The Insolvency Service has published its latest enforcement outcomes. The statistics show that the total number of directors disqualified for misconduct remained around the same as in 2017/18. The average period of disqualification obtained fell slightly compared to 2017/18. The number of bankruptcy and debt relief restrictions was broadly flat compared to 2017/18. The average…

The Competition and Markets Authority (CMA) has published its final report with recommendations to address serious competition problems in the UK audit industry. Legislation is needed to address both the vulnerability of the industry to the loss of one of the Big 4, and the current inadequate choice and competition. The CMA is recommending the…

More than half (57%) of small and medium-sized enterprises (SMEs) believe the UK economy will fall into recession this year, according to the latest SME Confidence Tracker from leading independent financial services provider, Bibby Financial Services (BFS). In line with this belief, confidence[1] among SMEs has declined by 5.6 points year-on-year, with UK businesses experiencing…

A record net 2,481 stores disappeared from Great Britain’s top 500 high streets in 2018. In total, 3,372 shops opened, compared to 5,833 closures. (2017 net loss: -1,772 stores), according to PwC research compiled by the Local Data Company (LDC). The number of store openings by multiple retailers* on Great Britain’s top 500 high streets…

Debenhams has entered pre-pack administration with control of the company now falling into the hands of its lenders as part of an administration process. The company has 166 stores, which for now continue to trade, although it has indicated that 50 branches are earmarked for closure in the future. Its lenders include Barclays and Bank…

Ofwat has allocated customers affected by the proposed liquidation of Aquaflow Utilities to Clear Business Water, following a competitive process. Ofwat have worked with the market operator, MOSL, to switch affected customers and they should be receiving information from Clear Business Water soon. Ofwat has used powers under the Interim Supply Code, and stepped in…

Almost 115,000 businesses waited an average of 57 days for payment in 2018 with more than 1,000 of these subsequently entering insolvency as a result, according to new data from insolvency specialist Begbies Traynor. The data, which was gathered from more than 1 million debtor day reports since 2011, also revealed that of those 1,000…

Hundreds of thousands of people who were mis-sold high-cost short term loans will receive a fraction of the compensation they are entitled to after WageDay Advance loans collapsed into administration last month. Customers are now receiving emails to explain how much they owe or are owed. However, now the company is in administration, those who…

Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies: 06606420 LTD 08141019 LTD 09874619 LTD 209V LTD 21CE INSTALLATIONS LTD 4THOUGHT PRODUCTIONS LTD 5 STAR COMMERCIAL CLEANING SERVICES LTD 8 X 4 MEDIA LTD A & J AUTO SALES LTD A CONVENIENCE STORES LTD A D…

Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 06606420 LTD 119 MARYLEBONE ROAD TENANT LTD 3A’S CONSULTANCY LTD 56 EP LTD A & D MAINTENANCE CO. LTD A HERITAGE WINDOW CO. LTD A M PROPERTY MANAGEMENT SERVICES LTD A W CLEAVER HAULAGE LTD ABS SCAFFOLDING LTD…

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