Credit, Collections & Insolvency News
A new trade report from Atradius has predicted a rise in insolvencies from the Czech Republic. In the report, Atradius economists detail how GDP contracted by 2% year on year in Q1 of 2020 and by 11% in Q2. Overall in 2020, the economy is forecast to decline by 6% with industrial production and exports recording…
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The Insolvency Service has published its latest figures which indicate that in September 2020 Scottish company insolvencies decreased by 43% when compared to September 2019. Business insolvencies comprised of 12 compulsory liquidations, 22 CVLs and 9 administrations. There were no company voluntary arrangements or receivership appointments. Historically the volume of company insolvencies in Scotland have been…
Read moreThe Insolvency Service has published its latest business insolvency statistics for England & Wales which have revealed that the overall numbers of business insolvencies numbers increased Business insolvencies increased to 926 in September 2020 compared to August’s figure of 784, but remained well below September 2019’s figure of 1,513. Business insolvencies comprised of 742 creditors’…
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In September the following administration notices have been issued and advertised in the London Gazette for the following companies: A&C UK GROUP LTD AQUASCUTUM (1851) LTD ARCHANT COMMUNITY MEDIA HOLDINGS LTD ARCHANT LTD ARGONAUT PROPERTY INVESTMENTS LTD ASSIMA UK LTD ATLAS 3T LTD AURUM GLOBE LTD BLACK AND BLACK RECRUITMENT LTD and other companies BOSSA…
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In September, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 2020 EDUCATION TECHNOLOGY LTD AMZ-UNLTD LTD B15 GROUP LTD B15 HOLDINGS LTD B15 LTD BENJAMIN’S INTERIORS LTD BISON CIVILS UK LTD BLANK THREAD SOURCE LTD BRYANMIZEN LTD CAILINI CAFE BAR LTD CARAVANA HOLDINGS LTD CARE FIRST…
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The Government has launched a new consultation that aims to protect small businesses with action on late payments. The Consultation launched aims to give Small Business Commissioner more power to support businesses and resolve late payment issues. The proposed new powers include ordering businesses to pay in good time and issuing fines if they do…
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EY announces seven senior promotion in Turnaround and Restructuring teams (TRS). The seven new EY TRS team partners collective experience includes; creditor and debtor advisory, distressed corporate advisory, debt restructuring, solvent restructuring, pensions strategy and insolvency. Henry Beech, who specialises in advising creditors in challenging restructurings has been promoted to equity Partner along with fellow…
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The British Chambers of Commerce’s Quarterly Economic Survey (QES) – the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth – found that business conditions remained weak in the third quarter of 2020, despite much of the economy reopening. The bellwether survey of 6,410 firms, employing over 580,000 people…
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The resumption of enforcement visits to collect overdue, pre-coronavirus debt to local authorities has been handled successfully one month on, according to evidence from CIVEA, the principal trade association representing over 95% of civil enforcement agencies in England and Wales. The vast majority of visits in the past month have been to enforce fines, traffic…
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The Covid-19 crisis is making a big impact on the efficiency of the UK’s finance departments, with 66% of financial professionals reporting that they are working more efficiently since the onset of the pandemic in March of this year. The results from a recent survey into the impact of the pandemic on the sector by…
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The Government is risking a substantial increase in company collapses by not extending a key insolvency measure, the Institute of Directors (IOD)has warned. In its Winter Economy Plan last week, the Government failed to renew the suspension of ‘wrongful trading’ rules for company directors. Under normal circumstances, directors have a strict duty to cease trading…
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Insolvency Practitioners (IPs) could potentially face huge fines for non-deletion and management of data belonging to the insolvent companies they act for according to IT asset disposal DSA Connect. The company says that unless the data has been permanently removed from the technology hardware the IP’s could well be legally exposed under GDPR. The company…
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UK firms are slashing costs, reducing debt and cutting headcount in a bid to survive as customers struggle to pay on time and in full according to new research by credit management group Intrum. The company’s new European Payment Report focuses on the negative financial disruption caused by the Covid-19 pandemic. Research carried out before…
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