Credit, Collections & Insolvency News
Companies will be better protected from fraud, under new Companies House reforms that will do more to safeguard the personal data of business owners and ensure the accuracy of the register. Business Minister Kelly Tolhurst has unveiled a substantial package of reforms to Companies House. With the clear aim of minimising the burden on law-abiding…
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New analysis from KPMG UK finds the rising prominence of so-called ‘zombie firms’ is threatening to cause a significant drag-effect on the UK economy. KPMG’s analysis looks at the last three annual accounts of listed UK companies (FTSE and AIM) reveals that 8% of UK companies currently display zombie-like symptoms. But based on the latest…
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Commenting on the Appointment Administrations from April 2019 Insolvency analyst Geoff Swire from geoffswire.co.uk said “Without any one month being exceptional the Q1 2019 produced the highest number of Administrations (428) since 2014. Members Voluntary Liquidations (MVLs) and Creditors’ Voluntary Liquidations (CVLs) have both seen their usual uptick at this time of the year but…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies: 06606420 LTD 07081565 LTD 08141019 LTD 09874619 LTD 1881 RIPON LTD 209V LTD 21CE INSTALLATIONS LTD 2XL CLEANING SOLUTIONS LTD 3R MEDITERANEAN LTD T/A ROSIE’S MEDITERRANEAN 3S ARCHITECTS AND DESIGNERS LTD 4AMIGOS RESTAURANT (CHESTER) LTD 4D2K LTD…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST CHOICE PROPERTIES (SRAL) LTD 2 ALL OCCASION SA CATERS LTD 38 WILTON LTD A1 MEAT SUPPLIES LTD ABBEY FIRE EXTINGUISHERS LTD ACA ASPVM GROUP LTD ACCESS CORPORATE LTD ACREMANS TIMBER LTD AIM PERSONNEL LTD AJH TAVERNS LTD…
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The Scottish retail sector had its highest ever quarter for insolvencies in the first three months of 2019 according to new analysis of the sector by leading accountants and business advisers French Duncan LLP. In Q1 28 retailers were made insolvent which is already over 40% of the entire figure for 2018 when 68 retailers…
Read moreRetailers are being encouraged to work with insurers to enable informed and accurate trade credit decisions, according to credit insurer Atradius. In its latest Market Monitor report focusing on the retail sector, Atradius highlights the importance of real-time information and close-working relationships with retailers as imperative to credit risk analysis. The advice comes as Atradius…
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More than 1,000 businesses are flouting the law by not reporting how long they take to pay suppliers, according to an analysis of government data by the Chartered Institute of Procurement & Supply (CIPS). According to CIPS, on average large businesses pay almost a third of their invoices late with 15 per cent taking longer…
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New research from Begbies Traynor, the UK’s leading independent insolvency firm, reveals there are now 484,000 UK businesses in significant financial distress, with the property sector particularly affected, giving rise to concerns that the UK could suffer a broader economic slowdown. The Red Flag Alert data for Q1 2019, which monitors the financial health of…
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A new report published by Oxford Economics has found that a decade after the financial crisis, bank lending to small businesses has failed to recover significantly. The “Big Business of Small Business” report, launched in partnership with Funding Circle, finds that small business lending makes up a tiny proportion of banks’ overall balance sheets. In the UK,…
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The Insolvency Service has published its latest insolvency statistics which indicate that the underlying number of business insolvencies increased in England & Wales. Total underlying company insolvencies increased in Q1 2019. Creditors’ voluntary liquidations, administrations and company voluntary arrangements (CVAs) all increased in Q1 2019, while compulsory liquidations decreased. In addition, administrations increased to the…
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Latest figures released by the Registry Trust shows that the number of business debt judgements declined in Ireland during Q1 2019. The number, total value and average value of judgments registered against businesses in Ireland in Q1 2019 were the lowest on record for a first quarter-year, with 112 judgments registered, eight fewer than the…
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A report from trade credit insurer Atradius has revealed that payment delays and insolvencies are expected to weigh heavily on the construction industry this year. The Atradius Construction Market Monitor warns of a negative insolvency outlook for 2019, following an already troubled period since 2017. A catalogue of issues has combined to form a perfect…
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