Credit, Collections & Insolvency News
A company claiming to recover debts has been wound-up after making unsolicited approaches to creditors contrary to insolvency law. Global Investigations and Recoveries Limited was wound up in the public interest in the High Court on 17th May 2021 before DDJ Watkin. The Official Receiver has been appointed liquidator of the company. During the proceedings,…
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The British Retail Consortium (BRC) has warned that the retail sector will endure a ‘tsunami of closures’ if the Government does not extend a moratorium on debt enforcement rolled out amid the pandemic. This comes after a poll found that two-thirds of retailers have been told by landlords they could face legal action once a…
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A decade of hotel expansion across London and the South of England is set to be reversed as one in ten (10%) of hotel businesses struggling with unsustainable debts, losses and staffing problems could decide to close permanently according to new analysis by Azets. Citing industry reports indicating the scale of the financial and resourcing…
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City of London police investigated 50% more fraud probes in connection with the Government’s Bounce Back Loan scheme (BBLs) in February than the month before according to new research by RPC. The international law firm found that Bounce Back Loan fraud investigations increased from 17 in January 2021 to 26 and 28 in February and…
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Private equity and special situations institutional investor Sandton Capital Partners has announced an enhanced partnership with credit management collections and litigation specialist Credit Style which aims to help deliver faster financial results for Insolvency Practitioners (IPs). The partnership forms part of a new one-stop-shop service launched by Sandton called IP Unlock which also includes further…
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The Credit & Collections Technology Awards has confirmed the judging panel for the 2021 event. Launched in 2017, the fifth annual awards seek to recognise excellence in credit and collections technology. The judging panel includes industry association leaders whose expertise includes specialisms from a diversity of different backgrounds, this ranges from consumer and business commercial…
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Latest figures from the Insolvency Service have indicated a 22% fall in business insolvency rates across England & Wales. The figures show that business insolvencies fell by 7.2% to 925 in April 2021 compared to March’s figure of 997, and fell by 22.9% compared to April 2020’s figure (1,199). In April 2021 there was a…
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Latest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies continued to remain low in April 2021. In April 2021 there were 38 company insolvencies registered in Scotland this was 17% lower than in April 2020 and 63% lower than in April 2019. The figures comprised of 9 compulsory liquidations, 28…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers are continuing to fall. Overall number of personal and business insolvencies have continued to remain low since the start of the first UK lockdown in March 2020 In April 2021 there were 226 personal insolvencies in Northern Ireland which…
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The latest Market Recovery Monitor from CGA and AlixPartners has indicated that up to one in ten restaurants has closed down since the beginning of the coronavirus lock-downs. The data suggests the number of food-led venues has fallen by 4,204. It was also found that by the end of April, only 32.9% of pubs, bars,…
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The date for the third Commercial Credit & Collection conference has been confirmed as Thursday 17th June. The conference starting at 9.30 am will tackle issues across the full life-cycle of business credit and collections. The conference series also aims to provide insight into new technology advancements that can help Credit Manager and Finance Directors…
Read moreResponding to Queen’s Speech in Parliament, the Federation of Small Businesses (FSB) is calling on the Government to take urgent action to end ‘debilitating late payment crisis’. Federation of Small Businesses National Chairman Mike Cherry said “The success of mu”ch-needed levelling-up initiatives will hinge on their ability to reach the 5.9 small businesses and sole…
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In April the following administration notices have been issued and advertised in the London Gazette for the following companies: AS REALISATIONS 2021 LTD BETINDEX LTD BLACKFRIARS LTD BLACKPOOL CENTRAL HOTEL LTD BROOKS BROTHERS UK LTD BROWN MECHANICAL SERVICES LTD BUSINESS LOAN NETWORK LTD BV9 LTD C.F. LABELS LTD. CBS BUSINESS FURNITURE LTD COMPLETE ENGINEERING GROUP…
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