounts Increasing numbers of people in bankruptcy are being denied basic bank accounts, Citizens Advice has claimed. According to the charity, only two out of the seventeen banks that provide basic bank accounts offer them to people who have recently been made bankrupt. Citizens Advice has argued that banning people in bankruptcy from opening a bank account prevents them from taking control of their finances and can result in people being unable to find work, as most employers only pay wages directly into bank accounts. Begbies predicts more gloom The number of businesses facing financial distress has fallen by 21 per cent since the first quarter of this year, according to Begbies Traynor's Red Flag statistics. The firm said 127,000 companies were in significant or critical financial distress in the second quarter of this year, but predicted a torrent of firms going bust at the end of this year and the beginning of 2011. Meanwhile the average debts of troubled companies rose by 60 per cent in the second quarter of this year to £545,000 and the £69.5bn of liabilities at risk of default is up 26 per cent from £55bn in the first quarter of this year.    Solar director banned A businessman who fronted a controversial solar business has been banned from holding any directorships for almost a decade by the Insolvency Service. Floyd Lewis, former director of Solar Technik, has been banned for nine years after it was found he traded the business in a way that was detrimental to creditors and customers. The Dorset-based firm went into voluntary liquidation in March 2007 owing creditors £1,381,456. But, before going bust the firm had been the subject of numerous investigations following customer's complaints over advertising claims, sales techniques and other issues. Contacts Editorial Ashley Armstrong - ashley@insolvencynews.com - 020 7940 4846 begin_of_the_skype_highlighting              020 7940 4846      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4846      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4846      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4846      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4846      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4846      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4846      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4846      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4846      end_of_the_skype_highlighting  Marcel Le Gouais - marcel@insolvencynews.com - 020 7940 4813 begin_of_the_skype_highlighting              020 7940 4813      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4813      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4813      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4813      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4813      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4813      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4813      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4813      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4813      end_of_the_skype_highlighting Advertising Graham Martin - graham@insolvencynews.com - 020 7940 4844 begin_of_the_skype_highlighting              020 7940 4844      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4844      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4844      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4844      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4844      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4844      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4844      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4844      end_of_the_skype_highlighting begin_of_the_skype_highlighting              020 7940 4844      end_of_the_skype_highlighting Want to hear what's going on in the credit industry? Visit our sister site credittoday.co.uk Insolvency Today (Athene Publishing), Axe & Bottle Court, 70 Newcomen Street, London SE1 1YT VAT number 859 067 289

 

If you do not wish to receive further information from us please click here

------------------------------------------------------------------------------------------------ WATSON BURTON LLP  1 St James' Gate, Newcastle upon Tyne, NE99 1YQ | Tel: +44 (0) 191 244 4444 | Fax: +44 (0) 191 244 4500 1 City Square, Leeds, LS1 2ES | Tel: +44 (0) 113 235 5455 | Fax: +44 (0) 113 235 5450 Floor 29, 30 St Mary Axe, London EC3A 8BF | Tel: +44 (0) 20 7337 8300 | Fax: +44 (0) 20 7337 8350 enquiries@watsonburton.com | www.watsonburton.com  ------------------------------------------------------------------------------------------------ Confidentiality:    This email and its attachments are intended for the above named only and may be confidential. If they have come to you in error you must take no action based on them, nor must you copy or show them to anyone;  please reply to this email and highlight the error. Quality Control:    It is the policy of this firm to review and approve outgoing communications using a process  of tiered authority. Please note that the originator of the above message may differ from the ultimate sender as a  result of this process. Security Warning:    Please note that this e-mail has been created in the knowledge that Internet e-mail is not a  100% secure communications medium. We advise that you understand and observe this lack of security when e-mailing us. Viruses:    Although we have taken steps to ensure that this email and attachments are free from any virus, we  advise that in keeping with good computing practice the recipient should ensure they are actually virus free. Watson Burton LLP is a limited liability partnership, registered in England with registered number OC306105. A list of members' names is available for inspection at the registered office,  1 St James' Gate, Newcastle upon Tyne, NE99 1YQ. ------------------------------------------------------------------------------------------------ Consider the environment.  Please do not print this email unless essential.