Audit, tax and consulting firm RSM says that whilst a spike in corporate insolvencies as great or greater than the levels last seen in 2008 is almost inevitable, the current numbers being mooted represent a major exaggeration. RSM believes there will be an initial flurry of insolvencies, as was seen in 2008, for those businesses…

Quantuma has announced it will acquire Manchester-based specialist insolvency and advisory firm Bell Advisory following a period of significant growth in Manchester. Bell Advisory has two team members, Gary Bell (founder) and Paul Llewellyn, both of whom will join the business advisory firm as restructuring and insolvency director and manager respectively. Bell Advisory will operate…

A survey by the British Chambers of Commerce (BCC) has found that 62% of businesses have only enough cash to keep operating for the next three months, while 18% said they had sufficient capital to cover their outlay for only a month. The survey found that companies were planning to put large numbers of workers…

Restaurant chain Carluccio’s has entered administration. The company has 71 UK restaurants meaning that 2,000 employees at now at risk of losing their jobs. FRP Advisory have been appointed as the administrators. Geoff Rowley, Partner at FRP, said “We are operating in unprecedented times and the issues currently facing the hospitality sector following the onset…

Rent-to-own firm BrightHouse has entered administration. Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton have been appointed as Joint Administrators. BrightHouse is the trading name of Caversham Finance. The company provided rent-to-own and cash lending services to the consumer market. The company also included Caversham Trading Ltd (CTL) operates a logistics and engineering…

The HM Revenue & Customs ‘Time To Pay’ (TTP) support has been welcomed by Duff & Phelps. The company says that the growing scale of economic disruption amid volatility in financial markets as a result of the coronavirus (COVID-19) means that urgent steps are required to restore business confidence.  As a result, businesses should welcome…

Struggling companies undergoing a rescue or restructure process will be allowed to continue trading, giving them breathing space to avoid insolvency. New government measures mean that the change involves temporarily suspending wrongful trading provisions retrospectively from 1st March for three months for company directors so they can keep their businesses going without the threat of…

High-cost short term lender (Payday lender) Uncle Buck has entered administration. The Financial Conduct Authority (FCA)  had concerns that Uncle Buck Finance was failing to meet the adequate resources Given the severity of these concerns, the FCA has required Uncle Buck to stop lending to customers. Following on from this action, the members of Uncle…

Dun & Bradstreet has published its country insight report into the United Kingdom, which looks at the adverse effects of the coronavirus on the country’s business environment. The report has downgraded the UK’s country risk rating by two quartiles to DB3b (a new all-time low) as the coronavirus pandemic continues to adversely impact opportunities for…

The Government has announced a raft of new measures for self-employed workers. These included: Self-employed people will be able to apply for a grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month. At least half their income needs to have come from self-employment as registered on…

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