Credit, Collections & Insolvency News
In August the following administration notices have been issued and advertised in the London Gazette for the following companies: 00510285 REALISATIONS LTD (FORMERLY GISSING & LONSDALE LTD) A.M. FABRICATION (NORTHERN) LTD ABG COURIERS LTD ALL FOUNDATIONS (UK) LTD ALL-COUNTIES SUPPLIES LTD ARTHUR M.GRIFFITHS & SON LTD ASA CRUSHING & SCREENING LTD BERWICK STREET SECURITIES LLP…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in August: 10 FLORA LDN LTD 100 CLIFTON PLC 100 WASP LDN LTD 110 HERO HELIPAD LDN LTD 189 SCHOOLHOUSE LDN LTD 1ST ELECTRICAL & FIRE LTD 3HREE 65 SERVICES LTD 8FX LTD A & C…
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In August, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: APPLIANCE GROUP LTD ASSOCIATED STONE GROUP LTD BARDA QUCH LTD BDC AGGREGATES LTD BELIZE LTD BENCHMARK DEMOLITION LTD BILLION LENNY EVENTS LTD BLACK DIAMOND BARS LTD BLUE GERANIUM FLORIST LTD D&B KW DEVELOPMENTS LTD EMC ENGINEERING…
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The finalists for the fifth annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect Media will host the Awards ceremony as a face to face event at the Midland Hotel, Manchester on Thursday 4th November. This year’s…
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A detailed analysis of how the UK’s small businesses were impacted by Covid-19 and other economic challenges in 2020 has been published in a joint study by leading payments authority, Pay.UK, and Europe’s largest credit management membership body, the Chartered Institute of Credit Management (CICM). The research, which set out to track how many organisations…
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Latest monthly figures from the Insolvency Service have indicated that business insolvency numbers across England & Wales fell by 9.3% to 1,094 in July 2021 compared to June’s figure of 1,206, and increased by 13.4% compared to July 2020’s figure of 741. Of the 1,094 registered company insolvencies in July 2021 there were 1,007 CVLs,…
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Latest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies rose by 36% in July 2021. The figures show that there were 72 company insolvencies registered in Scotland, this was 36% higher than in July 2020 but 26% lower than in July 2019. The business insolvencies comprised of 14 compulsory liquidations,…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers decreased in July. In July 2021 there were 142 personal insolvencies in Northern Ireland, the figures were 11% lower than July 2020 and 28% lower than July 2019. The insolvencies consisted of 121 IVAs, 14 DROs and seven bankruptcies. There were…
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Research by the LSE’s Programme on Innovation and Diffusion (POID) has found that one in sixteen businesses say that they are at risk of closure in the next quarter. The research notes that this period is set to see the Government withdraw critical coronavirus support, such as the furlough scheme. The research found that during…
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The Government has revealed new insolvency legislation that will protect businesses that accrued debt and arrears as a result of the Coronavirus crisis. Under the new rules, new provisions will be introduced that will ringfence rent debt caused by ‘enforced closures’ and set out a process of binding arbitration to be undertaken between landlords and…
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GlaxoSmithKline (GSK) has been reinstated to the Prompt Payment Code after meeting the more demanding requirements of the reformed Code. Two entities of GlaxoSmithKline (GSK) – GlaxoSmithKline Consumer Healthcare (UK) Trading Limited and GlaxoSmithKline UK Limited, were suspended from the Code on 1 November 2019, after their payment reports from January – June 2019 failed…
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A survey of small businesses has found that 59% used government loans or furlough schemes during the pandemic, around 3.5 million businesses. The YouGov poll commissioned by Lawbite also revealed that at least 10%, which could represent as much as 354,000 SMEs, could not now afford to repay the loan due to the impact of…
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Two thirds (66%) of SME leaders who received financial support from the Government’s Covid loan schemes say it’s likely their business will default on the loan, according to new research1 from Nucleus Commercial Finance. This equates to 2.3 million SMEs who anticipate never repaying their loan. The anticipated default rate increases to 75% for small…
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