Credit, Collections & Insolvency News
The High Court Enforcement Officers Association (HCEOA) has announced that there have been two detailed meetings and replies to parliamentary written questions, on VAT enforcement fees, The Association understands that the Ministry of Justice (MOJ) hopes to issue the guidance very shortly and that the final version will amend the guidance issued by the VAT…
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A debt collection agency has been wound up after it misled clients over services it had promised to deliver and failed to account for money collected for its clients. Redwood Business Management Ltd, based in Newcastle upon Tyne was wound-up in the public interest on 3rd February 2020 at the High Court in Manchester before…
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Overseas businesses who bought goods and services from UK companies in 2019 paid more invoices late and took longer to settle their bills. The latest MarketFinance Business Insights1 examined over 11,000 invoices to these businesses to understand the trading relationship between UK businesses and the UK’s top ten trading partner countries2 (United States, Germany, Netherlands,…
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A group of cross-party MPs and Peers has joined a coalition of debt advice campaigners in urging the Government to break its silence on bailiff industry reform. Today marks a year since the Ministry of Justice (MOJ) closed its call for evidence on the bailiff industry, but despite overwhelming evidence of the need for wide-ranging…
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Four in ten (37%) small businesses that made successful finance applications last quarter used the sums raised to manage cashflow rather than invest in their firms, according to new figures from Federation of Small Businesses (FSB’s) full Q4 2019 SBI latest report. Fewer than one in four (23%) used finance to update equipment, while even…
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Just, the enforcement market integration business has announced the launch of a VAT Support Group. The Ministry of Justice (MoJ) has committed to publishing guidance which will change the way VAT is collected by High Court enforcement businesses. It’s thought that industry changes will be required to ensure compliance and Just, says advice will be…
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Eleven firms – including several big names within the military, aerospace and defence sectors – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. BAE Systems (Operations) Limited, Leonardo MW Limited, and Smiths Detection are among those who have failed…
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The number of companies falling into administration across England and Wales increased by just under 5% over 2019, highlighting the number of high street failures according to new analysis from KPMG. A study of notices in the London Gazette shows that a total of 1,403 companies went into administration during 2019, compared to 1,341 in…
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A new Collections and Enforcement specialist has launched. Chartsbridge says that it aims to provide the first unified motor finance collections and recovery outsource service in an otherwise fragmented marketplace, with their services available to clients on a modular or a full partnership basis. Chartsbridge has been launched by John Ingram – who originally founded…
Read moreCreditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in January: 2 X 2 LTD 32 DEGREES TANNING LTD 389LOG LTD 6 MUSTARD LTD 607 ENGINEERING LTD 786 EXPRESS LTD A & S WINDOWS LTD ABALAN LTD ABBEY GARDEN MACHINERY LTD ABBOTTS BUILDING CONTRACTORS LTD…
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In January, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 4500 MILES FROM DELHI LTD 4D ELECTRICAL SERVICES LTD AA STAR CLEANING LTD ABACUS ESTATES (LONDON) LTD ABBEY INNS LTD ABSOLUTE ROOFING CONTRACTORS LTD ABUELO COVENT GARDEN LTD ADMIN HELPERS LTD ADVANCED HAIR DESIGN LTD AEMCA…
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Business Insolvencies can be expected to continue to rise in the UK, up 7% or higher in 2020 following Brexit’s confirmation (on Friday 31st January) according to predictions by Atradius. Atradius says, we can expect to see a rise in business failures throughout most of Europe, albeit at a more moderate rate. Insolvencies in the…
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Regulator, the Institute of Chartered Accountants in England and Wales (ICAEW) has issued a £925,000 fine to the administrators involved in the collapse of electrical goods retailer Comet. ICAEW has fined Deloitte £925,000, plus costs, for failings in its procedures relating to the administration of the company in 2012. ICAEW found that Deloitte’s client take-on…
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