Credit, Collections & Insolvency News
The Government is risking a substantial increase in company collapses by not extending a key insolvency measure, the Institute of Directors (IOD)has warned. In its Winter Economy Plan last week, the Government failed to renew the suspension of ‘wrongful trading’ rules for company directors. Under normal circumstances, directors have a strict duty to cease trading…
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UK firms are slashing costs, reducing debt and cutting headcount in a bid to survive as customers struggle to pay on time and in full according to new research by credit management group Intrum. The company’s new European Payment Report focuses on the negative financial disruption caused by the Covid-19 pandemic. Research carried out before…
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Over £100 billion in support from banks and the government has been received by UK firms through coronavirus stimulus initiatives, with lenders distributing more than £58 billion and companies claiming £39.3 billion under the furlough schem. Figures from HM Treasury published today reveal that UK lenders have supported over 1.33 million businesses across the country…
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UK firms have racked up around £70 billion worth of unsustainable debt, according to a new report from The City UK, with more than £20 billion of that coming from government-backed coronavirus loan schemes. TheCityUK’s Recapitalisation Group (RCG), supported by EY, has published updated projections for levels of unsustainable debt faced by SMEs. The report…
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The Insolvency Service has published its latest figures which indicate that in August 2020 Scottish company insolvencies decreased by 43%. There were 44 company insolvencies in Scotland, a reduction of 43% in comparison to August 2019. This comprised of 19 compulsory liquidations, 21 CVLs, three administrations and one CVA. There were no receivership appointments. Historically…
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The process for companies that have applied to be struck off the Companies House register has now resumed (from Thursday 10th September 2020) following changes to temporary measures announced in April 2020. Due to the coronavirus (COVID-19) outbreak, Companies House paused all strike off activity to relieve the burden on businesses and to protect creditors…
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Over half (54%) of businesses who had not permanently ceased trading said they were owed outstanding invoice payments according to the latest results from the Business Impact of Coronavirus [COVID-19] Survey (Bics), published by the Office for National Statistics (ONS). One in ten businesses reported being at moderate (9%) or severe (1%) risk of insolvency,…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in August. 24/7 SUPER MARKET LTD 3RD ELEMENT LTD 4 BODYMIND LTD 4UK LTD 5SPICES (LEEDS) LTD A & A (MELTON MOWBRAY) LTD A.BARLEY PLANT LTD A.M. STRAFFORD AND SONS LTD AB DRAINAGE LTD ACTION PETZ…
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One in 10 businesses have admitted they are at risk of insolvency due to the pandemic. The figure is revealed in the latest business impact of coronavirus survey from the Office for National Statistics (ONS) which shows 10 per cent said their enterprise is at ‘moderate risk of insolvency’ and one per cent put the…
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The Government has extended a ban on evictions for another four weeks with a new six month notice period set to be put in place until at least 31st March 2021. The new amendment means that renters affected by coronavirus will continue to be protected after the government extended the ban on evictions for another…
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The majority (55%) of UK SMEs are being paid later as a result of the pandemic in a trend that is threatening the economic recovery, according to research by Bibby Financial Services (BFS). More than a third (36%) of SMEs have seen payment times increase by more than three weeks, while 28 per cent have…
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The Insolvency Service has published its latest figures which indicates that in July business insolvency numbers in England and Wales increased by 29% when compared to June 2020 but are 34% lower than in July 2019. The figures show that there were 955 company insolvencies in July 2020. comprising of 590 creditors’ voluntary liquidations (CVLs),…
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CIVEA, the principal trade association representing over 95% of civil enforcement agencies in England and Wales, has released two new videos to help explain why the pending return to enforcement is both safe and fair. The animations are available now and are free to view by local authorities (LAs) and the general public on the…
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