Credit, Collections & Insolvency News
Dun & Bradstreet has published its country insight report into the United Kingdom, which looks at the adverse effects of the coronavirus on the country’s business environment. The report has downgraded the UK’s country risk rating by two quartiles to DB3b (a new all-time low) as the coronavirus pandemic continues to adversely impact opportunities for…
Read more
The Government has announced a raft of new measures for self-employed workers. These included: Self-employed people will be able to apply for a grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month. At least half their income needs to have come from self-employment as registered on…
Read more
The Institute of Directors (IoD) is calling for emergency insolvency measures to prevent widespread company collapses. Under current laws, the board of directors has a strict duty to cease trading if the company is facing insolvency, and may face personal financial or legal liabilities at a later date if they seek finance instead of doing…
Read more
Accounts payable teams have the power to halt the rise in fraud during the current crisis according to FISCAL Technologies. The company says tackling financial fraud is more important now than ever – the key is the ability to maintain order and efficiency The ongoing impact of the coronavirus outbreak has seen an increase in…
Read more
The estimated total bill to taxpayers for responding to the collapse of Thomas Cook is at least £156 million, with some costs not yet known, a new National Audit Office (NAO) report has found. Thomas Cook collapsed on 23rd September 2019 and all flight and holiday bookings were cancelled, leaving an estimated 150,000 customers potentially…
Read more
Laura Ashley has filed for administration after failing to secure £15 million of emergency cash to stay afloat. The move puts around 2,700 jobs at risk.The company said that owner MUI Asia was not willing to provide the extra cash, and could not secure a loan from elsewhere. In a statement the company said “The…
Read more
The Budget has confirmed plans to grant HMRC ‘preferential status’ in insolvencies from December 2020, says insolvency and restructuring says trade body R3. Business groups, including R3, have described this policy as a threat to business lending and business rescue. From December, debts owed to HMRC by insolvent businesses will be repaid in advance of…
Read more
UK business groups and insolvency experts are again sounding the alarm about Government plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies from 6th April 2020. In a joint statement ahead of the Budget, the groups are warning the new Chancellor that the Government’s proposals will damage access to finance for…
Read more
The Chartered Institute of Credit Management (CICM) has confirmed it has transferred the hosting and administration of the Prompt Payment Code to the Small Business Commissioner’s (SBC) office in line with the Government’s stated ambition to bring all late payment initiatives under a single umbrella. Since its launch in 2008, the Code has played an…
Read more
In February, the following administration notices have been issued and advertised in the London Gazette for the following companies: ADVANCED FIRE SOLUTIONS LTD AIM ENGINEERING LTD ALLARD CONSTRUCTION LTD ALYSSUM HOLDINGS LTD API FOILS HOLDINGS LTD API FOILS LTD API GROUP LTD API GROUP SERVICES LTD API HOLOGRAPHICS LTD API LAMINATES LTD API-STACE LTD APPLE…
Read more
Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in February: 08165909 LTD 1 JAC LTD 1A INSTALEC LTD 1ST BED GUEST HOUSE LTD 2 X 2 LTD 389LOG LTD 6 MUSTARD LTD 786 EXPRESS LTD 7985433 LTD A 1 DOMESTICS LTD A A WHOLESALE…
Read more
In February, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 36 DESIGNER BRANDS LTD A J ENGINEERING CONSULTANTS LTD A J W (VEHICLE SERVICES) LTD A P CONTRACTORS (UK) LTD A.P.D.J. LTD AA HOME GROUP LTD ABBEY HEALTH CARE LTD ABLE STAFFING LTD ABSOLUTE FENCING &…
Read more
Late payments from customers are ‘business as usual’ for many small business owners in difficulty, according to new research from the Money Advice Trust, the charity that runs Business Debtline. The free business debt advice service helped more than 52,400 self-employed people and other small business owners last year. Nearly half (45%) of callers to…
Read more