Credit, Collections & Insolvency News
Small businesses face a ‘trade credit crunch’ as a backlog of unpaid invoices builds up according to research by iwoca which shows that 40% of businesses are currently facing debts of over £10,000 in unpaid invoices. Iwoca says that businesses face considerable disruption with unpaid invoices meaning that as many as one in four company’s…
Read more
In May the following administration notices have been issued and advertised in the London Gazette for the following companies: ADELIE FOODS BIDCO LTD ADELIE FOODS GROUP LTD ADELIE FOODS LTD ADELIE HOLDCO UK LTD AHS COMMERCIAL LTD ALDO UK LTD ANTLER (HOLDINGS) LTD ANTLER LTD ARLINGTON AUTOMOTIVE HOLDINGS LTD ARLINGTON AUTOMOTIVE NE LTD ARLINGTON ENGINEERED…
Read more
Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in May 2AM DESIGN LTD 624 SEACROFT AND MAYWEATHER PRODUCTS LTD A-Z STATIONERS LTD AAC AIR CONDITIONING LTD AB TRAFALGAR SQUARE LTD ACTIVE ORTHOTICS LTD AEGIS ENVIRONMENTAL SOLUTIONS LTD AFFORDABLE HOME FURNISHINGS LTD AIR RISK INTERNATIONAL…
Read moreIn May, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ACCESSIBLE SCAFFOLDING LTD AGB DEVELOPMENTS DARTFORD LTD ALLIANCE PREMIER LTD ARAB FASHION COUNCIL ARMTHORPE SKIPS LTD BLUE ROCK GROUP LTD BRISCOE OFF LICENCE LTD CASTLE PARK PROPERTY LTD CHINA TOWN LEISURE LTD CITY EXPRESS TRANSPORT LTD…
Read more
The Government has announced that it will provide guarantees of up to £10 billion to trade credit Insurance schemes for business-to-business transactions. The Trade Credit Reinsurance scheme, which has been agreed following extensive discussions with the insurance sector, will see the vast majority of Trade Credit Insurance coverage maintained across the UK. The guarantees will…
Read more
Real Estate, Hospitality and ICT are the UK sectors hardest hit by late payment, according to analysis by Sidetrade. Sidetrade’s Tracker report has found that 38% of invoices are at least ten days overdue as the UK is beginning to feel the effects of lockdown exit. As of 25th May, the UK sectors hardest hit…
Read more
Five companies previously suspended from the Prompt Payment Code have been reinstated following improvements in payment practices to their supply chain. The companies have pro-actively engaged with the Prompt Payment Code Compliance Board by submitting action plans outlining how they plan to achieve compliance and meet the commitments of the Code. The five companies reinstated…
Read more
Business debt will slow the economic recovery from coronavirus unless steps are taken to make the burden more manageable for small and mid-sized companies according to the Institute of Directors (IoD) In a poll of 720 company directors, half (51%) said that debt their organisation had taken on during the crisis would have a negative…
Read more
Losses at the UK’ top 100 restaurant groups increased 94% to £151 million last year, growing from a loss of £78 million the year before new research at UHY Hacker Young indicates. The top 100 restaurant groups have seen losses worsen in recent years and this trend is expected to continue as restaurants grapple with…
Read more
With restrictions on some non-essential businesses beginning to lift and further changes due to come into effect on 15th June, new research from Intuit QuickBooks suggests SMEs are looking towards recovery following the impact of the pandemic. Almost three in five (57%) small and medium-sized enterprises (SMEs) feel confident about business activity in the next…
Read more
The High Court Enforcement Officers Association has adopted a new best practice plan for post-lockdown enforcement activity across England and Wales over the coming weeks and months. The post-lockdown plan, entitled “A Flexible and Sympathetic Approach to Enforcement”, sets out the principles, working practices and behaviours that all High Court Enforcement Officers (HCEO’s) and representatives…
Read more
The banking and finance industry has confirmed its continued support for commercial landlord customers as part of its ongoing commitment to help business customers through these difficult times. With the June/July rent quarter soon approaching, lenders recognise that commercial landlords and their tenants may have concerns about their ability to make their payments. Banks and…
Read more
New figures from the Information Commissioner’s Office (ICO) has revealed that 42% of businesses had less than six months of cash reserves. The figures also revealed that 79% of businesses in the UK had applied for the Coronavirus Job Retention Scheme. This resulted in a new high of 8.4 million, alongside 2.3 million self-employed. The…
Read more