Directors disqualified for BBL and furlough abuse
Announced by the Insolvency Service on 18 April 2023:
Over 450 directors were disqualified by the Insolvency Service in 2022/23 for abusing the COVID-19 financial support scheme, as the agency continues to clamp down on pandemic fraudsters.
Figures published today by the Insolvency Service also show that directors guilty of COVID-19 related misconduct are being hit with longer disqualification periods. The average length of bans handed out to directors in the last year was seven years four months, up from five years ten months in 2021/22.
Of the total 932 director disqualifications obtained by the Insolvency Service in 2022/23, 459 were cases involving COVID-19 financial support scheme abuse.
In addition to its civil enforcement action, the Insolvency Service also brought criminal prosecutions against six directors in 2022/23 for COVID-19 related misconduct. All of the prosecutions resulted in a conviction and resulted in immediate imprisonment in three cases.
More details are here - Insolvency Service announcement
Published April 18, 2023