Insolvency Service uses new powers to crack down on Covid loan fraud

The UK’s Insolvency Service has begun using new powers, given to it last December, to crack down on company directors that dissolve their firms to avoid making repayments on government backed loans.

The Insolvency Service used its “tough new powers” to ban three individuals from acting as company directors, for dissolving their companies to avoid paying back Covid support loans, business minister Lord Callanan said.

In all three cases, individuals were struck off for dissolving their companies in order to avoid paying back money given to them via the government’s Bounce Back loan scheme, which offered small and medium businesses loans of up to £50,000.

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