Latest news with #InsolvencyService
Bloomberg
2 days ago
- Business
- Bloomberg
UK's Troubled Prax Lindsey Plant Will Stop Refining Oil
The Lindsey oil refinery in northern England won't continue as a going concern, Energy Minister Michael Shanks told lawmakers Tuesday. The UK previously announced a liquidation order for the facility's owner, Prax Lindsey Oil Refinery Ltd., leaving the country's Insolvency Service racing to save the site. The plant recorded about £75 million ($101 million) in losses between its acquisition in 2021 and the financial year ending February 2024, Shanks previously said.
Yahoo
6 days ago
- Business
- Yahoo
Game over for Tomb Raider composer after Covid loan fraud conviction
A video game composer and sound designer best know for his work on the Tomb Raider series has been jailed for fraudulently applying for a Covid loan. Peter Connelly, who is based in Durham, overstated his company's turnover to obtain a second Bounce Back Loan of £37,500 in 2020 when businesses were only entitled to a single loan. Connelly had previously secured a legitimate Bounce Back Loan worth £22,000 one month earlier. The 52-year-old, of Lambton Court, Peterlee, was jailed for 16 months at a hearing of Durham Crown Court on Thursday, 17 July. He was also disqualified as a company director for six years. Tomb Raider composer 'blatantly disregarded the rules' David Snasdell, chief investigator at the Insolvency Service, said: 'Peter Connelly blatantly disregarded the rules of the Bounce Back Loan Scheme, designed to support small and medium-sized businesses during the pandemic. 'Connelly not only secured two loans when businesses were only allowed one, but deliberately inflated his company's turnover to receive more money than he was entitled to. 'The Insolvency Service is the lead agency for tackling Bounce Back Loan misconduct and we remain committed to ensuring fraudsters who stole from the public purse during a national emergency are brought to justice.' Connelly was the sole director of Peter Connelly Limited, established in June 2008. The company was known as Universal Sound Design Limited up until November 2012, and it described its trading as 'sound recording and music publishing activities'. First Bounce Back Loan was allowed According to the Insolvency Service, Connelly's first application for a Bounce Back Loan was in May 2020, when he secured £22,000. It added that this application was within the rules of the scheme. However, one month later in June 2020, Connelly applied to a different bank for a Bounce Back Loan of £37,500, claiming his company's turnover for 2019 was £150,000, the organisation said. The Insolvency Service said its analysis revealed his turnover was just over £58,000, meaning he substantially inflated it on his second application. Connelly also falsely declared that this was the only loan he had applied for, it added. The Insolvency Service said that in interviews, Connelly said he had been given the opportunity to re-imagine the music for the Tomb Raider soundtrack. This was a significant project which had the potential to be very lucrative, he added. To complete the project, Connelly said he had taken out personal loans and sold his car. However, Connelly said everything stalled at the start of the pandemic. Peter Connelly Limited went into liquidation in August 2021. Neither loan had been repaid at this time, the Insolvency Service said. Connelly himself entered into an Individual Voluntary Arrangement (IVA) in June 2022, a legally binding agreement where he has committed to making regular payments to an insolvency practitioner to repay his debts. The IVA remains active, the Insolvency Service said. Sign in to access your portfolio
CTV News
6 days ago
- Entertainment
- CTV News
‘Tomb Raider' composer jailed for COVID loan fraud
Video game composer Peter Connelly, known for his work on the 'Tomb Raider' franchise, has been jailed 16 months in the U.K. for COVID loan fraud. According to a release Friday from the U.K.'s Insolvency Service, 52-year-old Connelly overstated his company's turnover to obtain a second COVID Bounce Back Loan in 2020 when businesses were only entitled to a single loan. He obtained approximately $69,000 in his second loan in June 2020 after receiving approximately $41,000 in his first loan a month prior. Connelly claimed his company's turnover — the total revenue that a company makes through its goods and services in a certain time frame — was approximately $277,000 in 2019 when it was actually closer to $107,000, an Insolvency Service analysis revealed. 'Peter Connelly blatantly disregarded the rules of the Bounce Back Loan Scheme, designed to support small and medium-sized businesses during the pandemic,' David Snasdell, chief investigator at the Insolvency Service, wrote in a statement. Durham, U.K.-based Connelly composed the soundtracks for several video games including 'Tomb Raider: The Last Revelation' (1999), 'Tomb Raider: Chronicles' (2000) and co-composed 'Tomb Raider: The Angel of Darkness' (2003). He also worked on 'The Fast and the Furious' (2006), 'Watch Dogs' (2014) and 'South Park: The Fractured but Whole (2017)' games in various audio positions. In 2018, he announced a fan-funded initiative called 'Tomb Raider: The Dark Angel Symphony,' a studio album that would reimagine music from the 'Tomb Raider' games he scored. A Kickstarter campaign was launched at the end of the year to finance the production of the album. According to the Insolvency Service, Connelly told the agency that the project had the potential to be 'very lucrative.' As a result, Connelly said he had taken out personal loans and sold his car to complete the project. The project was halted due to the pandemic and Connelly's business, Peter Connelly Limited, went into liquidation in August 2021, according to the Insolvency Service. With neither loan repaid, Connelly entered into an Individual Voluntary Arrangement (IVA) in June 2022, a legally binding agreement where he would make regular payments to an insolvency practitioner to repay his debts. The IVA remains active, the Insolvency Service said. Connelly has also been banned as a company director for six years.
The Guardian
6 days ago
- Business
- The Guardian
Company insolvencies fall in England and Wales, in ‘glimmer of relief'; Trump blasts Fed board
Update: Date: 2025-07-18T13:12:35.000Z Title: Just in: the number of companies in England and Wales falling into insolvency dropped last month. Content: Rolling coverage of the latest economic and financial news Graeme Wearden Fri 18 Jul 2025 15.12 CEST First published on Fri 18 Jul 2025 08.59 CEST From 10.53am CEST 10:53 The Insolvency Service has reported that there were 2,043 registered company insolvencies in England and Wales in June, 8% lower than in May 2025 (2,230) and 16% lower than in June 2024, when 2,430 companies failed. That could ease some concerns over the health of the UK economy, as companies tackle rising inflation and higher taxes. Despite the drop, monthly company insolvency numbers in the first six months of 2025 were slightly higher than the second half of 2024, but remain lower than the 30-year annual high seen in 2023. The Insolvency Service says: Company insolvencies in June 2025 consisted of 332 compulsory liquidations, 1,585 creditors' voluntary liquidations (CVLs), 111 administrations and 15 company voluntary arrangements (CVAs). There were no receivership appointments. 3.12pm CEST 15:12 News is emerging from Durban that G20 finance leaders have agreed a final communique on Friday that stressed the importance of central bank independence. That's a timely reminder to Donald Trump of the dangers of undermining the Federal Reserve, as he continues to throw insults their way. The communique says: 'Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner. Central bank independence is crucial to achieving this goal.' The G20 also 'recognise the importance of the world trade organisation to advance trade issues', and say they are 'committed to international policy cooperation to further promote global prosperity'. But they also warn that the global economy is facing 'heightened uncertainty and complex challenges'. 2.50pm CEST 14:50 Hello hello….Federal Reserve governor Christopher Waller has said he would accept the job as Fed chair if asked by President Donald Trump. Waller made the comments today, just hours after throwing his weight behind calls for a rate cut this month (see earlier post). According to Reuters, Waller said: 'In 2019 the president contacted me and said, 'Would you serve?' And I said yes. 'If the president contacted me and said, 'I want you to serve,' I would do it. But he has not contacted me.' 2.23pm CEST 14:23 Helena Horton Big news in the water industry: England and Wales' embattled water regulator will be abolished under recommendations from a government-commissioned review due on Monday, the Guardian understands. Ministers will next week announce a consultation into creating a new regulator, to coincide with the results of a review into the water industry directed by former Bank of England deputy governor Sir Jon Cunliffe. This consultation is likely to conclude in the abolishment of Ofwat, the embattled watchdog that polices how much water companies can charge for their services in England and Wales, sources said. Ofwat has faced intense criticism over its failure to prevent sewage spills, hefty payment of dividends and ballooning debts across England and Wales's water companies. The review will recommend the creation of new regulatory system. More here. 2.21pm CEST 14:21 Back in the City, fashion group Burberry is one of the best performers on the London stock market today, after slowing its decline in sales. Surprisingly, demand for Burberry wellies, scarves and light jackets to wear at music festivals have helped the fashion brand to its best sales performance in 18 months, my colleague Sarah Butler reports. Sales of the luxury British brand fell by 2% to £433m in the three months to the end of June, with a 1% decline at established stores, an improvement from the 6% fall in the previous quarter and the best performance since Christmas 2023. Shares in Burberry are up almost 5%, making it one of the top risers on the FTSE 250 share index. 2.06pm CEST 14:06 One member of the Federal Reserve board, Christopher Waller, should be in president Trump's good books, though. Last night, Waller argued that the Fed should cut rates by the end of this month, and cited growing risks to the economy and (he argued) limited inflationary risks from trade tariffs. Waller told a gathering of Money Marketeers of New York University: I believe it makes sense to cut the FOMC's policy rate by 25 basis points two weeks from now. And looking to later this year, if, as I expect, underlying inflation remains in check—with headline inflation data reporting modest, temporary increases from tariffs that are not unanchoring inflation expectations—and the economy continues to grow slowly, I would support further 25 basis point cuts to move monetary policy toward neutral. The Fed's next two-day meeting starts on 29 July, with a decision scheduled for the 30th. Brad Bechtel of investment bank Jefferies says Waller's speech is getting some attention, explaining: Waller not typically a politically motivated character on the Fed, so his strong view on this matter is important in that context. His main arguments are that 1) tariffs are a one-off price increase and not a consistent impact to inflation, 2) GDP is below trend and a little too soft, arguing for rates closer to neutral, 3) employment looks fine on the surface, but downside risks have increased and private sector payroll growth is near 'stall speed'. He therefore thinks we should cut rates by a quarter this month. Pretty strong view from Waller as the Fed gets close to entering their blackout period before the next meeting. Updated at 2.48pm CEST 12.58pm CEST 12:58 Donald Trump has just declared that choosing Jerome Powell in 2017 to run the US Federal Reserve was one of his 'worst' decisions, calling America's top central banker a 'numbskull' for not lowering borrowing costs. Trump blames president Biden, who he dubs 'Sleepy Joe', for renominating Powell in 2021, and also blasts the Fed's board for not lowering rates. Posting on his Truth Social site, Trump again refers to Powell as 'Too Late', and again claims that US interest rates (currently a 4.25%-4.5% range) should be considerable lower, at just 1% (!). Trump writes: 'Too Late,' and the Fed, are choking out the housing market with their high rate, making it difficult for people, especially the young, to buy a house. He is truly one of my worst appointments. Sleepy Joe saw how bad he was and reappointed him anyway - And the Fed Board has done nothing to stop this 'numbskull' from hurting so many people. In many ways the Board is equally to blame! The USA is Rockin', there is VERY LOW INFLATION, and we deserve to be at 1%, saving One Trillion Dollars a year on Interest Costs. I can't tell you how dumb Too Late is - So bad for our Country! Stock markets wobbled earlier this week following reports that Trump was preparing to fire Powell, but recovered when the president denied it. The Fed's board makes up a majority on the FOMC committee which vote to set US interest rates. The FOMC have voted to leave interest rates on hold so far this year, partly due to concerns that Trump's trade war will be inflationary. Updated at 1.25pm CEST 12.31pm CEST 12:31 The Insolvency Service has also reported that 10,279 individuals entered insolvency in England and Wales last month. This was similar to the numbers in both May 2025 and June 2024. They explain: The individual insolvencies consisted of 596 bankruptcies, 4,135 debt relief orders (DROs) and 5,548 individual voluntary arrangements (IVAs). The number of DROs in June 2025 was close to the record monthly high seen in June 2024. IVA numbers in the first six months of 2025 were similar to the monthly average in 2024. Bankruptcy numbers remained at about half of pre-2020 levels and were also 10% lower than in June 2024. 12.18pm CEST 12:18 Shares in Sweden's fighter jet maker Saab have jumped 12% this morning, after the company announced strong sales growth amid the rush to spend more on defence. Saab reported organic sales growth of 32% in the last quarter, driven by strong growth in small and medium-sized orders. Micael Johansson, president and CEO of Saab, says: 'We are strengthening our market position and see a continued large interest in our products and solutions. Saab's sales growth is high and we continue to invest to build capacity and meet long-term strong demand from the defence sector. At the same time, we continue to deliver strong profitability.' 11.38am CEST 11:38 Risk advisory firm Kroll point out that 2025 has been challenging for many businesses, including in leisure and retail. Benjamin Wiles, head of UK restructuring at Kroll: 'There's no doubt that 2025 has been a tough year for businesses so far, particularly those in the retail and leisure industry. Yet, the overall decline in company administrations compared to this period last year shows a level of resilience that shouldn't be overlooked. We saw a lot of restructuring activity at the end of last year with many companies looking to get ahead of cost pressures and there is still a lot of capital available to borrow. 'The question we are asking is whether businesses are fundamentally stronger or are they simply treading water. The second half of the year will be critical in determining whether this resilience can be sustained or if further pressures will tip more companies into distress.' Kroll also produced this table, based on their internal data, which tracks administrations throughout the year. Yesterday's UK unemployment data showed that more than half the fall in payroll numbers over the last year was due to job losses in accommodation and food services. 11.16am CEST 11:16 The recent hot weather may have helped some hospitality firms and retailers avoid collapse, suggests Jennifer Lockhart, partner and insolvency specialist at purpose-led independent law firm Brabners. Lockhart says: A fall in insolvencies is welcome and reflects the positive impact that the warmer summer months can have on business performance – especially in the retail, construction and hospitality sectors that have borne the brunt of failures to date. However, amid these soaring temperatures it's important to recognise that this likely represents a period of reprieve for businesses, rather than a turning point. 'Consumer confidence remains fragile, and the one-two punch of contracting GDP in May and growing inflation in June will do little to assuage concerns over what the next six months will hold for struggling businesses. Indeed, with many industries dialing back hiring plans – in part due to the influence of employment taxes and the impact of AI – the much-needed uptick in consumer demand is unlikely to materialize, putting more firms at risk.'
BBC News
6 days ago
- Business
- BBC News
Peterlee Tomb Raider composer jailed for Covid loan fraud
A video game composer known for his work on the Tomb Raider franchise has been jailed after he fraudulently applied for a Covid business Connelly, 52, of Lambton Court in Peterlee, was jailed for 16 months at a hearing at Durham Crown Court on overstated his company's turnover to obtain a second Covid Bounce Back loan of £37,500 in 2020, when businesses were only entitled to a single Service chief investigator David Snasdell said Connelly had "blatantly disregarded" the rules for the scheme, which had been designed to help small businesses during the pandemic. "Connelly not only secured two loans when businesses were only allowed one, but deliberately inflated his company's turnover to receive more money than he was entitled to," he said. Lucrative work Connelly's musical career saw him work on additional sound for the Tomb Raider III before he became the lead composer for Tomb Raider: The Last Revelation, Tomb Raider: Chronicles, and Tomb Raider: The Angel of officers from the Insolvency Service interviewed him, he said was working on an re-imagining of the music from the Tomb Raider soundtracks and claimed the project had the potential to be very began borrowing money through the Covid business loan scheme in May 2020, when he took out an initial £22, the first loan was legal, he then applied for a second loan in June through a different the application, he claimed his company's turnover was £150,000 but the Insolvency Service discovered the real figure was £58,000. His company went into liquidation in August 2021 before either loan had been also personally entered into an Individual Voluntary Arrangement (IVA) in June 2022, which committed him to repaying his debts through regular payments to an insolvency practitioner. Connelly pleaded guilty to dishonestly making false representation to make gains for himself or cause loss to well as being jailed, he was disqualified from being a company director for six years. Follow BBC North East on X, Facebook, Nextdoor and Instagram.
