FAQs about fraud law answered

When you run a business, the last thing you want to happen is to be accused of fraud.

And for many business owners, this can come in the form of tax fraud, fraud relating to invoices, or even fraud based on investments, if you have investors.

The law relating to fraud in the UK is tricky, and while it can be tempting to try and smooth the issue over on your own, you should always seek to meet with a legal representative as soon as possible.

So, with that in mind, what are some of the most commonly searched queries online relating to fraud in the UK? Read on to find out.

I’ve been told I’m going to be accused of fraud; what should I do?

The first thing you need to do is contact a fraud solicitor.

The worst thing you could do is ignore this information; if you do, you may be given tight deadlines for information that you will need to follow. If you contact a legal team as soon as possible, they can work to have any deadlines extended and may even be able to resolve this accusation without you needing to go to court.

My assets have been frozen; what can be done?

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If you have had your assets frozen as part of a fraud investigation, there should be an exemption put in that will allow you to spend a set amount each week.

This will help to cover your cost of living expenses.

However, you will need to disclose your assets in order for this exemption to be applied. You can ask your solicitor to work to have the terms of the injunction adjusted or lifted, but this will usually need to be supported by bank statements that can show why you will need more money to get by.

I’ve been told I need to list my assets; why does it need to be done in 24 hours?

This is usually related to an injunction, and you will need to respond promptly, or you are breaching the injunction.

An extension can be granted but, as mentioned before, this can only be applied for by a legal representative, which is why you should aim to contact them as soon as possible.

Of course, any extension made will need to be supported by evidence as to why the extension is required.

What do my business assets include?

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Typically, assets include monies that you have in the bank (personal and business), real property, vehicles, jewellery, as well as stocks and bonds. You do not have to disclose money that is linked to loan agreements or money you may have received as a beneficiary.

What is a permitted spending limit

This was touched on briefly earlier.

When your assets are frozen, you will be set a permitted spending amount per week. This can be extended, provided you can obtain and present documentation as to why it needs to be increased.

These are just general answers to these questions, and your individual situation may differ. So, be sure to seek out representation from a legal team specialising in fraud as soon as possible.

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