Credit, Collections & Insolvency News
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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Experts have assessed that £5 billion of state-backed government Covid-19 emergency loans are at risk of not being repaid, far less than feared due to the strong economic recovery. Analysis has suggested that between 5% and 10% of SME businesses that have used the government’s £47.4 billion emergency loans support scheme have missed repayments. although…
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In July the following administration notices have been issued and advertised in the London Gazette for the following companies: 24 LIVE UK LTD ADEO CONSTRUCTION SERVICES LTD ADRECK DIAGNOSTICS LTD ADVANCED GLASS FACADES LTD ALUMINIUM FRANCE INDUSTRIES UK LTD ARVIA TECHNOLOGY LTD AVANTA LONDON LTD BITUMINA INDUSTRIES LTD BRISTOL & LONDON PLC CALVERLEY HOUSE LTD…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in July: “SKELBKITES” ADVERTISING LTD 1 THIRTY3 DESIGN LTD 1ST CALL LOCKSMITHS LTD 1ST CHOICE MANAGEMENT SERVICES LTD 1ST SCAFFOLDING (UK) LTD 2EDDIES TRAVEL SERVICES LTD 3 PIERS BREWERY LTD 5 STAR SITE SERVICES LTD 54…
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Latest quarterly figures from the Insolvency Service have indicated that business insolvency numbers across England & Wales were 31% higher than in Q1 2021 and 4% higher than in Q2 2020. There were 3,116 seasonally adjusted corporate insolvencies in Q2 2021, an increase of 31.4% compared to Q1 2021’s figures of 2,371 and a rise…
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One in seven shops is lying empty, with the number rising over the last three months even as the economy reopened, new figures from the British Retail Consortium (BRC) and Local Data Company. show. In the second quarter of 2021, the overall GB vacancy rate increased to 14.5%, from 14.1% in Q1. It was 2.1…
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The latest Red Flag Alert research for Q2 2021 has recorded 650,000 businesses in ‘significant financial distress’ – the second-highest distress level ever recorded by this research. However, this number has fallen 10% since the highest recorded number of significantly distressed businesses in Q1 2021 (723,000) by the Red Flag Alert, as the economy has…
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County Court Judgments (CCJs) registered against businesses England and Wales fell by 24 percent in the second half of 2021 (H1 2021), compared to the same period in 2020, according to figures released by Registry Trust. The number of CCJs against businesses fell from 46,117 in H1 2020 to 35,228 in H1 2021. The total…
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