Credit, Collections & Insolvency News
Ireland’s SMEs are waiting the longest for payment from customers, according to the inaugural Global Business Monitor report from international business funder, Bibby Financial Services (BFS). The global study surveyed business owners in the USA, Germany, UK, Poland, Hong Kong and Ireland and found that Irish SMEs wait an average of 38 days for payment.…
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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…
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Over three quarters (76%) of small and medium sized businesses (SMEs) have written off unpaid debts in the past year, according to new research by Amicus Commercial Finance. The average amount written off by UK SMEs in the last year is £11,708, representing just under £50 billion in written off debts, or £134 million every…
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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…
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Court Enforcement Services have appointed Joe Chapman as Enforcement Manager. Chapman joins Court Enforcement Services from Marston. For the last 6 years, he worked as one of their on-street audit and fraud investigators. Chapman is also a certificated Enforcement Agent with a wealth of on-street experience. Chapman will report directly to Daron Robinson, Operations Director. Robinson…
Read moreJim Tucker and Richard Beard of KPMG LLP were appointed joint administrators of American Apparel (UK) Ltd and American Apparel (Carnaby) Ltd The companies run the UK retail and wholesale operations of the US branded high street fashion retailer American Apparel. The UK business trades from 13 stores. American Apparel’s brand and US business is…
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Continued declining confidence in the manufacturing sector is the driving force behind three successive quarterly falls in overall economic confidence, according to the latest barometer from the credit services sector. Manufacturing closed down 2.3 points to 54.9 in Q3’s results from the Credit Managers’ Index which is run by the Chartered Institute of Credit Management (CICM). This is the…
Read moreAppointment of Administrators Notices – October 2016 Administration notices have been issued and advertised in the London Gazette for the following companies: 3 C’S LOGISTICS LIMITED AFOD LIMITED AIC STEEL LIMITED AKULA FURNITURE LIMITED AMF SYSTEMS LTD ANDEVA UNDERWRITING AGENCY LIMITED ANDREW PAGE LIMITED ASCOT CABLE LTD ATRUL REALISATIONS LIMITED AUM CARE LIMITED BANK CHARGE REFUNDS LIMITED…
Read moreNew proposals made by HMRC risk innocent businesses that unknowingly get caught up in VAT frauds being heavily fined, says UHY Hacker Young. HMRC plans to fine businesses up to 30% of the VAT due, and to ‘name and shame’ them for trading with companies that commit VAT fraud, even if they were unaware of…
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Research by Opus Restructuring has revealed that administration business rescue procedures are ineffective in over two thirds of cases. Using data and analytics supplied by Company Watch, Opus reviewed the outcomes of 4,581 Administration cases in England & Wales which started in the past five years. Almost 2,000 of the Administrations remain in progress. Out of the…
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The Insolvency has published the latest Insolvency statistics between July & September. The key finding from the statistics was that total company insolvencies were slightly higher than the previous quarter and also increased on the year. The trend for the past year has been broadly flat. Andrew Tate, president of insolvency and restructuring trade body…
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British SMEs are owed more than £586billion in outstanding invoices, according to a Business in Britain report from Lloyds Bank Commercial Banking. The average small business is owed more than £108,000 in unpaid invoices, an increase of 8 per cent since the last Business in Britain report in January 2016, with almost a third of…
Read moreJ&P Credit Solutions, the specialist Debt Recovery division of solicitors practice Judge & Priestley LLP, has strengthened its senior management team by appointing Mark Bailey to the newly created role of Director of Collections. Bailey will be responsible for enhancing and growing J&P Credit Solutions’ pre-litigation offering. He will also work to integrate pre-legal collections activity…
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