Filing a DSO1, knowing there are outstanding debts, IS IT WORTH IT???

The Risks to Directors are 100% real!

Filling a DSO1 Dissolution Notice at Companies House knowing there are outstanding debts can lead to serious consequences for a Company Director, and in this case, even imprisonment.

Is it really worth it???

Case Study - Bounce Back Loan fraudster jailed - GOV.UK (www.gov.uk)

Director from Manchester, appeared at Manchester Crown Court on Friday 24 June 2022 where he was sentenced to 24 months.

This was the first successful criminal prosecution of a bounce bank loan fraudster for the Insolvency Service, which also saw the Director disqualified from acting as a director for 7 years.

Notes to editors

The sentence result was announced at Manchester Crown court:

• Section 2 Fraud Act 2006 (Fraud by false representation) - 24 months’ imprisonment (immediate)

• s1007 Companies Act 2006 - aggravated striking off offence - 20 months’ imprisonment (to run concurrently).