Credit, Collections & Insolvency News
In May, the following administration notices have been issued and advertised in the London Gazette for the following companies: ABERDEEN BERRY STREET CENTRE LTD AIM CONSTRUCTION & DEVELOPMENT LTD ALFA PRECISION AND GENERAL ENGINEERING COMPANY LTD ALTURA 10 SCAFFOLDING LTD AM 2 PM RETAIL SERVICES LTD APPPAY UMBRELLA LTD AQUA ITALIA LTD ARBORETUM DEVON (RLH)…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 15 GREENWOOD PARK LTD 1ST CHOICE CAKES LTD 1ST LINE FINANCIAL LTD 30 HARLEY HOUSE LTD A A HOMES & HOUSING LTD A TO Z SCENERY LTD A.G. AXTON & SONS (WHOLESALE) LTD AA BUILDING SOLUTIONS LTD ABBOTSGATE…
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Almost half (44%) of UK businesses avoid or delay paying bills due to issues within their cashflow. Other commonly cited reasons for non-payment of invoices include receiving an incorrect invoice (21%) and corporate bureaucracy (20%). These were some of the findings of the FinTech Barometer 2019, an annual survey conducted among 1,000 finance professionals by…
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Companies around Europe predict increased bad debt losses, later B2B payments and higher debt risks are ahead, according to the European Payment Report from pan-European credit management firm Intrum. Across Europe, the 2019 report shows an increase in bad debt losses, following several years of declining write-offs. Almost one-fifth (18%) believe their country is already…
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A new European Payment Report 2019, from European credit management services company Intrum, has indicated that an increase in bad debt losses following on from several years of decline means marking that the turning point from a recession may have already passed. Almost one-fifth of those surveyed (18 per cent) believe their country is already…
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Invoice finance and trade finance company, Working Capital Partners, have been placed into Administration. According to reports, the insolvency appears to be as a result of recent client fraud. Working Capital Partners, were also members of UK Finance (the industry body for the asset finance sector. The company offered a selective invoice finance service, a…
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The UK’s top 100 restaurants made an £82 million loss in the last year, down from a pre-tax profit of £102 million twelve months ago according to new research by UHY Hacker Young. Pre-tax profits at the UK’s Top 100 restaurant groups have fallen from £345 million since the first quarter of 2017. The huge…
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Prime Minister Theresa May must use her final days in office to push through the late payments reforms package announced in this year’s Spring Statement. The urgent call comes from the Federation of Small Businesses (FSB) as businesses face up to extended political uncertainty surrounding the Brexit crisis coupled with the prospect of a new…
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Outsourcing group G4S has been accused by the small business commissioner of “persistent late payment” towards one of its suppliers and its payment practices are being investigated. In a report, the Small Business Commissioner says a business approached them in December 2018 regarding late payment fees in relation to a project undertaken for G4S. The…
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Dun & Bradstreet’s 2019 Global Bankruptcy report has revealed that business failures have declined globally, despite increased economic challenges. However, with global economic challenges on the rise, most regions are forecasted to grow more slowly than in 2018, with the number of business failures forecast to increase in the coming months. Forty-nine percent (49%) of…
Read moreIn the Asia Pacific region, the number of businesses taking a more strategic approach to credit management is increasing according to new research by Atradius. While global GDP growth is forecast to slow from 3.2% in 2018 to 2.7% this year, global insolvencies are expected to rise 2%. As an integral part of the global…
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Fifteen of the seventeen businesses highlighted for poor payment practice in May have filed action plans or are preparing submissions to improve their treatment of smaller suppliers, demonstrating the effectiveness of the Prompt Payment Code. Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM), says firms have responded positively to approaches by…
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Celebrity chef Jamie Oliver’s British restaurant chain filed for bankruptcy protection on Tuesday, mainly due to increased competition and escalating rents in local commercial districts according to reports. The insolvency will leave 1,000 people out of work. Oliver wrote on Twitter “I’m devastated that our much-loved UK restaurants have gone into administration, I am deeply…
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