Credit, Collections & Insolvency News
Some 60% of the UK’s event industry’s supplier base is facing collapse within three months, unless event businesses receive further support from the Government, according to an online survey carried out by the Events Industry Forum (EIF) and Business Visits and Events Partnership (BVEP) and co-ordinated by the Production Services Association (PSA) between 3-7th April, …
Read more
Half of the UK’s high street retailers could go bust by the end of the summer as a result of the coronavirus crisis according to a new report by global professional services firm Alvarez & Marsal (A&M), in partnership with Retail Economics. The report found that the companies could deplete their entire working capital should the COVID-19 lockdown continue…
Read more
Data from the London Gazette, the UK’s official public record for insolvencies, show the appointment of receivers, liquidators or administrators surged to 3,736 between March 10th and April 9th, compared with 2,495 in the same period last year. Established companies that have fallen over in the period include Debenhams, upmarket restaurant chain Mark Hix and…
Read more
High street store, Debenhams has appointed Geoff Rowley and Alastair Massey of FRP Advisory as administrators, with the chain describing the move as a ‘necessary step’ to protect it from the threat of legal action which could see the firm pushed into liquidation. In a statement, the company said “This move will protect Debenhams from…
Read more
New research by UHY Hacker Young has shown that the average UK SME does not have enough cash to cover debts due in the next year. UHY’s analysis of the balance sheets of more than 13,500 SMEs in the UK shows that the average SME now has only 95% of the cash (or other easily…
Read more
In March the following administration notices have been issued and advertised in the London Gazette for the following companies: 18 HOSPITALITY LTD 56-58 ESSEX ROAD LTD A.T.B. COMPUTING SERVICES LTD AEGIS WATER TREATMENT LTD AHS COMMERCIAL LTD AIS SECURUS LTD AMIANTO LTD AMTEC LTD AND WORLDWIDE LTD APERTURE TRADING LTD ASSEMBLED ELECTRONIC SOLUTIONS LTD ATL…
Read more
Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in March 10 DEGREES C LTD 100 DG RESTAURANT LTD 101 STUDIO (UK) LTD 1ST EURO FIRE PROTECTION LTD 55 PUB CO LTD 868 LTD 9PERCENT LTD A H CONISBEE & CO LTD A J AGIUS…
Read more
In March, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 3 THREE’S COFFEE LOUNGE LTD A-TEAM DEMOLITION & WASTE SERVICES LTD A1 GROUP (SOUTH) LIMITED ACE CONSTRUCTION EQUIPMENT LTD ACTIVE REMEDIAL SOLUTIONS LIMITED ADVANCED COATING SOLUTIONS LIMITED ADVENT BUILDING SERVICES LTD AGAR BROWN EVERTON LIMITED AH…
Read more
A survey by the British Chambers of Commerce (BCC) has found that 62% of businesses have only enough cash to keep operating for the next three months, while 18% said they had sufficient capital to cover their outlay for only a month. The survey found that companies were planning to put large numbers of workers…
Read more
Restaurant chain Carluccio’s has entered administration. The company has 71 UK restaurants meaning that 2,000 employees at now at risk of losing their jobs. FRP Advisory have been appointed as the administrators. Geoff Rowley, Partner at FRP, said “We are operating in unprecedented times and the issues currently facing the hospitality sector following the onset…
Read more
The Association of Accounting Technicians (AAT) is calling on the government and large employers to take stronger action on payment of suppliers on time, to help support small and medium-sized businesses during the ongoing Covid-19 (coronavirus) pandemic. Following the actions of large employers such as Morrisons, which is paying all its small suppliers immediately rather…
Read more
The HM Revenue & Customs ‘Time To Pay’ (TTP) support has been welcomed by Duff & Phelps. The company says that the growing scale of economic disruption amid volatility in financial markets as a result of the coronavirus (COVID-19) means that urgent steps are required to restore business confidence. As a result, businesses should welcome…
Read more
Struggling companies undergoing a rescue or restructure process will be allowed to continue trading, giving them breathing space to avoid insolvency. New government measures mean that the change involves temporarily suspending wrongful trading provisions retrospectively from 1st March for three months for company directors so they can keep their businesses going without the threat of…
Read more