Month: October 2017

An investigation by the Insolvency Service found Langton misappropriated £21,517 from three banks by making false claims for reimbursement of sums paid out of his account.

Mr Langton (24), employed, of Leicester, has agreed to be bound by the restrictions set out in insolvency law until 11 October 2025.

On 2 December 2016, a bankruptcy order was made after Mr Langton applied for his own bankruptcy. His total deficiency at the time was around £36,421.

Commenting on the case Gerard O’Hare, Official Receiver for Nottingham said:

Mr Langton falsely claimed reimbursements for money paid out of his account from three banks receiving £21,517. He knew he was not entitled to the money but claimed the reimbursements regardless of the consequences, which resulted in incurring debt.

This eight year restriction should act as a deterrent to him and others from acting in the same way.

Notes to editors

The bankruptcy order was made on 2 December 2016 following a petition presented on 1 December 2016.

Mr Langton’s date of birth is October 1993.

If the Official Receiver considers that the conduct of a bankrupt has been dishonest or blameworthy in some other way, he (or she) will report the facts to court and ask for a Bankruptcy Restrictions Order (BRO) to be made. The court will consider this report and any other evidence put before it, and will decide whether it should make a BRO. If it does, the bankrupt will be subject to certain restrictions for the period stated in the order. This can be from 2 to 15 years.

The bankrupt may instead agree to a Bankruptcy Restrictions Undertaking (BRU) which has the same effect as an order, but will mean that the matter does not go to court.

These are restrictions set out in insolvency law that the bankrupt is subject to until they are discharged from bankruptcy – normally 12 months and include that bankrupts:

• must disclose their status to a credit provider if they wish to get credit of more than £500
• who carry on business in a different name from the name in which they were made bankrupt, they must disclose to those they wish to do business with the name (or trading style) under which they were made bankrupt
• may not act as the director of a company nor take part in its promotion, formation or management unless they have a court’s permission to do so
• may not act as an insolvency practitioner, or as the receiver or manager of the property of a company on behalf of debenture holders

Additionally, a person subject to a bankruptcy restrictions undertaking may not be a Member of Parliament in England or Wales.

The Insolvency Service, an executive agency sponsored by the Department for Business, Energy and Industrial Strategy (BEIS), administers the insolvency regime, and aims to deliver and promote a range of investigation and enforcement activities both civil and criminal in nature, to support fair and open markets. We do this by effectively enforcing the statutory company and insolvency regimes, maintaining public confidence in those regimes and reducing the harm caused to victims of fraudulent activity and to the business community, including dealing with the disqualification of directors in corporate failures.

BEIS’ mission is to build a dynamic and competitive UK economy that works for all, in particular by creating the conditions for business success and promoting an open global economy. The Criminal Investigations and Prosecutions team contributes to this aim by taking action to deter fraud and to regulate the market. They investigate and prosecute a range of offences, primarily relating to personal or company insolvencies.
The agency also authorises and regulates the insolvency profession, assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees, provides banking and investment services for bankruptcy and liquidation estate funds and advises ministers and other government departments on insolvency law and practice.

Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.

Contact Press Office

You can also follow the Insolvency Service on:

• Twitter
• LinkedIn
• YouTube

The Statistical Data Return 2016 to 2017, published today (24 October 2017) by the Regulator of Social Housing, shows that housing associations in England continued to increase the number of homes that they own and manage at the same time as implementing the social rent cuts introduced through the Welfare Reform and Work Act.

The SDR national statistics are collated from an annual survey of private registered providers of social housing in England. This year’s SDR is the first to systematically record the actual rents charged by housing associations since the rent reduction policy came into effect; it shows that rents have fallen accordingly. The reported average net rent for general needs properties of £96.61 per week represented a -1.3% decrease since 2016 for providers with more than 1,000 units or bed spaces.

Some of the trends in this year’s figures include:

• PRPs reported a continued increase of 0.7% from 2016 in the amount of housing stock that they own – although this was the smallest increase since 2014, this was the first year since then in which no new stock transfers took place
• large PRPs built a total of 36,438 units in 2016 to 2017 – this includes 23,907 sub-market rental units, which fell 14.2% from 2015 to 2016 due mainly to transition between HCA funding programmes
• over 10% (288,048 units) of all stock within the sector is owned by a combination of five providers

The regulator collects data on stock type, size, rent and location of social housing stock at 31 March each year, and data on sales and acquisitions made between 1 April and 31 March. The information is used to inform its risk-based and proportionate approach to regulation and to help a range of stakeholders better understand the housing association market.

Fiona MacGregor, Executive Director of Regulation, said:

The publication of today’s SDR shows that the housing association sector has continued to increase the number of homes that it owns and manages for the benefit of social housing tenants throughout England, at the same time as implementing the requirements of the Welfare Reform and Work Act.

The figures reported in the 2017 Return show that, across the sector, rents have fallen in line with the terms of the Act. If SDR data raises concerns that individual providers may not be setting rents in line with the relevant standards and legislation, we will continue to seek assurance from the landlords concerned and if necessary will reflect this in published governance judgements.

The SDR 2016 to 2017 is available on the Gov.uk website.

Further information

The SDR consists of a statistical release document, a full data spreadsheet, full data set zip file, additional tables and a pre-release access list. All these documents are available from the SDR 2016-17 Statistical Release page on Gov.uk.
Previous SDRs are also available on the website.

Figures do not include non-social housing units built by unregistered entities within PRP groups, which are outside the scope of the SDR.

A total of 1,432 providers completed this year’s Return compared with 1,490 providers in 2016. The drop was mainly as a result of changes in the structure of the sector, such as de-registrations and mergers.

The Homes and Communities Agency (HCA) is the single, national housing and regeneration delivery agency for England, and is the regulator of social housing providers. As regulator, its purpose is to promote a viable, efficient and well-governed social housing sector able to deliver homes that meet a range of needs. It does this by undertaking robust economic regulation, as enshrined in legislation, focusing on governance, financial viability and value for money that maintains lender confidence and protects the taxpayer. For more information visit the HCA website or follow us on Twitter.