Credit, Collections & Insolvency News
Accountancy firm RSM has called on the Chancellor to urgently consider a twelve-month delay to the introduction of HMRC’s preferential creditor status. This change, due to come into effect on 1st December 2020, will have the dual effect of limiting funding and restructuring options for businesses, which RSM believes will undermine the current rescue culture…
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Research by PwC and the Local Data Company has indicated that up to 5,552 retail outlets that closed in March have not managed to reopen over the summer, leaving over one in eight shops in limbo. A total of 36,209 of the 43,766 shops across Britain reopened after the lockdown, whereas more than 2,000 closed…
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In October the following administration notices have been issued and advertised in the London Gazette for the following companies: AEQUITAS INVESTMENTS LTD ANDREW’S HOMES (ABERDEEN) LTD APEX ENGINEERING SOLUTIONS LTD APPAREL GROUP LTD ARL 011 LTD ARL O09 LTD ARMONDI UK LTD BAYLEAF CLEANING LTD BE THE HOUSE LTD BERKELEY ASSET FINANCE LTD BIOMECANN PLC…
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In October, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ALL ENGLAND GAS SERVICES LTD ALPHA CONTRACTORS LTD ANDERSON MECHANICAL SERVICES LTD ANIMAL HEALTH TRUST ASERGIS TELECOM LTD BARROCHAN LT BB5 LTD BHB PARTNERSHIP LTD BIG SKY PRINT LTD. BLACK ISLE BUILDING SERVICES LTD BLOCKSOURCE LTD…
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Law firm Shakespeare Martineau has announced that it has appointed Paul Bird as its new Chief Finance Officer (CFO). Bird has more than 25 years’ experience including setting up and running the alternative legal service outsource provider, Riverview Law. He has previously held several senior positions in the legal, technology, education and BPO sectors, and…
Read moreOn average, sole traders and small businesses expect to receive the payment that they are due 15 days after completing work, new research has revealed. Tide commissioned YouGov to survey small business decision makers, including sole traders, to discover their payment terms, how often they experience late payments, and the actual duration before invoices were…
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The Covid-19 pandemic will cause firms to borrow over five times the amount in 2020 than in 2019, with many unlikely to start repaying until 2022 with total stock of bank lending to businesses forecast to close 2020 at £493bn, an 11% year on year increase, due to firms borrowing heavily through the pandemic. EY…
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The Insolvency Services has published the latest business insolvency figures for Q3 2020 which indicate a 39% fall in number to 2,672, down 9% on Q2 2020, and down 39% on Q3 2019. The fall in corporate insolvencies was driven by a decrease in Creditors’ Voluntary Liquidations (CVLs), though Administrations slightly increased (by 2%) and Company…
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The Insolvency Service has published its latest figures which indicate that in Q3 2020 Scottish company insolvencies decreased by 44%. The Accountant in Bankruptcy, Scotland’s Insolvency Service, administers company insolvency in Scotland showed that In Q3 2020, there were 139 total insolvencies in Scotland, a fall of 44% on the same quarter of 2019. This…
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County Court Judgments (CCJs) against businesses in England and Wales fell 58 percent in Q3 2020, compared to the same quarter in 2019, according to new figures by Registry Trust. The number of CCJs against businesses decreased from 37,589 in Q3 2019 to 15,970 in Q3 2020. The total value of CCJ debt owed by…
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The number of decrees against Scottish businesses fell, by 35 percent, from 805 to 525 in Q3 2020 according to Registry Trust’s latest figures. The total value fell by 43 percent from over £3.6 million to just over £2 million. Both the average and median values dropped by 13 percent. The average value fell from…
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The number of debt judgments registered against Northern Ireland businesses in the third quarter (Q3) of 2020 saw a very large fall according to the latest Registry Trust figures. The number of judgments registered in Q3 2020 was just 73, compared to 461 in Q2 last year, a fall of 84 percent. The total value…
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The number and total value of judgments registered against Irish businesses saw a huge fall in the third quarter (Q3) of 2020 compared to the same quarter last year, new figures released by registrar Irish Judgments show. Judgments against Irish businesses fell from 192 to 78, a decrease of 59 percent. The total value registered…
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