Credit, Collections & Insolvency News
The Small Business Commissioner, Paul Uppal, and business lender, Growth Street have launched a collaborative whitepaper surveying SMEs on their experiences of unfair payment practices. The report found that 75% of SMEs said they would fear taking action against a late payment at the risk of damaging their client relationships. Whilst 43% of SMEs said…
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The HMRC has collected £37 billion in revenue from brand-new taxes that it has introduced over the last decade according to new research by UHY Hacker Young. The new taxes cost £7.6 billion in 2018/19, up from £7.4 billion n the previous year. The newest tax, the Soft Drinks Levy, has cost over £300 million…
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The Government has announced that it is pushing ahead with proposals to prioritise the repayment of some tax debts in insolvencies from April 2020. The extra money which will be repaid to HMRC under these proposals will come out of funds which would otherwise have been paid to creditors including pension schemes, trade creditors, lenders,…
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In June, the following administration notices have been issued and advertised in the London Gazette for the following companies: A G BAKER FENCING LTD ACI FINANCIAL LTD AFFINITY CORPORATION LTD AGS SUPPORT LTD AIM HIRE GLOBAL LTD AMICUS RENEWABLES LTD ATLANTIC FINANCE (UK) LTD BATMART INTERNATIONAL LTD BEAMISH TRANSPORT LTD BENNETT MANUFACTURING SERVICES LTD BOOTH…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: BACK TO BACK CARE LTD BALLYCOLM CONTRACTS LTD BANDENIA FIDUCIARY MANAGEMENT LTD BANGOR CITY FOOTBALL CLUB LTD BCS MEDICAL (SHACKLETON) LTD BEAT STREET MANCHESTER LTD BEAT TV LTD BECKLEY DESIGN & CONSTRUCTION LTD BEST ELECTRICAL EUROPE LTD BEVERLY…
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There are likely to be many more Company Voluntary Arrangements (CVAs) for retailers following the recent agreement for the Arcadia group as the sector’s problems continue according to a leading insolvency practitioner. Eileen Blackburn, head of Restructuring and Debt Advisory at French Duncan LLP, said that the issues which led to the Arcadia CVA persist…
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Company boards will now be held accountable for payment practices to small businesses within their companies in a drive to increase transparency and accountability on late payments. Measures will force Audit Committees to report payment practices in company annual reports. The government will consult on strengthening the powers of the Small Business Commissioner to hold…
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In May, the following administration notices have been issued and advertised in the London Gazette for the following companies: ABERDEEN BERRY STREET CENTRE LTD AIM CONSTRUCTION & DEVELOPMENT LTD ALFA PRECISION AND GENERAL ENGINEERING COMPANY LTD ALTURA 10 SCAFFOLDING LTD AM 2 PM RETAIL SERVICES LTD APPPAY UMBRELLA LTD AQUA ITALIA LTD ARBORETUM DEVON (RLH)…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 15 GREENWOOD PARK LTD 1ST CHOICE CAKES LTD 1ST LINE FINANCIAL LTD 30 HARLEY HOUSE LTD A A HOMES & HOUSING LTD A TO Z SCENERY LTD A.G. AXTON & SONS (WHOLESALE) LTD AA BUILDING SOLUTIONS LTD ABBOTSGATE…
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It has been announced that from 1st June, the process for complaining about enforcement agents (bailiffs) will be streamlined. The Civil Enforcement Association (CIVEA) will no longer review complaints on behalf of its members. With CIVEA no longer involved, all complaints about enforcement agents acting on behalf of local authorities will go straight to the…
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Dun & Bradstreet’s 2019 Global Bankruptcy report has revealed that business failures have declined globally, despite increased economic challenges. However, with global economic challenges on the rise, most regions are forecasted to grow more slowly than in 2018, with the number of business failures forecast to increase in the coming months. Forty-nine percent (49%) of…
Read moreCelebrity chef Jamie Oliver’s British restaurant chain filed for bankruptcy protection on Tuesday, mainly due to increased competition and escalating rents in local commercial districts according to reports. The insolvency will leave 1,000 people out of work. Oliver wrote on Twitter “I’m devastated that our much-loved UK restaurants have gone into administration, I am deeply…
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New research by fraud investigation technology provider HooYu has identified loopholes at Companies House that enables individuals to register as a director, to run businesses and to enable fraud and money laundering, even after they have been struck-off from holding company directorships. The analysis also uncovered over 500 so-called “chameleon” directors who have been disqualified…
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