Heightened restructuring activity has seen the half-year net reduction in stores on Britain’s high streets hit record levels according to research by the Local Data Company (LDC) and PwC. The first half of 2019 saw almost twice as many store closures (16 per day) as openings (9 per day). In total, 1,634 stores opened and…

Eversmart Energy, an energy supplier with around 29,000 domestic customers and a very small number of business customers has ceased to trade. Under Ofgem’s safety net, the energy supply of Eversmart Energy’s customers will continue and prepayment meters can be topped up as normal. The outstanding credit balances of domestic customers will be protected. Ofgem…

New identity checks for company directors should be introduced to help reduce business fraud, says Tim Cooper, chair of insolvency and restructuring trade body R3 in Scotland. A Government consultation into enhancing the role played by Companies House in the UK’s anti-fraud framework, which recently closed, provides a real opportunity to significantly strengthen the UK’s…

Almost a third of SMEs (31%) have experienced late payments costing their business at least £10,000 in the last 12 months, according to research by Hitachi Capital. The report says the impact of late payments on the long-term health of the UK economy is estimated to have cost UK SMEs at least £51.5 billion in…

The Chief Executive of the Chartered Institute of Credit Management Philip King has given a cautious welcome to the Government’s call for evidence in tackling late payment but warned against actions that may ‘throw the baby out with the bathwater.’ King says that while the possibility of increased powers for the Small Business Commissioner (SBC)…

Corporate insolvencies are on the rise globally due to the more challenging economic environment and high policy uncertainty according to a new report by Atradius. The report says business failures in developed markets are forecast to increase 2.8% in 2019 – the first annual increase in a decade – followed by another 1.2% increase in 2020.…

Wilkin Chapman Solicitors has completed the take-over of Silke and Co., a Doncaster-based business solutions company. In acquiring Silke & Co., Wilkin Chapman solicitors will be expanding its work in the area of recoveries – a team headed up by Partner Chris Grocock. The new Doncaster branch will be known as Wilkin Chapman Business Solutions…

A new report by Credit Benchmark has highlighted the pressure of Brexit on Restaurant and Bar businesses. The report says that the UK industry has been suffering under the ‘Brexit Effect’ for some time now, with a downturn observed across both large and smaller businesses around the country. One of the hardest hit industries has…

West Kent and Ashford College (WKAC) is set to enter education administration under the insolvency regime created by the Technical and Further Education Act 2017. WKAC bosses have filed a request to also be placed into education administration after the FE Commissioner recently recommended East Kent College Group should take on its provision and facilities…

Insolvency and restructuring firm CVR Global has announced that it is strengthening its overseas presence after acquiring an office in Jersey. The Moore Stephens Restructuring and Insolvency team is transferring to CVR Global Offshore Limited – a wholly owned subsidiary of CVR Global LLP and will be based at Wharf Street in St Helier. Adrian…

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