Credit, Collections & Insolvency News
In September, the following administration notices have been issued and advertised in the London Gazette for the following companies: 06610732 LTD 4MATIC DESIGN & MANUFACTURE LTD ABBEY VIEW HOMES LTD AFAN VALLEY LTD AFX MARKETS LTD ALL STAR LEISURE (GROUP) LTD and other companies ALTON TRANSPORT SERVICE LTD ALTUS SERVICES LTD AMDALE LTD ANDARO LTD…
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In August Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 120 HOLLAND ROAD LTD 121 RENTAL LTD 365 GROUP HOLDINGS LTD 3D ACCESS SOLUTIONS LTD A & R GLOBAL SOLUTIONS LTD A C ENGINEERING (SCOTLAND) LTD A&T COMPLETE JOINERY LTD ACOUSTIC FIRE SEAL LTD ACTDRIVE TECHNOLOGY…
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The Financial Reporting Council (FRC) has commenced an investigation into the audit by EY of the financial statements of Thomas Cook Group for the year ended 30 September 2018. The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure. The FRC will keep under close review both the scope of…
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Small businesses are in urgent need of more government support to overcome a worrying lack of preparedness for a no-deal Brexit on 31st October, according to new research from the Federation of Small Businesses (FSB). In the first UK-wide small business assessment of no-deal preparedness ahead of 31 October, FSB’s research shows that among those…
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An investigation by the real estate adviser Altus Group has revealed that, during the last financial year (2018/19), over 78,000 non-domestic properties from shops to restaurants to pubs to factories were referred to Bailiffs to levy ‘distress’ and to seize their goods having fallen into arrears with business rates. Bailiffs are instructed by Councils, once…
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The UK Civil Aviation Authority (CAA) said the tour operator has “ceased trading with immediate effect” after winding up orders were made against Thomas Cook Group plc and associated companies. The court appointed the Official Receiver as the Liquidator. The court has appointed Special Managers to assist the Official Receiver with the liquidation. Insolvency Practitioners…
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Moore Kingston Smith has announced the appointment of partner Ian Robert to Chair of Moore Recovery UK – the recovery sector group with members from across the Moore UK network. Robert takes over from Duncan Swift, following the group’s recent annual conference. Robert is Head of Corporate Recovery at Moore Kingston Smith Licensed Insolvency Practitioners…
Read moreBusinesses in Eastern Europe are conducting significantly more sales on credit to boost their competitiveness in overseas markets, according to a new report by trade credit insurer Atradius. The Atradius Payment Practices Barometer reveals Eastern European businesses transacted an average of 67% of the total value of their sales to domestic and overseas B2B customers…
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Leading business groups and insolvency experts have written to the Chancellor to warn that plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies will have serious consequences for the UK economy. Under legislation included in the draft Finance Bill, the Government is planning that, from 6 April 2020, certain tax debts…
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The number of restaurant businesses going insolvent has jumped 25% in the last year to 1,410 in 2018/19, up from 1,130 in 2017/18, according to new figures from UHY Hacker Young. The report says that the rapid growth of the causal-dining sector since the last recession had resulted in an over-saturated mid-market which is still…
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The winners of the third annual 2019 Credit & Collections Technology Awards have been revealed. There were eighteen winners from the twenty Awards categories which are covered by four main headings of Applied Technology, Credit and Collections, Lender and Creditors and Innovation Leaders. The awards ceremony was held at the Credit Services Association’s (CSA) annual…
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A newt MarketInvoice business Insights report has explored the attitudes of UK SME owners on managing cash flow. In its new survey, it found that over half (52%) of business owners said they relied on making ad-hoc paper notes, using spreadsheets or relying on text messages from their bank to understand their cashflow position. Meanwhile,…
Read moreHeightened restructuring activity has seen the half-year net reduction in stores on Britain’s high streets hit record levels according to research by the Local Data Company (LDC) and PwC. The first half of 2019 saw almost twice as many store closures (16 per day) as openings (9 per day). In total, 1,634 stores opened and…
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