Credit, Collections & Insolvency News
As we approach the end of an unpredictable and tough year for businesses, Barclaycard Payments’ latest SME Barometer has found that two-thirds (66 per cent) of small and medium-sized enterprises in England feel more prepared for the current national lockdown than they did for the first lockdown in March. The top reasons given for this…
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The Government is being urged to delay new Insolvency rules to protect distressed SMEs as Small business owners face failure and also face increased risk of losing their home. according to Purbeck Insurance Services. This December, HMRC is set to become a preferred creditor in a business insolvency, putting thousands of owners and directors of…
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Latest figures from the Insolvency Services have shown that corporate insolvencies decreased to 856 in October 2020 compared to September’s figure of 925, and remained well below October 2019’s figure of 1,485. The overall number of company insolvencies decreased by 42% in October 2020, when compared to the same month last year. This was primarily…
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The Insolvency Service has published its latest figures which indicate that in October 2020 Scottish company insolvencies decreased by 47%. The figures show that. In October 2020 there were 44 company insolvencies in Scotland, a reduction of 47% in comparison to October 2019. The insolvency figures comprised of 11 compulsory liquidations, 27 CVLs, five administrations…
Read moreAccountancy firm RSM has called on the Chancellor to urgently consider a twelve-month delay to the introduction of HMRC’s preferential creditor status. This change, due to come into effect on 1st December 2020, will have the dual effect of limiting funding and restructuring options for businesses, which RSM believes will undermine the current rescue culture…
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Research by PwC and the Local Data Company has indicated that up to 5,552 retail outlets that closed in March have not managed to reopen over the summer, leaving over one in eight shops in limbo. A total of 36,209 of the 43,766 shops across Britain reopened after the lockdown, whereas more than 2,000 closed…
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In October the following administration notices have been issued and advertised in the London Gazette for the following companies: AEQUITAS INVESTMENTS LTD ANDREW’S HOMES (ABERDEEN) LTD APEX ENGINEERING SOLUTIONS LTD APPAREL GROUP LTD ARL 011 LTD ARL O09 LTD ARMONDI UK LTD BAYLEAF CLEANING LTD BE THE HOUSE LTD BERKELEY ASSET FINANCE LTD BIOMECANN PLC…
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In October, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ALL ENGLAND GAS SERVICES LTD ALPHA CONTRACTORS LTD ANDERSON MECHANICAL SERVICES LTD ANIMAL HEALTH TRUST ASERGIS TELECOM LTD BARROCHAN LT BB5 LTD BHB PARTNERSHIP LTD BIG SKY PRINT LTD. BLACK ISLE BUILDING SERVICES LTD BLOCKSOURCE LTD…
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Over £1.1 billion of suspected fraud via the government’s bounce back loan scheme has been prevented by lenders so far, an indication of how criminals have aggressively targeted the scheme. Estimates from the British Business Bank provided to the Commons public accounts committee said lenders had rejected 26,933 bounce-back loans over concerns they could be…
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The Treasury has announced that applications for the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme will now be open until the end of January. The extension, which carries support before the previous end point of 30th November, also applies to the Future Fund, an initiative…
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The Insolvency Services has published the latest business insolvency figures for Q3 2020 which indicate a 39% fall in number to 2,672, down 9% on Q2 2020, and down 39% on Q3 2019. The fall in corporate insolvencies was driven by a decrease in Creditors’ Voluntary Liquidations (CVLs), though Administrations slightly increased (by 2%) and Company…
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The Insolvency Service has published its latest figures which indicate that in Q3 2020 Scottish company insolvencies decreased by 44%. The Accountant in Bankruptcy, Scotland’s Insolvency Service, administers company insolvency in Scotland showed that In Q3 2020, there were 139 total insolvencies in Scotland, a fall of 44% on the same quarter of 2019. This…
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County Court Judgments (CCJs) against businesses in England and Wales fell 58 percent in Q3 2020, compared to the same quarter in 2019, according to new figures by Registry Trust. The number of CCJs against businesses decreased from 37,589 in Q3 2019 to 15,970 in Q3 2020. The total value of CCJ debt owed by…
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