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Bankruptcy-related fraud

It represents the financial status involving illegal trade while disqualified where suspected people set up a new company overnight with the same team of directors and do not pay losses of the previous bankrupt set-up. It refers to the condition where one hides assets like foreign properties or vehicles. 

It also applies to the condition where the firm is trying to clear or obtain debts fraudulently. It occurs when a firm that files for the losses hides relevant parts and fails to provide correct information about the finances in the statements or when it is processed. 

In such cases, the regulatory officials closely monitor the financial details. They check everything carefully before proving anyone guilty. However, if anyone is found responsible for such actions, they can be fined, prosecuted and even jailed. 

What Leads to The Fraud?

  • If the person provides inaccurate contact information or lies about finances while filing the application or discussing it with the official receiver. If they try to sell property obtained on credit or hide details of the property, it leads to such offences. 

  • Trying to benefit from creditors and applying for credit of £500 or more without notifying the official leads to the same. 

What Are the Restrictions?

  • If anyone is found guilty – you are prohibited from setting up a company or acting as a director without the court's permission. Also, one cannot set up a firm in another person's name without informing.

  • The person who has been declared bankrupt cannot work in certain financial sectors and cannot take on credit over £500 without permission.

Date Published: Feb 01, 2022

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.
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