Audit, tax and consulting firm RSM says that whilst a spike in corporate insolvencies as great or greater than the levels last seen in 2008 is almost inevitable, the current numbers being mooted represent a major exaggeration. RSM believes there will be an initial flurry of insolvencies, as was seen in 2008, for those businesses…

The Chartered Institute of Credit Management (CICM) Chief Executive has issued a warning that payment holidays could be simply delaying a business’ collapse, following research that found that a third (34%) of credit managers have been asked to renegotiate or ditch existing payment terms The CICM says that payment holidays and time to pay, while easing…

Quantuma has announced it will acquire Manchester-based specialist insolvency and advisory firm Bell Advisory following a period of significant growth in Manchester. Bell Advisory has two team members, Gary Bell (founder) and Paul Llewellyn, both of whom will join the business advisory firm as restructuring and insolvency director and manager respectively. Bell Advisory will operate…

A survey by the British Chambers of Commerce (BCC) has found that 62% of businesses have only enough cash to keep operating for the next three months, while 18% said they had sufficient capital to cover their outlay for only a month. The survey found that companies were planning to put large numbers of workers…

Restaurant chain Carluccio’s has entered administration. The company has 71 UK restaurants meaning that 2,000 employees at now at risk of losing their jobs. FRP Advisory have been appointed as the administrators. Geoff Rowley, Partner at FRP, said “We are operating in unprecedented times and the issues currently facing the hospitality sector following the onset…

The Association of Accounting Technicians (AAT) is calling on the government and large employers to take stronger action on payment of suppliers on time, to help support small and medium-sized businesses during the ongoing Covid-19 (coronavirus) pandemic. Following the actions of large employers such as Morrisons, which is paying all its small suppliers immediately rather…

Sidetrade is to offer it’s Artificial Intelligence (AI) company revenue and cashflow platform free of charge to small and medium-sized enterprises. Sidetrade said that businesses in a range of industries are working to get SMEs through the emergency. Lengthening of B2B credit terms, inability to post or receive invoices and reminder letters, unreachable debtors due…

The HM Revenue & Customs ‘Time To Pay’ (TTP) support has been welcomed by Duff & Phelps. The company says that the growing scale of economic disruption amid volatility in financial markets as a result of the coronavirus (COVID-19) means that urgent steps are required to restore business confidence.  As a result, businesses should welcome…

Struggling companies undergoing a rescue or restructure process will be allowed to continue trading, giving them breathing space to avoid insolvency. New government measures mean that the change involves temporarily suspending wrongful trading provisions retrospectively from 1st March for three months for company directors so they can keep their businesses going without the threat of…

Dun & Bradstreet has published its country insight report into the United Kingdom, which looks at the adverse effects of the coronavirus on the country’s business environment. The report has downgraded the UK’s country risk rating by two quartiles to DB3b (a new all-time low) as the coronavirus pandemic continues to adversely impact opportunities for…

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