Credit, Collections & Insolvency News
Eighteen companies including BT, British American Tobacco, and Centrica – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. Screwfix, Prudential, and various businesses of BAE Systems are also among those that have failed to honour their Code commitment to…
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According to figures released under the Freedom of Information Act (FOI), 15.9% of all shops and retail outlets in the UK now lie empty. The figures obtained by Duff & Phelps, the global advisor that protects, restores and maximises value for clients, quantify the scale of the challenge facing the UK high street after one…
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Independent invoice finance provider, Gener8 Finance has announced that it has promoted Tansy Cunningham (Battson) to the new role of Head of Business, effective as of 1 August 2019. Cunningham will be responsible for leading the Gener8 business, supporting both the sales and operations teams. Ed Rimmer, Chief Operating Officer at 1pm plc, said “We…
Read moreThe Small Business Commissioner, Paul Uppal, and business lender, Growth Street have launched a collaborative whitepaper surveying SMEs on their experiences of unfair payment practices. The report found that 75% of SMEs said they would fear taking action against a late payment at the risk of damaging their client relationships. Whilst 43% of SMEs said…
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New research from Barclaycard has identified that 51 per cent of finance leaders are frustrated that their accounting software is not intuitive enough. With increased pressure on margins for finance and resourcing, finance leaders have identified inefficiencies in their accounting systems, with nearly half (48 per cent) frustrated that their current system is not sufficiently…
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The Government has announced that it is pushing ahead with proposals to prioritise the repayment of some tax debts in insolvencies from April 2020. The extra money which will be repaid to HMRC under these proposals will come out of funds which would otherwise have been paid to creditors including pension schemes, trade creditors, lenders,…
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One-fifth of self-employed sole traders don’t survive one year, and the majority don’t survive five according to new analysis of HMRC tax records by researchers at the Institute for Fiscal Studies, funded by the Office for National Statistics through the Economic Statistics Centre of Excellence (ESCoE) and the Economic and Social Research Council. The findings also…
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Hotels, pubs, and restaurants in Scotland have seen their levels of elevated insolvency risk fall slightly or hold steady since the start of the year, according to insolvency and restructuring trade body R3. The proportion of hotel companies based in Scotland deemed by R3’s research to be at greater than usual risk of insolvency in…
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More than eight in ten (83%) Chief Finance Offices (CFOs) ) say they expect the long-term business environment to deteriorate as a result of the UK leaving the EU, according to Deloitte’s latest Q2 CFO Survey. This is the highest reading since the referendum in June 2016. Meanwhile, the percentage of CFOs who think that…
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In June, the following administration notices have been issued and advertised in the London Gazette for the following companies: A G BAKER FENCING LTD ACI FINANCIAL LTD AFFINITY CORPORATION LTD AGS SUPPORT LTD AIM HIRE GLOBAL LTD AMICUS RENEWABLES LTD ATLANTIC FINANCE (UK) LTD BATMART INTERNATIONAL LTD BEAMISH TRANSPORT LTD BENNETT MANUFACTURING SERVICES LTD BOOTH…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in June: A INDUSTRIES LTD A W BLADES LTD A.B.M. TREES LTD A1 MEAT SUPPLIES LTD AAC AIR CONDITIONING AND REFRIGERATION LTD ABS & PARTNER LTD ACCESS INSTALL LTD ACEFAC LTD ACHIEVE ROOFING LTD ACORN ENGINEERING…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: BACK TO BACK CARE LTD BALLYCOLM CONTRACTS LTD BANDENIA FIDUCIARY MANAGEMENT LTD BANGOR CITY FOOTBALL CLUB LTD BCS MEDICAL (SHACKLETON) LTD BEAT STREET MANCHESTER LTD BEAT TV LTD BECKLEY DESIGN & CONSTRUCTION LTD BEST ELECTRICAL EUROPE LTD BEVERLY…
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New research has revealed late payment problems have worsened for 27% of the UKs SMEs in the last 12 months, according to research conducted by Purbeck Insurance Services. The study also shows that 29% are experiencing worsening cash flow problems and 30% have found that access to finance has become harder. The findings also show…
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