Credit, Collections & Insolvency News
Nearly 4,000 businesses ceased trading as increased financial uncertainty gripped the UK in the first quarter of 2017 (Q1). Marginally over two-thirds of the 3,967 insolvencies – 68% – were voluntary, with the overall number rising by 4.5% in real terms compared to the fourth quarter of 2016. The research, carried out on behalf of…
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Intrum Justitia has released a European Payment Report which has highlighted the increasing pressure on SMEs to accept longer payment times. The report findings include: Contrary to political ambitions, a new European Payment Report from Intrum Justitia shows that small and medium-sized enterprises (SMEs) across Europe need to accept longer payment times from other, often…
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The High Court Enforcement Officers Association (HCEOA) has announced that David Asker, Authorised High Court Enforcement Officer (AHCEO) and Director of Corporate Governance at The Sheriffs Office has been elected to join the board. The HCEOA, formerly The Sheriffs Officers Association, was founded 130 years ago, with its core aim to represent its entire members and…
Read moreWinding up Petitions have been issued and advertised in the London Gazette for the following companies: A.G. LAMB LTD ACQUISITION 395446180 LTD ACQUISITION 395448370 LTD ACS FACILITIES LTD ADC TRADING (UK) LTD ADRIAN V LTD AESTHETICS OF LONDON LTD AIREDALE ENVIRONMENTAL SVS LTD ALBY DISTRIBUTION GROUP LTD ALEGRO ADVISORS LTD AMB ROOFING SERVICES LTD ARCRO HOLDINGS…
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The Insolvency Service has handed out 573 director disqualifications lasting more than five years in 2016/17, the highest figure since 2010/11. In 2015/16, it handed out 532 bans. Data from the regulator showed that, in total, there were 1,214 director disqualifications in 2016/17, compared with 1,210 one year earlier. The regulator said the average period of…
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Court Enforcement Services announces that they have appointed Chris Browning as the new Head of Client Services. He replaces Adele Whitehurst, who wishes to take a break from the industry and relocate overseas. Browning has over 10 years’ experience in client services which includes senior and global management roles with WGSN, the international consumer trend…
Read moreThe Civil Enforcement Association (CIVEA), which represents all the major civil enforcement agencies along with a number of independents, is to host a major conference this September 20th at One Great George Street in Westminster. The one-day event will include a conference and exhibition and will be free to delegates drawn primarily from local authorities. …
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The slowest-paying local councils took on average 38 days to pay their suppliers last year, says new research by the Asset Based Finance Association (ABFA), the body representing the Invoice finance and asset based lending industry in the UK and Ireland. Payment times to suppliers by local councils have remained persistently high in the past…
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Winding up Petitions have been issued and advertised in the London Gazette for the following companies: 4FRONT CLEANING LTD A & D HOMES LTD A & R HEATING & PLUMBING LTD A M GAS SERVICES AARON WEBSTER LTD ABSOLUTE HOME TEXTILES LTD ACTIONWAY LTD AE SYSTEMS LTD AERIAL CREATIONS LTD AGILE CONVEYANCING SEARCHES LTD AGP STEEL…
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Small businesses chasing payment for overdue invoices achieve significantly better results by sending solicitor’s letters, known as a letter before action (LBA), according to new research from fintech firm Ormsby Street. Two-thirds of LBAs sent will result in a small business being paid within seven days, while two-thirds of overdue invoices will remain unpaid after one…
Read moreIn 2016, insurance company Zurich found that more than 53% of Britain’s small and medium sized businesses (SME) have issues with late payments with 41% of those experiencing serious cash flow problems as a result. According to Zurich’s SME risk index, £225bn is owned in late payments to British SMEs and two-thirds of UK SMEs agree that…
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Winding up Petitions have been issued and advertised in the London Gazette for the following companies: ADVANCED WATER AND WASTE LTD AGENCY MOBILE (LONDON) LTD ALBUMCARDS LTD APEX STRUCTURES LTD APPLE SERVICES LTD ARMS SECURITY LTD ART REVIEW LTD ASTRO DEVELOPMENTS LTD BARCAM FACADES LTD BENTON PLANT LTD BRIGHTFIRE CONSTRUCTION GROUP LTD BRITANNIA SECURITY & MAINTENANCE…
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Almost half of the UK’s small to medium sized enterprises (SMEs) are being paid late, according to Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Bacs Direct Credit in the UK. The average late payment debt now stands at £32,185 which equates to a substantial £26.3 billion total across the 47 per…
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