The recently released Insolvency Service’s 2023-24 Annual Report and Accounts provides insightful information on the agency’s efforts in addressing Covid loan abuse. According to the report, 831 directors have been disqualified for misusing Covid loans. Additionally, 22 criminal prosecutions have been carried out, and nearly £3 million has been recovered for the taxpayer.

The report also highlights broader enforcement activities. In total, 1,222 directors were disqualified for various forms of misconduct. During the year, 139 live company investigations were conducted, and 45 companies were ordered to wind up for acting against the public interest.

The Insolvency Service successfully returned nearly £60 million to creditors, an increase of almost £15 million compared to the previous year.

Dean Beale, Chief Executive of the Insolvency Service, expressed pride in the agency’s achievements, stating: “This year’s Annual Report showcases how we are strengthening the insolvency regime to ensure it works effectively for all its stakeholders, while at the same time we continue to provide excellent service for all our customers. Our insolvency framework is rightly regarded as one of the best in the world, and we want to maintain that reputation, keeping pace with the way people manage their affairs in today’s environment.”

See: Insolvency Service’s Hard Work to Tackle Covid Loan Abuse