Outsourcing specialist Interserve has entered into administration after the company’s shareholders voted against a rescue plan Shareholders voted 59.38% against the plan, which would have seen their stake reduced to just 5%, with lenders being handed the largest share of the business. Last month it outlined a plan to reduce its net debt to £275m…

Large companies will have to report on their payment practices every year in the first step of a crackdown to end small businesses being paid late, the Chancellor has announced as part of the Government’s spring statement. Philip Hammond said the Government will require companies to review their payment practices through their audit committees, with…

The UK’s thriving creative industries are being undermined by late payments. Findings from business finance company MarketInvoice reveal that 48% of businesses in the creative industries were paid late in 2018. Businesses that make up the creative industry are typically smaller companies (usually agencies and consultancies) that provide services to a range of sectors from…

A report by Moore Stephens has revealed that there has been a 10% rise in the number of businesses liquidated in just 12 months. From 13,010 cases in 2017 to 14,270 in 2018, there is a clear pressure being placed on businesses the face of rising interest rates and Brexit disruption. The report says that…

New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 9% in January, compared with the same month last year. The plant and machinery finance and IT equipment finance sectors reported new business growth in January of 26% and 45% respectively, compared…

The Government are not acting quickly enough to introduce a tougher regime to tackle larger companies who enforce long payment terms or pay their suppliers late, says Rachel Reeves MP, Chair of the Business, Energy and Industrial Strategy Committee as she commented on the Government’s response to the BEIS Committee Small businesses and productivity report. The BEIS Committee report,…

The Federation of Small Businesses (FSB)  is urging the Government to help arrest a continued slump in small business optimism at next week’s Spring Statement. Published today, data from FSB’s latest quarterly SBI shows confidence among smaller firms remains negative in Q1 2019 (-5.0), down from +6.0 in the same period last year. This marks…

The European Parliament has published a new report on Late Payments. The report, drafted by Member of the European Parliament Lara Comi, is based on statistics from European credit management specialist Intrum’s European Payment Report 2018, and takes into account important findings of the yearly study. In response to the new report Intrum has said…

Administration notices have been issued and advertised in the London Gazette for the following companies: 786 MAGAN CAREHOMES PRIVATE LTD A1 ALPHA PROPERTIES (LEICESTER) LTD ACROBAT CARBON SERVICES LTD AIRHOP LTD ALDD LTD ALFORM EXTRUSIONS LTD ALL LIQUID DRINKS DISPENSE LTD AREMCO INDUSTRIES LTD ASTRACAST INTERNATIONAL HOLDINGS LTD ATTERBURY UK LTD AVARA AVLON PHARMA SERVICES LTD…

Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 008 IMPORTS LTD 3 AD 3 LTD 7 WIRE ELECTRICAL LTD ABACUS MICRO LTD ABOUT THE HOUSE ROOFING LTD ACTIVE DEMOLITION SERVICES LTD ADN TRANSPORT LTD AFFILIATETRACTION UK LTD ALBERO BUILDERS LTD ALLSCAFF (SW) LTD ANOTECH (LEICESTER) LTD…

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