Credit, Collections & Insolvency News
The number of corporate insolvencies seen across the UK more than halved during the first six months of 2021, as the array of government Covif-19 support measures and a supportive lending community continued to help businesses trade their way through the pandemic. Analysis of notices in The Gazette by Interpath Advisory reveals that a total…
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New data from Intuit QuickBooks has highlighted the burden of late payments on already financially stretched small and medium-sized businesses (SMBs) with the average amount figure owed being £21,373. The figure represents more than two thirds (67%) of typical SMB monthly turnover. The company’s Late Payments Bulletin provides a snapshot of the late payments issues…
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Businesses were supported through the pandemic with nearly £80 billion of emergency government-backed loans, final figures published by HM Treasury have revealed. Over 1.67 million loans have been provided, protecting millions of jobs and livelihoods across the UK at a time of unprecedented uncertainty and crisis. Government-backed loan schemes have supported businesses of all sizes…
Read moreIn June the following administration notices have been issued and advertised in the London Gazette for the following companies: ADRIAN POOLE & SONS INTERNATIONAL LTD AF BIOMASS LTD ALEXANDERS DISCOUNT LTD ARDLEIGH COMMERCIAL PROPERTIES LTD ARTISAN H (KINGS WATERFRONT) LTD BETINDEX LTD BH PRECISION LTD BIRMINGHAM CROSSWAYS HOUSE CENTRE LTD BULSATCOM INVESTMENT LTD BULSATCOM UK…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in June: 3LION VENTURES LTD A & A RESTAURANTS (LS11) LTD A S FASHION (LEIC) LTD A.S CAPITAL INVESTMENTS LTD A.S.F. SUNDRIES LTD AA PLUMBING AND DRAINAGE SERVICES LTD ACDC+ ELECTRICALS LTD ACES HOLDINGS LTD ACG…
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In June, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST E LTD AEQUITAS PACKING (UK) LTD AJ&L LTD ANCESTORS OF DOVER LTD ATPLEDGE LTD BOLBEC HALL LTD BOROUGH RESIDENTIAL DEVELOPMENTS LTD CAMCO ESTATES LTD CHERHIL LTD CHICKEN EXPRESS LTD CRESCERE INVESTMENTS LTD CRYPTOWARE SOLUTIONS LTD…
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Nearly half of SME businesses (46%) contemplated closure in 2020, whilst now only 1% are considering closing their business this year according to research by Purbeck Personal Guarantee Insurance. The research survey of owners and directors of UK showed that further lockdowns is the number one worry for the SMEs but 53% are cautiously optimistic…
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New research from Metro Bank has shown that only four in ten (39%) SMEs have witnessed an increase in revenue since the easing of lockdown on 17th May. With the Government’s 100% business rate relief ending on 1st July, many small businesses are calling for an extension to the deadline The 100% business rate relief…
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Analysis of official data by real estate advisers Altus Group shows that companies owe English local authorities almost £2.5 billion in unpaid business rates, with the pandemic and subsequent restrictions driving up debt piles. The increase in rates arrears comes despite the Government offering retail, leisure and hospitality companies a rates holiday since the onset…
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In its report published today the Public Accounts Committee warns that Government ‘significantly increased’ taxpayer exposure to fraud and error by its twin decisions to drop basic fraud and error checks in paying out Covid 19 loans, and to support people and businesses that it had no prior relationship with. The Department for Business (BEIS) estimates…
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Intrum has published its latest European Payment Report with the analysis showing that half of the companies surveyed stating that they think they are lucky to have survived 2020. At the same time, reality did not turn out as gloomy as expected, partially due to government support, but also with new, digital business models gaining…
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Credit Connect’s hosted its first-ever Online Commercial Credit & Collections Conference last week which saw trade credit, insolvency, business change and technology discussed by eighteen leading credit, collections and insolvency professionals. Commenting on the event, event panel speaker Liam Bell. Director at Memery Crystal said “As a solicitor, it is easy to get caught up…
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The Insolvency Service is taking action against businesses abusing Covid-19 pandemic financial support with a Director disqualified for 12 years and five other companies wound up in the public interest after fraudulently claiming COVID-19 business support. Raashid Khan has been disqualified as a company director for 12 years after fraudulently claiming £50,000 through the Bounce…
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