Credit, Collections & Insolvency News
A growing number of small business owners and self-employed people are facing high levels of debt as they struggle to keep their businesses afloat, according to new research from Business Debtline. Findings show that half (49%) of the people contacting the service last year had debt totaling £10,000 or more, with nearly a quarter (23%)…
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The lack of improvement in the UK’s standing in the World Bank’s latest insolvency rankings underlines the need for UK corporate insolvency reform, says insolvency and restructuring trade body, R3. For the second year running, the UK is at 14th place in the “Resolving Insolvency” table in the World Bank’s Doing Business report (published on 31 October).…
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Changes in the Autumn Budget which will see HM Revenue & Customs (HMRC) take up a position as a preferred creditor in insolvency cases, could see smaller firms lose out on money they are owed, warns insolvency firm, Gibson Hewitt. Gibson Hewitt says that changes in the Budget to the pecking order for creditors could…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST CALL SUPPORT LTD 1ST CRT GROUP LTD 3 COUNTIES DAMP & TIMBER (UK) LTD 3473 LTD 365 CATERING LTD 3N MANAGEMENT LTD 5MU PROPERTIES LTD A & C SOLUTIONS LTD A FRANCE INDUSTRIAL ROOFING & WALL CLADDING…
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Administration notices have been issued and advertised in the London Gazette for the following companies: 93 MILESPIT HILL LLP AMERICAN GOLF DISCOUNT CENTRE LTD ARCH ANGELZ LTD ARENSIS ENERGY ONE LTD ASSURED STORAGE SOLUTIONS LTD ATTICROSE LTD BANHAM GROUP LTD BANHAM POULTRY LTD BEACH HOLIDAY HOMES LTD BENTLEY HARRINGTON LTD BETA DISTRIBUTION PLC BLOCKLAB LTD BLUE…
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The time it takes to pay suppliers across the UK has improved by 14 percent, with payments taking on average 42 days in 2018 compared to 49 days in 2016. The data compiled by Tungsten Network, shows that the time from invoice submission on its network to payment has steadily improved since 2016, coinciding with…
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Company insolvencies in Northern Ireland stood increased to 65 in the last quarter – up 14 percent on the same period in 2017 but almost half that of the last quarter (125). Of these, 30 were compulsory liquidations (down from 35 on the same period a year ago), and 24 were creditors’ voluntary liquidations (up…
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The Government has announced that HMRC will become a preferred creditor in insolvencies as part of the measures in the Autumn 2018 budget. The preferred creditor status in insolvencies change will begin in 2020. Currently, an official ‘hierarchy’ laid down by the Insolvency Act, 1986, determines which creditors are paid first during an insolvent liquidation.…
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The Insolvency Service has published the latest business insolvency statistics for Q3 (July to September 2018) for England and Wales. The statistics show that total business insolvencies increased by 9% in Q3, and rose by 19% compared to Q3 2017. This was driven by a rise in underlying creditors’ voluntary liquidations which increased to their…
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The Government has announced that retailers across England are in line for a major tax cut over the next two years. Retailers in properties with a rateable value of less than £51,000 will have a third wiped off the amount of tax they pay through business rates. The change announced in the Budget will cut…
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Businesses in Britain have a higher proportion of overdue invoices compared to their counterparts across Western Europe, new research by trade credit insurer Atradius reveals. The annual Atradius Payment Practices Barometer for Western Europe found almost half of all British business invoices (48.7%) were overdue. This compares to an average across the region of 41.8%,…
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The Treasury Committee has published a Report on SME Finance with a recommendation to appoint a Financial Services Tribunal to help SMEs resolve disputes with lenders. The report says the Financial Services Tribunal is needed to handle complex SME disputes and expanding the Ombudsman’s remit to handle SME cases should not be rushed through. The…
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Suppliers are at risk of having insufficient trade credit insurance as some British firms, such as retailers and manufacturers, stockpile goods amid mounting concerns of a no-deal Brexit, according to Marsh, an insurance broking and risk management solutions specialist Traditionally, buyers purchase goods on credit terms, sell these goods on to the consumer, and use…
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