Credit, Collections & Insolvency News
PwC has been appointed as the special managers to troubled outsourcing giant Carillion, which has announced it is going into compulsory liquidation with immediate effect, putting thousands of jobs and major government infrastructure projects, including the new HS2 high-speed rail link, at risk This weekend saw crisis talks between the company, key financial stakeholders and…
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The late payment culture knows no borders according to new research by MarketInvoice. The research shows that the proportion of UK invoices being paid late – and the amount of time taken to settle them by EU and USA firms – has risen dramatically between 2016 and 2017. The findings also reveal that 73% of…
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New research from Deloitte has indicated that retail administrations have increased for the first time in 5 years. The research showed that: 118 retailers went into administration during 2017, up 28% from 92 in 2016 There was a significant increase (55%) in the number of large retailers that have gone into administration Total administrations across…
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New research from MarketInvoice has revealed that late payment has worsened for UK SMEs. In a survey of 80,000 invoices from UK businesses reveals that: 62% of invoices paid late in 2017, £21.1b outstanding in late payments annually Invoices paid 18 days late on average; Prompt Payment Code not delivering for UK businesses The culture…
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Nine companies which had provided services to directors of insolvent companies, have been placed in provisional liquidation. The actions follow an investigation by the Insolvency Service The companies names Rigil Kent Acquisitions Ltd; Rigil Kent Corporate Acquisitions & Turnaround Ltd; Rigil Corporate Rescue Ltd; Rigil Kent Group Ltd; RK Acquisitions Ltd; RK Corporate Rescue Ltd;…
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The proportion of UK companies which are only paying the interest on their debts – one of the signs of a so-called ‘zombie’ business – has dropped to 3% in December from 5% in April this year, according to research by R3. The proportion of businesses only paying interest on their debts – equivalent to…
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There was no festive cheer for retailers as December rounded off as the worst year for consumer spending since 2012 according to new research by Visa. Commenting on the data, Mark Antipof, Chief Commercial Officer at Visa said “Christmas rounded off a lean year for retailers with consumer spending seeing its first consistent 12 month…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 09753626 LTD 1ST NATION LTD 365 ENERGY LTD A G M (RIVERSIDE) LTD A&G DESIGN & BUILD LTD ABBOTT & SON ELECTRICALS LTD ABSOLUTE EVENT SOLUTIONS LTD ACQUISITION 395445593 LTD ADAM MOTORS LTD AEJIS LTD AGRO FOOD LTD…
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The HMRC has announced that taxpayers will no longer be able to pay their tax bills by credit card. A letter sent out to taxpayers last month confirmed that HMRC would “no longer accept payment by personal credit card”. Coming into force from 13th January, the ban leaves those completing their annual tax returns just eighteen…
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Tackling the late payment culture that devastates thousands of small businesses each year must be at the top of the Government’s domestic agenda for 2018. In his New Year message, Mike Cherry, National Chairman of the Federation of Small Businesses (FSB) called on the Government and its new Small Business Commissioner to make 2018 the year…
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Nearly 45,000 retailers are in financial trouble this Christmas as rising inflation and the squeeze on household budgets are having an impact on high street spending. There has been a 22 percent increase in retailers facing ” significant financial distress”, according to a survey by the advisory company, Begbies Traynor. The furniture chain Multiyork collapsed…
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The government has annnounced that it has launched a complaint handling service of the Small Business Commissioner to ensure fair payment practices for small businesses. This follows the appointment of Paul Uppal to the role of Small Business Commissioner. Regulations made by Small Business Minister Margot James mean the Commissioner can now handle complaints from small…
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The number of Scottish companies at higher than average risk of insolvency rose markedly over the course of 2017, according to insolvency and restructuring trade body R3. In December, 26.6% of Scottish firms fell into the category of companies at greater than usual risk of insolvency, up by 36% from January 2017, when the equivalent…
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