Peer to Peer lender, The House Crowd has entered administration. On 24th February, the Directors of The House Crowd, a regulated Peer-to Peer firm, placed the company into administration and appointed Frank Ofonagoro, Jeremy Woodside and Frank Wessely of Quantuma Advisory as joint administrators. The House Crowd, formed in 2012, operated a Peer to Peer…

The Government has announced plans to amend legislation around the future of pre-pack administrations, The legislation is the next stage in their efforts to improve stakeholder confidence in connected party pre-pack administrations and follows their announcement in October 2020 that they would introduce a number of reforms to this important business rescue tool. A key…

Governance and risk specialist Duff & Phelps has announced plans to transition the company name to Kroll. The company says that the new name and logo represent the firm’s rich history and breadth of services, delivering transparency, trust and objectivity to clients. Jacob Silverman Chief Executive Officer of Duff & Phelps, now Kroll said “This marks…

Latest statistics from the Insolvency Service have shown that business insolvencies in England & Wales decreased by 39.1% to 752 in January 2020 compared to December’s figure of 1,235, and were 50.4% lower than January 2020’s figure of 1,515. Overall, numbers of registered company insolvencies have remained low since the start of the first UK…

Scottish business insolvencies in January 2021 fell by 68% when compared with January 2020 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that there 23 company insolvencies this 68% lower than in January 2020. The insolvencies comprised of 12 compulsory liquidations and…

Latest statistics from the Insolvency Service have shown that personal and business insolvencies continue to remain low in comparison to previous years. There were 96 Individual Insolvencies In January 2021 which were 62% lower than January 2020; this consisted of 74 IVAs, 11 DROs and 11 bankruptcies. In January 2021 there were three company insolvencies…

New research from Sage, has highlighted the impact of the Covid-19 pandemic with the average SME business now burdened with £173,000 additional debt per year. Ahead of the UK’s 2021 Budget and Economic Recovery Plan, the research highlights the tough conditions that will be facing small and medium-sized businesses (SMEs) well into the second half…

Restructuring and insolvency specialists Greenfield Recovery has announced that it finalised the acquisition insolvency practice Cirrus Professional Services. Cirrus Professional Services was established by ICAEW-licensed insolvency practitioner Simon Gwinnutt. Gwinnutt has over 30 years of restructuring and insolvency experience, both corporate and personal. Cirrus Professional Services has historically undertaken client assignments from professional referrers, such…

Business restructuring and insolvency practice  Clarion has announced the appointment of Victoria Kay as Legal Director. The company says Kay has notable corporate restructuring and insolvency experience having acted in respect of both the sale and purchase of a number of high-profile distressed businesses across sectors including football, retail and leisure. Commenting on the appointment…

Research by Moody’s has found that the UK has the highest number of distressed companies in Europe. Across the continent, there were 113 companies with a B3 negative rating or lower in December, with the UK accounting for the highest proportion with 28 distressed companies. The number of distressed EMEA companies on Moody’s latest B3N…

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