Credit, Collections & Insolvency News
The process for companies that have applied to be struck off the Companies House register has now resumed (from Thursday 10th September 2020) following changes to temporary measures announced in April 2020. Due to the coronavirus (COVID-19) outbreak, Companies House paused all strike off activity to relieve the burden on businesses and to protect creditors…
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The Covid-19 pandemic has caused an increase in finance professionals dealing with outstanding invoices from customers, according to nearly half (48%) of respondents surveyed by fintech company, Onguard. Cash flow problems were cited by nearly two-thirds (65%) as being the most common reason why customers are failing to pay on time. This represents an increase…
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Results from a BCC poll, conducted in partnership with banking group TSB has revealed that many firms have taken on debt during the pandemic and require flexible repayment solutions to rebuild their revenues and avoid an unsustainable debt crisis. The report also suggests that businesses that haven’t taken on debt but may yet need to, favour flexible business banking services…
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The Institute of Directors is has called for an extension to emergency insolvency measures to prevent company collapses and job losses. Under normal circumstances, directors have a strict duty to cease trading if their company is facing insolvency and may face financial or legal liabilities if they seek finance instead of doing so. In June,…
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Over half (54%) of businesses who had not permanently ceased trading said they were owed outstanding invoice payments according to the latest results from the Business Impact of Coronavirus [COVID-19] Survey (Bics), published by the Office for National Statistics (ONS). One in ten businesses reported being at moderate (9%) or severe (1%) risk of insolvency,…
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Many childcare providers had weak finances going into the crisis. The loss of income from parent-paid fees since March will mean that many providers face a tough time keeping their doors open. A total loss of income from parent fees would have put a quarter of private-sector nurseries at risk of running a significant deficit during…
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In August the following administration notices have been issued and advertised in the London Gazette for the following companies: AA LIGHTING CONTRACTORS LTD ACCESS RENTAL HIRE UK LTD AERO TECHNICS DESIGN LTD ARLINGTON INFRASTRUCTURE LTD AVNI KENSINGTON HOTEL LTD B.D. (S/W) LTD BAGEL NASH LTD BAR FIBRE LTD BELEM DEVELOPMENTS LTD BISHOP & SONS’ DEPOSITORIES…
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In August, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ABBOTTS WILLS & PROBATE SERVICES LTD ALE CONSTRUCTION LTD ALPHAMED REPORTING LTD ARLWM LTD ASTON DARBY GROUP LTD BDC AGGREGATES LTD BELMAR CARE HOMES LTD BIRCHCLAY LTD CAVERN WALKS CAPITAL LTD CIRCLE AUTOMATION LTD COMMERCIAL BRAKE…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in August. 24/7 SUPER MARKET LTD 3RD ELEMENT LTD 4 BODYMIND LTD 4UK LTD 5SPICES (LEEDS) LTD A & A (MELTON MOWBRAY) LTD A.BARLEY PLANT LTD A.M. STRAFFORD AND SONS LTD AB DRAINAGE LTD ACTION PETZ…
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Insolvencies in the UK are forecast to jump by 27% this year, slightly higher than the global average rise of 26%, reveals a new economic research report by top trade credit insurer Atradius. The latest Atradius Insolvency Report analyses the economic impact of the Covid-19 pandemic and the knock-on effect on insolvencies. Every major economy, except…
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The full economic and business impact of the Covid-19 crisis is yet to be felt, with the preservation of cashflow and investment in new technologies to predict risk being issues that will shape the agenda of business leaders over the coming months, according to Euler Hermes Chairman Wilfred Verstraete. In a letter to the company’s…
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The latest Lloyds Bank Business Barometer has indicated that overall business confidence improved for third consecutive month, up eight percentage points to -14%, but remained well below long-term historical average. Despite the confidence, the latest Barometer figures continue to languish well below the long-term average and in negative territory, overall business confidence improved by eight…
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Brazil’s economy is forecast to contract by more than 6% this year with business insolvencies up by 20%, reveals leading trade credit insurer Atradius in its updated country reports. The new County Report details how the current economic decline has put an end to the modest economic rebound Brazil has experienced since 2017 following its…
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