Government watchdogs have shut down two debt-busting firms in Chesterfield.
Tag Limited and The Recovery Partnership Limited have been closed for poor business practices that put clients’ money at risk.
Despite being separate businesses, both traded under the name The Insolvency Group which led to confusion over which company was responsible for which client accounts.
The books and records kept by both also failed to explain their use of clients’ money. Tag, based in Future House, South Place, was taking sums of up to £150,000 from firms.
Case supervisor Scott Crighton said: “They undermined the insolvency regime by making it unclear where the lines of responsibility were drawn and failed to adequately ringfence client funds.”