Credit, Collections & Insolvency News
New figures from the British Retail Consortium have shown that 2019 was the worst year on record for UK retailers with total sales for 2019 decreasing by 0.1%, compared with 1.2% growth in 2018. This is the worst year on record. The December figures are positively distorted by the late timing of Black Friday, which…
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With today marking two years since the implementation of the Second Payment Services Directive (PSD2) in the UK, the Federation of Small Business (FSB) has highlighted figures which show the minimal impact of the legislation to date. The FSB says that PSD2 paved the way for Open Banking – a set of interfaces which give consumers…
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Data from loan firm Iwoca has shown that 1,200 small business owners applied to Iwoca for finance between Christmas Eve and New Year’s Day. The data from the 2019 Christmas week shows that many SME owners were focused on big decisions about their businesses. More than 1,200 applications were made to Iwoca between Christmas Eve…
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Insolvencies in the UK steel sector are forecast to rise by 5% in 2020, according to a report from trade credit insurer Atradius. The Atradius annual Market Monitor on the steel sector highlights ongoing challenges for the UK steel industry, which are driving a deterioration in profit margins. Energy costs for British steel producers –…
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The Government has welcomed an independent review that recommends changes to the Loan Charge, while also confirming that it was a ‘necessary’ response to the tax avoidance schemes it was designed to tackle. The Review, led by Sir Amyas Morse, was commissioned to look at the impact of the charge, which was introduced to tackle…
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UK hotel insolvencies hit a five-year high last year, rising by 60% to 144* (year to September 30 2019) from 90 the year before, according to research by UHY Hacker Young The rise in insolvencies is driven in part by a slowing UK economy, which has caused businesses to cut back on conferences and ‘away…
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Kier Construction has been reinstated to the Prompt Payment Code following a sustained period of improvement in its payment practices governed by the Chartered Institute of Credit Management (CICM). The reinstatement follows the implementation of its action plan, which was approved by the CICM and focuses on supplier engagement & compliance, process simplification, guidance &…
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Around one in three (33.8%) Scottish-registered companies had a higher than usual risk of insolvency in December, according to new research from insolvency and restructuring trade body R3 in Scotland. The equivalent figure for the UK overall is higher, at over two in five (41.1%), while the South East of England is the region with…
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Duncan Swift, President of insolvency and restructuring trade body R3 has responded to the Queen’s Speech Swift said “We hope the Government does not miss the opportunity to make progress with much-needed – and long-awaited – corporate insolvency and restructuring reforms. They don’t appear to have been included in any of the planned bills, and…
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Major insolvencies have rebounded as retail and construction accounted for more than a quarter of the world’s large corporate failures in Q3 2019, according to trade credit insurance provider, Euler Hermes. The insurer’s findings on global corporate insolvencies with turnover exceeding €50 million show there was an increase between July and September from 74 to…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in November: 07446749 LTD 1K1 LTD 1ST DIBBS LTD 2868 LTD 321TRAVEL LTD 3SIXTY5 SERVICES LTD 4 SEASONS WINDOWS DOORS AND CONSERVATORIES LTD 4-INTERIOR LTD 50CYCLES LTD 808 LEISURE LTD A & C THERMAL LTD A…
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In November, the following administration notices have been issued and advertised in the London Gazette for the following companies: 30 PERCY STREET LTD ADMIRABLE CRICHTON LTD(THE) AGP PLAY LTD AKHQ LTD ALLEN WILSON JOINERY LTD ANCHOR BAY CONSTRUCTION PRODUCTS LTD ANNICARE LTD AUTO SILICONE HOSES LTD BELMONT GARAGE LTD. BIRLEY MANUFACTURING LTD BRICKVEST LTD. BRICKVEST…
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In November, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 2018 PG PROPERTIES LTD 20190221 LTD 24/7 SHOP£ LTD 24HR CARE SOLUTIONS LTD 2EQIPP LTD A & P TRANSPORT (WORCESTERSHIRE) LTD A A WHOLESALE LTD A P VEHICLE AND PLANT EQUIPMENT LTD ABERCORN HOLDINGS LTD ABLE…
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