Credit, Collections & Insolvency News
The government has announced that a revaluation of business rates will no longer take place in 2021. The announcement aims to help reduce uncertainty for firms affected by the impacts of coronavirus. The legislation had been introduced to bring the next revaluation forward by one year from 2022 to 2021, but following the recent economic impacts of the coronavirus pandemic ministers want to ensure businesses have more certainty during this difficult time. Communities Secretary Rt Hon Robert…
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Lloyds Banking Group has announced that it has already paid more than £1 billion to small businesses as part of the Government’s Bounce Back Loans Scheme (BBLS), following its launch on Monday (4th May). The lender says that more than 32,000 of its small business customers applied. RBS said that it had received 58,000 Bounce…
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A report from the Centre for Economics and Business Research (CEBR) think-tank and polling company Opinium shows that 591,000 businesses are at high risk of going bust as a result of the COVID-19 pandemic – a figure representing one in ten UK businesses. The study also suggests that more than a quarter of a million…
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In April the following administration notices have been issued and advertised in the London Gazette for the following companies: 16 HOSPITALITY LTD 16H LTD 16H TRADING LTD ADVANCED RESIN TECHNOLOGIES LTD ALEXCARS LTD ANGLESEY HOSPITALITY LTD ANGORA RETAIL LTD ANGORA STORES LTD B & G FINANCE LTD BARCLAY-SWANN LTD BASSET & GOLD PLC BASTYAN FASHIONS…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in April: 09 ONLINE DEALZ LTD 1CALLDRAINAGE LTD 2020 GROUP CONSTRUCTION LTD 22 PARK ROAD LTD 30SIX TRADER LTD 5 POINTZ LTD 50BEAS LTD 7 OAKS HOTEL LLP A & A ROOFING & BUILDING MAINTENANCE LTD…
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In April, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 08936190 LTD 24 INTERTRADE LTD A HERITAGE WINDOW CO. LTD AAC AIR CONDITIONING LTD AMFI LOGISTICS LTD AMMA CONVENIENCE STORE LTD ASHTON MAPLETREE LTD ASTRA RECRUITMENT SOLUTIONS LTD AUTOMART DIRECT LTD B S & N K…
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Profit warnings issued by UK-listed businesses reached a record-breaking high in the first three months of 2020 – higher than any previous quarter in the last twenty years with a significant increase in insolvencies predicted when the lockdown end according to EY’s latest Profit Warnings report. 301 profit warnings were recorded by EY between 1…
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Following the Chancellor of the Exchequer’s announcement on 27th April, the Bounce Back Loans Scheme opens for applications from today (Monday 4th May) Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans target small and micro businesses in all sectors, providing loans from £2k up to 25% of the…
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Latest Insolvency Service figures have indicated that the construction remains the industry grouping with the highest number of insolvencies in the twelve months ending Q1 2020. The highest number of new underlying company insolvencies was in the construction industry with 3,077 insolvencies; followed by the wholesale and retail trade, repair of vehicles industrial grouping with…
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The Financial Conduct Authority (FCA) has announced it intends to seek legal clarity on business interruption (BI) insurance to resolve doubt for businesses who are facing uncertainty on their claims. The FCA has outlined that it intends to seek a court declaration, on an agreed and urgent basis, to resolve uncertainty for many customers making…
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The Insolvency Service has published the latest company insolvency figure for England & Wales which indicates that the total numbers of company insolvencies in Q1 2020 decreased, when compared with the previous quarter and the same quarter in the previous year (Q1 2019). The figures largely pre-date the Government lockdown and wider impact of the…
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New Analysis by UK Finance has shown that the value of emergency Coronavirus Business Interruption Loan Scheme (CBILS), to small businesses rose 46% to £4.1billion last week. Although it has been reported that the number of approvals slowed. Over £1.33 billion of loans have been approved in the week from 21 April to 28 April…
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The latest figures from the Insolvency Service have shown that total insolvencies increased in Northern Ireland in Q1 2020. There were 83 company insolvencies in Northern Ireland in Q1 2020, this is 26% higher than the same quarter in 2019. Of these, 51 were compulsory liquidations and 20 were CVLs. There were also seven CVAs,…
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