The advantages of the use of forensic accountants in confiscation proceedings

This article has been provided by Alan Burcombe, Senior Partner at Wells Burcombe Solicitors – www.wellsburcombe.co.uk

The provisions applicable following conviction, and indeed before conviction, such as restraint orders, under the Proceeds of Crime Act 2002 (“the Act”) are well known to be extremely restrictive and harsh in nature. Whilst their effect is designed to deprive a person of the sum they have benefited by from their criminal conduct, such is the nature of the provisions and assumptions which can be made under the …

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Current Fraud Trends

The National Fraud Authority publishes its Annual Fraud Indicator each year.

In the latest version it estimates that  fraud cost the UK economy £73 billion.

This is broken down as £45.5 billion in the private sector, £20.3 billion in the public sector, £6.1 billion to individuals and £1.1 billion in the not-for-profit sector.

Yet small and medium sized businesses continue to ignore the risk of fraud and brush it under the carpet.

In the current economic climate, can businesses really afford to continue to …

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Fraud Review

To help your company assess its risk of fraud, Inquesta has developed a FREE Fraud Health Check.

To complete the Fraud Health Check, go to www.inquesta.co.uk/go/fraud

 

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Mis-Selling of Interest Rate Swaps

An interest rate swap enables the banks to exchange fixed rate interest for variable rate interest over a set period of time. A company typically uses interest rate swaps to limit or manage its exposure to fluctuations in interest rates.

In essence, from around 2005 banks offered interest rate swaps to operate along side a business’s existing variable rate loan.

They were sometimes sold on the basis that it would limit the business’s risk of interest rate swaps rising and in many …

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Technical Reminder – ESC- C16

For those companies on the opposite end being zombie the withdrawal of the extra statutory concession c16 means that any company who wants to make a capital distribution in excess of £25,000 needs to be formally wound up by way of members voluntary liquidation.

Contact us for a fixed fee no obligation quote.

 

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What Are Pre-Packs?

A pre-pack sale is when the assets of an insolvent business have been substantially agreed for sale to a company which is either operated by the same directors, shareholders or a third party prior to the company entering either administration or liquidation.

One of the issues regarding a pre-pack sale is that this can complete prior to the creditors meeting and without notice to creditors. This can be an area of concern which creditors can complain about as they may believe …

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Zombie Companies

With an rise in zombie companies, businesses are becoming increasingly under pressure that they may lose key customers and cannot afford for zombie companies to fail.

This is helped further by HMRC allowing companies to enter into time to pay schemes and banks freezing or reducing capital repayments

But in the wake of these zombie companies having just enough cash to survive they don’t have sufficient resources to invest in long-term growth.  Thus why it will be extremely difficult if not impossible …

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