Credit, Collections & Insolvency News
Losses at the top 100 UK restaurants group increased 112% to £571 million last year, rising from reported losses of £269 million at the end of last March according to analysis by UHY Hacker Young. These losses were only run-up to the start of the lockdown and therefore, are expected to worsen again in the…
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Figures from EY ITEM Club show British businesses took on debt at more than twice the normal average growth rate since the coronavirus crisis began and are on course to have borrowed £ 61 billion by the end of 2021. EY forecasts a £26 billion rise in borrowing from banks this year – as much…
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With the third national lockdown already involving an extension until 8th March, new research from Nucleus Commercial Finance has revealed that at least three in 10 (30%) SMEs will be forced to close for good by the end of the year if it is extended until the end of March.1 This equates to just under…
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The British Business Bank has announced that businesses will have greater flexibility to repay Bounce Back Loans, including the ability to extend the term from six to ten years and take a one-off payment holiday of up to six months, as further details of the Pay As You Grow facility. The Bank has set out…
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The number of decrees and total amount of debt registered against Scottish businesses also fell, by 28 percent, from 2,804 to 1,996 according to figures released by Registry Trust. The total value fell 24 percent from nearly £16 million to just over £12 million. The average value rose by six percent from £5,692 to £6,057.…
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The number of debt judgments registered against Northern Irish businesses fell by 59 percent, from 1,308 to 539. according to figures released by Registry Trust. The total value of judgments against businesses also fell, by 29 percent from £3,203,652 to £2,279,151. The average value of business judgments rose steeply, from £2,449 to £4,228, up 73 percent.…
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The number and total value of judgments registered against Irish businesses saw large falls in 2020 compared to 2019, figures released by registrar Irish Judgments show. Judgments against Irish businesses fell less, by 33 percent, from 676 to 455. The total value registered against businesses fell by 51 percent, from €13.3 million to just €6.4…
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The number of County Court Judgments (CCJs) registered against businesses in England and Wales fell 39 percent from 126,731 in 2019 to 77,139 in 2020, according to figures released by Registry Trust. The total value of CCJ debt owed by businesses fell by nearly 20 percent, from just under £401 million to £322 million. The…
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New data from insurance specialist Euler Hermes has predicted that 2021 is likely to bring a flood of corporate insolvencies throughout the world’s largest economies. The company points out that Q4 in Europe is likely to be the time when the surge in business insolvencies reaches its zenith. Whilst insolvencies in the US will rise…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in January: 365 PRODUCTIONS (UK) LTD 55 PIXELS LTD A & C MOTOR SERVICE LTD A B FOOD TECHNOLOGY SERVICES LTD A J CONTRACTS AND DEVELOPMENTS LTD A MCCULLEY CONSTRUCTION & CONTRACTING LTD A.R.G. (MANSFIELD) LTD…
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In January, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ABACI PROCUREMENT LTD AMAZON CREEK LTD ASIANA LTD AVERY HOMES RH LTD BROOK TRADE BRYMAC (LONDON) LTD C7 BRANDS LTD CRANHAM CURTIS LTD DISCO RETAIL LTD EBULLIO INVEST LTD EBULLIO RETURN SPECIAL PURPOSE VEHICLE LTD ECOMMODITIES…
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In January the following administration notices have been issued and advertised in the London Gazette for the following companies: AH SCARBOROUGH HEALTH PARK LTD ASHRIDGE CONTRACTORS LTD AVON VALLEY PRECISION ENGINEERING LTD AVPE INVESTMENT LTD BAUMOT UK LTD BLACK HANGAR STUDIOS LTD BRACKNELL PROPERTY OPCO LTD CONDER ALLSLADE LTD COVRAD HEAT TRANSFER LTD CREATIVE DIGITAL…
Read moreA report from EY shows that the number of companies at risk of insolvency has doubled in the last 12 months. With 583 profit warnings last year, EY says 10% of FTSE 350 firms issued three or more profit warnings, noting that typically up to one in five firms that issue at least three warnings…
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