139,000 businesses in the UK are only paying the interest on their debt and not repaying the debt itself, according to new research by insolvency and restructuring trade body R3. The number of businesses in this position – equivalent to 8% of all UK businesses – has returned to levels more in line with previous years…

More than 5000 restaurant companies are at risk of insolvency as a result of the Brexit vote and business cost increases. A total of 5,570 restaurant companies have at least a 30% chance of going insolvent within the next three years according to Moore Stephens. Higher costs and stagnating incomes have put a strain on businesses, and…

Scottish laws on insolvency have been brought together for the first time in a generation as the new Bankruptcy (Scotland) Act 2016 comes into force. The Act captures all of the amendments made to the primary legislation governing bankruptcy in Scotland, the Bankruptcy (Scotland) Act 1985, including the wide-ranging reforms introduced in April 2015 through…

Administration notices have been issued and advertised in the London Gazette  for the following companies: 07200375 LIMITED 36 ST. JOHN’S WOOD ROAD LTD A-BELCO (HOLDINGS) LIMITED ‎A-BELCO LIMITED A. T. R. MEDIA LTD ‎‎ADNAMS BIO ENERGY LIMITED ALDERDALE FIXING SYSTEMS LIMITED ALISON’S COFFEE SHOPS LIMITED AMERICAN APPAREL (CARNABY) LIMITED ‎AMERICAN APPAREL (UK) LIMITED ARLEY HOMES NORTH…

Petitions have been issued and advertised in the London Gazette for the following companies: 09232330 LIMITED 09247724 LIMITED ‎1ST RESET LIMITED ‎2 BRIDGE STREET LIMITED ‎519 CONSULTANCY LIMITED ‎A A COM LIMITED ‎A S HANUSCHI SERVICES LTD A1 COMMERCE HOLDINGS LIMITED ‎AB CARRIAGE LIMITED ‎ACCIDENT REPAIR CENTER LTD ‎ADVISORY SERVICES LONDON LIMITED ‎AFFECTIVE LOGIC LIMITED…

Over half of UK subcontractors believe they must accept the terms of contracts with large construction firms, or face the risk of losing future business, according to new research from specialist funder, Bibby Financial Services (BFS). Findings of the Subcontracting Growth survey show that the majority of firms (55%) do not believe they can influence…

Insolvency Office statistics reveal that the company liquidation rate in England and Wales is at its lowest level since records began in 1984 and that there has been a continuous downward trend in the rate since 2011. In the 12 months to the end of September 2016, 0.41% of active companies (about one in 244)…

 KPMG has announced that it has appointed three senior heads to jointly lead its global Restructuring practice. Current Interim Global Head of Restructuring Richard Heis will now lead KPMG’s Global Insolvency practice, while Angel Martin has been named Global Head of Financial Restructuring. Completing the trio of appointments, Mark Raddan has been appointed Global Head of…

The European Commission’s new Directive on corporate insolvency reform is a welcome step towards improving business rescue procedures across Europe, says insolvency and restructuring trade body R3. R3 adds that the UK’s world-class insolvency and restructuring regime already meets many of the standards in the new Directive, while the government is currently carrying out its own…

New rules which will guide insolvency practice from April 2017 have been published. Modernised and consolidated insolvency rules have been laid in Parliament and will come into force on 6 April 2017. The new rules replace the Insolvency Rules 1986 and their 28 subsequent amendments. They have been developed working with the insolvency profession and have…