Accountant in Bankruptcy (AiB) has released official statistics reporting company insolvencies in Scotland for the fourth quarter (January to March 2018) of 2017-18. Corporate insolvencies increased from 846 in 2016-17 to 886 in 2017-18. The number of corporate insolvencies in Scotland rose by 28% in Q4 2017-18 (January-March 2018) compared with Q3 2017-18 (October-December 2017),…

The ICAEW has announced success with accountancy exams with students once again scoring top marks in their  March 2018 ACA Professional Level exams and Level 4 Accounting Technician apprenticeship end-point assessments. Students scored high in all ACA exams, with Business Strategy and Technology seeing the highest pass rate (88.2%), closely followed by Financial Accounting and…

Insolvency and restructuring trade body.R3 has announced that Stuart Frith, a Partner at Stephenson Harwood LL will be its new President. With over 30 years’ experience in the insolvency and restructuring profession, Frith has expertise covering both corporate and personal insolvency work. A partner in Stephenson Harwood since 2009, he is also a Deputy Judge…

Debt owed to UK businesses across eleven core business sectors was £580m higher in the last three months than in Q4, 2017 according to latest figures from a Creditsafe. After falling to a 12-month low in Q4 2017 with £157.9m being filed, bad debt (debt owed to businesses) filed in the first quarter of 2018 reached…

The Government has called for evidence as part of a consultation to review airline insolvency procedures in the wake of the collapse of Monarch. The Airline Insolvency Review “will look to ensure airlines can wind down with the minimum impact on passengers and the taxpayer”, according to the Department for Transport. Peter Bucks, Chair of…

The Insolvency Practitioners Association (IPA), the membership body and regulator for those specialising in insolvency practice, has appointed Lloyd Hinton as its new President for the coming year. Hinton takes office with immediate effect and serves as the Association’s figurehead and Chair of its board of directors for the next twelve months. Hinton is a Licensed…

A new study of over 1600 larger UK retailers with total assets of £5 million or over by Company Watch, the financial analytics firm, found over a quarter were financially vulnerable to rises in interest rate costs this year. Company Watch reviewed the latest published full-year financial accounts of 1625 UK retailers. It found that 392 (24.1%) companies…

Scotland has the lowest proportion of firms at greater than average risk of insolvency of anywhere in the UK, although the percentage of Scottish companies at elevated risk has risen sharply over the last six months, according to research from insolvency and restructuring trade body R3. In the April figures, Scotland has the lowest overall…

Harrington Brooks has announced on its website that it has that its Debt Management Plan (DMP) portfolio has been transferred to Gregory Pennington from HB Financial Solutions Limited (Harrington Brooks). In addition, IVA portfolios have been transferred to Freeman Jones Limited which were managed by One Advice Limited, trading as Harrington Brooks IVA. As part…

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