Credit, Collections & Insolvency News
R3, the insolvency and restructuring trade body, has hit out at changes to HMRC’s creditor status, which were confirmed after the Finance Bill received Royal Assent earlier this week. Under the legislation, HMRC will become a preferential creditor in insolvencies from 1 December, which means it will be paid in full before a number of…
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The Consumer Council for Water (CCW) – the voice for water consumers has revealed that most water retailers improved their performance during 2019-20 as written complaints from business customers fell by almost a fifth. The latest figures indicate an end two successive years of rising complaint levels among business customers in England, during which time…
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Audit, tax and consulting firm RSM has called on Government to urgently consider extending the temporary Covid-19 regulatory relief – the Corporate Insolvency and Governance Act, to three months beyond the date on which it is currently set to end. The firm says an extension will allow consumer-facing businesses more time to bolster their debt…
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A survey from Deloitte has shown that CFOs do not expect businesses to see a quick bounce back from the coronavirus crisis, with many saying demand is unlikely to recover until the second half of 2021. The survey saw 49% of finance bosses say they do not expect demand at their firm to return to…
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Almost one third (30%) of European businesses have been forced to cut staff or wages to survive during the pandemic, with business finances set to be further stretched when government support winds down, according to a new survey from accountancy and business advisory firm BDO. In total, two thirds (65%) of European businesses polled by…
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A Recruitment director has been banned from managing companies for six years after paying himself a £150,000 bonus just before his company entered into liquidation. The investigation found that on 15th July 2020, Roy Davies from Rochdale, Lancashire, is banned for six years from acting as a director or directly or indirectly becoming involved, without…
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It is feared that up to 780,000 firms employing three million could go bust in the next year if they cannot defer repayments on government-backed loans. The figures highlight the risks if urgent action to tackle the projected £35bn of unsustainable debt from Covid-19 loans is not taken according to a new report by The…
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The Covid-19 pandemic crisis is affecting the European payments landscape with businesses facing unparalleled uncertainty according to late insight research by European credit management specialist Intrum. The report indicates sharp drops in GDP across Europe are now pushing down revenues for businesses, restricting cash flow while increasing pressure on businesses to manage their cash and…
Read moreThe overall number of company insolvencies in England and Wales decreased by 50% in June 2020, when compared to the same month last year. This was primarily driven by a decrease in the numbers of CVLs and compulsory liquidations which fell by 45% and 78% respectively. Additionally, there was a 60% decrease in the numbers…
Read moreThe latest figures from the Insolvency Service have shown that business insolvencies decreased in Scotland in June 2020 Company insolvencies decreased by one-third when compared with the same month last year (June 2019. Figures from the Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service, administers company liquidations and receiverships in Scotland show there was 46 company…
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ACCA (the Association of Chartered Certified Accountants) has joined with champions of small business to call for more help for the troubled sector in the wake of Covid-19. The call came in a roundtable discussion hosted by ACCA with the Forgotten campaign, which supports small limited company directors affected by the coronavirus; the Corporate Finance…
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Leonard Curtis has made a senior hire to its Manchester team with the appointment of Hilary Pascoe as Director. Pascoe joins the Business Rescue and Recovery division and is based at Riverside House, in the city – one of the company’s 19-strong office network that spans the UK and Channel Islands. Her arrival at the…
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The boss of a UK Challenger Bank is urging business owners to ‘recoup what they are owed’ with the help of a free Government-appointed support service. Gary Wilkinson, Chief Executive Officer and Co-Founder of Redwood Bank, recommends that small business owners tackle late payment issues with help from the Small Business Commissioner (SBC). The SBC…
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