Covid Fraud and Business Interruption Loan Schemes
In the next in our series of blogs on Covid Fraud, this week we look at why Insolvency Practitioners and financial institutions are turning to private prosecutions and what steps directors should take to protect themselves after having taken out Business Interruption Loans.
How To Spot Fraud In The Insolvency Process
We will need to be vigilant against potential fraud as post-pandemic liquidations and bankruptcies begin to rise. This article highlights some of the red flags that forensic accountants look out for that can indicate potential fraud in the insolvency process.
Furlough Fraud - The Coronavirus Job Retention Scheme (CJRS) Ends 30th September - What Happens Next?
Furlough Fraud is a problem that is and will continue for many years to be an issue for Her Majesty's Revenue & Customs. How has furlough fraud been carried out? What are the penalties for furlough fraud and how does HMRC investigate? What action should I take now to prepare for an HMRC audit?
Beware of the tsunami of liquidations and bankruptcies after 30th September 2021. What are the warning signs?
The Government furlough scheme ends on 30th September and no indications have been given that it will be extended. Some argue that there is no need to do so if there are no restrictions on businesses operating normally. However, some predict an avalanche of liquidations and bankruptcies. How is it possible to determine if a business is in financial distress i.e. the business is unable to generate enough revenue or income to meet its financial obligations?
Bounce Back Loan Scheme (BBLS) Fraud - What To Do If You Have A Problem
More than 12 months ago we warned that the completion of a simple 2 page self-certification form online would result in a plethora of fraudulent claims. Our worst fears have been confirmed. Bounce Back Loan fraud is being forecast at more than half the £43bn lent.
Valuing a business - what information is required?
I am regularly instructed to prepare business valuations for both contentious and non-contentious purposes and the first question I am often asked is what information do I need. To assist I have prepared a basic checklist of the information and documentation I would require to get the process started.
Claiming for trading losses during the pandemic period
Many businesses have struggled and are continuing to struggle to survive during the pandemic period. Business Interruption insurance is often cited as an opportunity to make a claim for some much-needed cash flow. However, such claims are not straightforward, and insurance policy wording requires careful scrutiny to establish the scope of the loss.
Account Freezing Orders and Account Forfeiture Orders may destroy businesses and ruin lives
The Criminal Finances Act 2017 was introduced to recover ill-gotten gains from criminal activity but, because of the relative ease of obtaining these orders, the authorities are using these orders in civil recovery as an alternative to bringing criminal charges.
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