Articles about Insolvency Service

man in suit clutches briefcase full of cash. Photo by Shutterstock

Tax-swerving IT director disqualified for 8 years

Anthony Hodges, a Basingstoke-based IT consultant, has been barred from acting as a company director for eight years due to mischief undertaken as his company went into liquidation. Investigating the demise of management consultancy Hodges & Coley, of which Hodges was the sole director, the Insolvency Service said it had …
Simon Cowell, photo: s_bukley via Shutterstock

Oh TechNation. Britain's got tech talent. Just not like this

Opinion It was ironic that this month’s crowing Tech Nation report, which wrongly claimed the UK digital sector “was growing 32 per cent faster than the rest of the economy,” almost coincided with the total collapse of one of the sector’s biggest – and loudest – stars, Powa Technologies. Compiled by Tech City and NESTA, an innovation …
Marcus Gibson, 25 Feb 2016
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Former prez of Misco parent Systemax declared bankrupt

To say 2015 wasn’t exactly a vintage year for former Systemax EMEA president Perminder Singh Dale – AKA Pim Dale – is an understatement. He lost his job in the summer and by Christmas the man was bankrupt. According to the London Gazette, a bankruptcy petition was filed against Dale on 7 October by London Law Funding (LLF) Ltd …
Paul Kunert, 12 Jan 2016
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IT supplier? Got a customer who won't pay? Dob them in to the Insolvency Service

From today IT suppliers are encouraged to begin shopping their failing customers into the Insolvency Service, under a new order coming into force that will guarantee payment to providers of companies entering administration. Under Insolvency (Protection of Essential Supplies) Order 2015, the rules have been expanded - …
Kat Hall, 01 Oct 2015
Old Bailey Lady Justice

Dodgy mobe dealer jumps on VAT carousel, gets 13-year ban

The director of now-dissolved mobile phone dealer Fima Consulting has been disqualified from managing a limited company for 13 years over his part in a £1m VAT scam, according to a UK government press release. Fiaz Razzak Malik was disqualified following an investigation by the Official Receiver at the Public Interest Unit, a …
Kat Hall, 13 Jul 2015

KPMG: UK tech supplier takes on 'majority' of customers from titsup Glasshouse

More than half the workers at defunct storage consultancy Glasshouse Technologies have been chopped after administrator KPMG failed to find an investor to secure the business as a going concern. Glasshouse simply ran out of cash and called in the receivers late last month just days before it was due to defend itself against a …
Paul Kunert, 23 Apr 2014

Burnt-out Comet's VC backers are looking for more cash

The private equity firm involved in Comet's costly crash is back in the market and trying to convince financiers to part with hundreds of millions for a new investment fund. Henry Jackson, boss of OpCapita, the venture capitalist which paid £2 for the British retailer in November 2011 before sending it down in flames a year …
Paul Kunert, 11 Nov 2013
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Comet brand yanked from its grave: Tycoon vows to open EIGHTY new stores

Electronics retail entrepreneur Clive Coombes is trying to revive the Comet brand name by launching 80 stores over the next two years - and is looking for foolhardy brave investors to support him. In his blog, written in the third person, Coombes, who tried but failed to buy Comet from administrator Deloitte, revealed he has …
Paul Kunert, 19 Aug 2013

Integrator 2e2 axes 319 UK staff, halts pay cheques - insiders

Troubled integrator 2e2 Group has let go 319 UK sales and admin staff and, to add insult to injury, their pay for last month is being withheld, sources claim. After weeks of negotiations by investors and bosses to keep the debt-laden business afloat, the decision was taken yesterday to call in administrators FTI Consulting for …
Paul Kunert, 29 Jan 2013
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UK gov probes Comet crash: Public, private sectors LOST £257m

The Department for Business, Innovation and Skills plans to probe the administration of Comet, whose collapse has left the private and public sector out of pocket to the tune of £257m. The Insolvency Service is to launch the investigation after receiving numerous complaints from MPs just as the doors close on Comet's last 49 …
Paul Kunert, 18 Dec 2012
hands waving dollar bills in the air

Fewer titsup firms, more titsup people

Fewer businesses went into insolvency in the first quarter of 2010 than last year, but a record number of individuals were declared insolvent. In total there were 35,682 individual insolvencies in England and Wales in the first quarter of 2010 - up 17.9 per cent on the same period of 2009. Bankruptcies were down 10.7 per cent …
John Oates, 07 May 2010
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Flood of liquidations as credit dries up

Figures from the Insolvency Service show a big jump in the number of English and Welsh firms going into either compulsory or voluntary liquidation. Compulsory liquidation and creditors' voluntary agreements hit 4,941 firms in the first quarter of 2009, up 56 per cent on the same three months of 2008. 316 companies went into …
John Oates, 01 May 2009
The Register breaking news

Insolvency levels show upturn in downturn

UK insolvencies have risen sharply in the past quarter as the recession starts to hit small businesses. But the headline figure is distorted by one group that accounted for 729 separate managed services businesses that all went into administration. There were 4,607 compulsory liquidations and creditors' voluntary liquidations …
John Oates, 06 Feb 2009
The Register breaking news

IT blamed for tax credits problems

The adjudicator for HM Revenue and Customs (HMRC) has highlighted inflexibilities in the department's systems. Dame Barbara Mills, the adjudicator for complaints about HMRC, the Valuation Office Agency, the Public Guardianship Office and the Insolvency Service, has highlighted the IT problems in her annual report. She said …
Kablenet, 22 Jun 2006
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IT boss barred from directorship for eight years

The director of three London IT service firms which collapsed owing £2m, has been barred from holding directorships in any company for eight years. The High Court of Justice heard that William Hall, 51, of Hallam Street, London W1, had displayed unfit conduct by paying himself an excessive salary, while failing to meet his …
Drew Cullen, 26 Nov 2004
The Register breaking news

Ex-Tiny directors face boardroom ban

Two ex-directors of Tiny Computers have been banned from holding directorships for four and five years. Jonathan Harris, of Ashtead, Surrey and Garo Molozian of Lower Sunbury, Middlesex were found guilty of taking "unwarranted risks" with creditors' money. An Insolvency Service report revealed that the two were using payments …
John Oates, 06 May 2004