Asset Solutions April 2022 Round-up: The UK’s Latest Bankruptcy and Insolvency News & Statistics 

rishi sunak

This month we cover a range of stories from the Whitehall leak inquiry surrounding Rishi Sunak’s wife to the possibility of insolvency faced by Gazprom’s British trading arm. We also cover last month’s insolvency statistics.

You can read last month’s article here: Insolvency News & Statistics March

Insolvency rapidly approaching Gazprom’s British trading arm 

The UK chiefs for Gazprom have been working towards finding a buyout of the Manchester-based business from the state-owned Russian parent. 

This comes after the cancellation of Gazprom’s ongoing deal with UEFA. Additionally, the NHS had Sajid Javid, the Health Secretary pleading with them to cut their ties with Gazprom back in early March.

As it stands Gazprom has been left just days from requiring a government bailout through the SAR (special administration scheme) despite it currently supplying more than 20% of the gas used by British businesses.

Glasgow Coffee Wholesaler receives 9-year ban

Filippo Dioguardi (58) has been disqualified as a director for the next nine years. The Glasgow based director of Camardo Coffee became the sole director back in late 2019. Less than a year later in August 2020, Camardo Coffee went into liquidation at which point the filed accounts showed assets totalling over £800,000.

Dioguardi appeared to hinder the Insolvency Service investigation. He provided a lack of accurate company records making it difficult to tell if his assets were disposed of at a reasonable value that would benefit the company or its creditors. The investigation also found that a Bounce Back Loan of £50,000 was taken out on the 27th of May 2020, less than 2 months before the liquidation of Camardo Coffee.

There was additional scrutiny of the company account that had over £70,000 of cash withdrawals. The reason behind these cash withdrawals is still currently unknown.

Dioguardi’s ban starts on the 25th of March 2022 and ends on the 24th of March 2031.

Find out about other instances of BBL abuse: Financial consultant disqualified for abusing BBLs

Inquiries are being made into the leak of Akshata Murty’s taxes

A Whitehall inquiry has been initiated due to the leak of Rishi Sunak’s wife’s taxes being leaked. The findings have led to Mr Sunak’s popularity plummeting, especially with the hike in national insurance contribution rates from 12% to 13.25% and the current cost of living crisis.

The row centred on findings that Mr Sunak’s wife Akshata Murty only paid £30,000 a year to the British Government to retain non-dom status. This is despite here holding a stake in Infosys, an Indian IT giant, that is worth an estimated £700 million. 

A nom-dom is someone who can prove to the tax authorities that although they are a UK resident, their permanent home lies outside the UK. Those with the nom-dom status only pay UK tax on UK earnings and they do not have to pay UK tax on their foreign income. However, they can give up their non-dom status at any time.

Discover more about why the British public is upset by reading our article on: The cost of living crisis

England and Wales: Monthly Insolvency Statistics for March 2022 

Company Insolvencies

  • There were 2214 registered company insolvencies in March 2022:
    • 1844 CVLs
    • 131 compulsory liquidations
    • 10 CVAs
    • 129 administrations
  • More than double the amount recorded in March 2021 (999)
  • 34% more than the amount registered pre-pandemic in March 2019 (1,582) 

Individual Insolvencies

  • There were 2,512 DROs and 633 bankruptcies in March 2022
  • The number of DROs was 58% higher than in March 2021 and 3% higher than in March 2019

If you are worried about debt, bankruptcy or possible individual insolvency, contact Asset Solutions today on 0800 689 3861. Our experienced team members provide unrivalled assistance to individuals throughout the entire insolvency process and help to stop bankruptcy. We understand that anyone facing problem debt is likely to feel overwhelmed and intimidated. That’s why we’re here to support you throughout the process and help you achieve the best results possible for your situation. Contact us today for more information.