Credit, Collections & Insolvency News
Debt owed to UK businesses across eleven core business sectors was £580m higher in the last three months than in Q4, 2017 according to latest figures from a Creditsafe. After falling to a 12-month low in Q4 2017 with £157.9m being filed, bad debt (debt owed to businesses) filed in the first quarter of 2018 reached…
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The Government has called for evidence as part of a consultation to review airline insolvency procedures in the wake of the collapse of Monarch. The Airline Insolvency Review “will look to ensure airlines can wind down with the minimum impact on passengers and the taxpayer”, according to the Department for Transport. Peter Bucks, Chair of…
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A new study of over 1600 larger UK retailers with total assets of £5 million or over by Company Watch, the financial analytics firm, found over a quarter were financially vulnerable to rises in interest rate costs this year. Company Watch reviewed the latest published full-year financial accounts of 1625 UK retailers. It found that 392 (24.1%) companies…
Read moreScotland has the lowest proportion of firms at greater than average risk of insolvency of anywhere in the UK, although the percentage of Scottish companies at elevated risk has risen sharply over the last six months, according to research from insolvency and restructuring trade body R3. In the April figures, Scotland has the lowest overall…
Read moreSixteen shops are closing on the high street every day. The rate has doubled in a year, with the retailers blaming a perfect storm of rising prices, online competition and a slump in consumer confidence according to research by PwC. New figures compiled by PWC and Local Data Company, a retail analytics company, have shown…
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A financial controller has received a lengthy bankruptcy restrictions order following a trial for diverting funds from her employer to herself. The 13-year Bankruptcy Restriction Order made on 15 February 2018 against Chasjit Verma of Romford, Essex, followed an investigation by the Insolvency Service. Chasjit Verma was made bankrupt on 4 March 2016, having presented her…
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More than a quarter (30%) of finance professionals believe that blockchain technology has the ability to offer enhanced data security in their organisation, while over half (51%) are confident that their organisation will be working with smart contracts incorporated in blockchain by this time next year. These findings come from a study of more than…
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Criminals are launching more online attacks on UK businesses than ever before, it has been revealed in a new report by The National Cyber Security Centre. The report details some of the biggest cyber attacks from the last year and notes that risks to UK businesses continue to grow. Emerging threats are also highlighted, such…
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The government has announced tough new measures to level the playing field for smaller businesses bidding to win government contracts. Cabinet Office Minister Oliver Dowden has announced proposals to exclude suppliers from major government procurements if they cannot demonstrate fair and effective payment practices with their subcontractors. Other plans include allowing subcontractors to have greater access…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies: (E) EXCLUSIVE LTD 100% VEGAN LTD 191 CIVIL ENGINEERING LTD 1EASYCALL LTD 1ST 4 CONSTRUCTION LTD 1ST CITY MOVE LTD 1ST DRYWALL SOLUTIONS LTD 21 SPICES LTD 3 NATIONAL SECURITY LTD 3E PEOPLE PERFORMANCE LTD 3J WHOLESALE…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 09247906 LTD 10294997 LTD 123 RENTALS LTD 360 LOCATIONS LTD 4 PROPERTIES LTD A. GULEC CONTRACTORS LTD A.P.L.E. (OXFORD) LTD A&O CONSULTANCY LTD ABBA NORTH EAST LTD ACA A LTD ACCESSORY TRADING LTD ACCIDENT LAWYERS LTD ACCRUED EQUITIES…
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Half of businesses have faced issues with late payments in the last year, a new survey of 787 company directors reveals. The poll by the Institute of Directors shows that 3 in 10 business leaders see ‘excessively bureaucratic payments system’ as the main reason for late payment and just over a fifth said it was…
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Trade credit insurer, Atradius, has made two new appointments within its UK team at its Cardiff HQ and Midlands Regional Hub. Tom Danson, has been appointed as Head of Commercial for Atradius’ Midlands Regional Hub. Danson joined the Atradius London team from Aviva AXA in March 2014 as a Senior Sales Development Manager. Well regarded…
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