The conviction last year of former world number-one tennis player Boris Becker, for hiding millions of pounds of assets and loans in an attempt to evade tax liabilities, was a much-needed shot in the arm for the insolvency industry.

Coming at a time when several high-profile prosecutions had ended in well-publicized failure for the UK Insolvency Service, Beckers trial was seen as a pivotal test of the UKs tax laws and the regulators ability to take robust enforcement action. His guilty verdict and subsequent two-and-a-half-year jail sentence reminded the public of the heavy consequences of attempting to cheat the UK Exchequer out of tax owed.

When even a sports superstar such as Becker is shown not to be above the law, taxpayers are reas…

Read the full article at: https://news.bloombergtax.com/daily-tax-report-international/competing-interests-pose-challenges-for-insolvency-practitioners