The Sunday Times published a story on Saturday which alleged two businesses connected to Mr McMurdock took out Covid-19 loans totalling £70,000 during the pandemic, one of which had no employees. In a post on X today,, the MP said he "had a chance to take specialist legal advice from an expert in the relevant field" since the loans came to light.
He added: "In light of that advice, which is privileged and which I choose to keep private at this time, I have decided to continue my parliamentary career as an independent MP where I can focus 100% on the interests of my constituents."
According to Companies House, Mr McMurdock is listed as the current director of Gym Live Health and Fitness Limited, and a former director of J A M Financial Limited, a position he resigned in 2021.
Both firms are shown to have overdue accounts and confirmation statements, and both have an "active proposal to strike off".
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Mr McMurdock insisted when the Sunday Times news story broke that "all my business dealings had always been conducted fully within the law and in compliance with all regulations and that appropriately qualified professionals had reviewed all activity confirming the same".
He said he had asked for the Reform whip to be suspended temporarily as a "precautionary measure".