5 Firms Closed By Insolvency Services Over Bounce Back Loan Fraud

It’s been announced that the insolvency service has wound up 5 companies recently found to have made fraudulent claims for Bounce Back Loans and CBILS.

One director has been disqualified after fraudulently claiming a £50,000 Bounce Back Loan and transferring the money directly to himself.

The Insolvency Service’s chief investigator Dave Elliott said: “The Bounce Back Loan scheme was made available to help support businesses during the pandemic. It is outrageous that some directors have been trying to abuse this support, and the action we have taken shows we take this issue extremely seriously.”

“I urge anyone who suspects a company has been involved in this kind of abuse or has information about directors fraudulently obtaining Covid business support, to alert us immediately.”

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