Gov't Targets Bosses Using Insolvencies To Dodge Debts
By Martin Croucher (December 17, 2021, 2:40 PM GMT) -- The Insolvency Service has been handed new powers by the U.K. government to penalize company directors who dissolve their businesses to avoid paying back state COVID-19 loans.
The Department for Business, Energy and Industrial Strategy said Thursday that the new powers allow the Insolvency Service to investigate and disqualify directors who are found to have abused business insolvency proceedings.
"These new powers will curb those rogue directors who seek to avoid paying back their debts, including government loans provided to support businesses and save jobs," Business Secretary Kwasi Kwarteng said.
"Government is committed to tackle those who seek to leave the...
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