It is amazing that after banking after banking scandal is exposed that the government
has not tackled the £260bn factoring industry where a number of factoring companies
have got rich by rippling off their clients and HMRC.
We are campaigning for:
- A multi £billion Claw Back Tax from the asset based finance industry on their income
that should have gone to HMRC when companies go into insolvency;
- Robust Regulation of the factoring industry;
- The appointment by Parliament of an independent ombudsman rather than the ABFA sham;
- The separation of the industry & the administrators they appoint;
- A comprehensive review of the asset based finance industry carried out by BIS;
- The appointment of an independent IP to check that forced insolvencies are correctly
- The removal of the secured status for termination fees – with the industry being
put on the same status as the Crown and unsecured creditors.