Credit, Collections & Insolvency News
In September the following administration notices have been issued and advertised in the London Gazette for the following companies: A&C UK GROUP LTD AQUASCUTUM (1851) LTD ARCHANT COMMUNITY MEDIA HOLDINGS LTD ARCHANT LTD ARGONAUT PROPERTY INVESTMENTS LTD ASSIMA UK LTD ATLAS 3T LTD AURUM GLOBE LTD BLACK AND BLACK RECRUITMENT LTD and other companies BOSSA…
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In September, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 2020 EDUCATION TECHNOLOGY LTD AMZ-UNLTD LTD B15 GROUP LTD B15 HOLDINGS LTD B15 LTD BENJAMIN’S INTERIORS LTD BISON CIVILS UK LTD BLANK THREAD SOURCE LTD BRYANMIZEN LTD CAILINI CAFE BAR LTD CARAVANA HOLDINGS LTD CARE FIRST…
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The government has announced that it will pay employees who cannot work 67% of their salaries, up to £2,100 a month for local lockdown areas which will require business closures. Responding to the announcement, The Money Advice Trust has welcomed the Chancellor’s expansion of the Job Support Scheme to support businesses forced to shut because…
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The Government has announced new plans for laws that will require mandatory independent scrutiny of pre-pack administration sales where connected parties, such as the insolvent company’s existing directors or shareholders, are involved in the purchase. The new laws will improve confidence and transparency in pre-pack administration sales, giving the general public and creditors reassurance that…
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An analysis of the government loan scheme for struggling small businesses by the National Audit Office (NAO) has suggested that criminals could have stolen more than £1.9 billion from taxpayers. The report also found that the Bounce Back Loan Scheme succeeded in quickly supporting small businesses, but the government faces a potential loss of £15…
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The UK’s mid-sized businesses, responsible for one-third of UK jobs and £1.4tn in revenues, risk having their Brexit plans side-lined as they deal with a second wave of the COVID-19 pandemic, according to new research from accountancy and business advisory firm BDO. The third monthly Rethinking the Economy poll of 500 mid-sized businesses leaders, published…
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Britain’s biggest hospitality groups have warned that more than 500,000 job losses will emerge across the sector within weeks unless government support materialises. The Events Industry Alliance (EIA), comprising ESSA, the AEV and the AEO has, last night, delivered an open letter to the Prime Minister, Boris Johnson, and the Chancellor of the Exchequer, Rishi…
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The Government has launched a new consultation that aims to protect small businesses with action on late payments. The Consultation launched aims to give Small Business Commissioner more power to support businesses and resolve late payment issues. The proposed new powers include ordering businesses to pay in good time and issuing fines if they do…
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Companies House has set out its new strategy for 2020-25 which outlines a commitment to tackling economic crime and driving confidence in the UK economy. The announcement follows the publication of the government response to the corporate transparency and register reform consultation. As well as setting out its. purpose and vision for the next 5…
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The Business Banking Resolution Service (BBRS) consultation for a new business complaints service has reflected a high level of demand for the new service following an exercise with stakeholder organisations. The work has been undertaken to ensure the service is developed in line with the needs of its customers – for both historical and contemporary…
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The Government is risking a substantial increase in company collapses by not extending a key insolvency measure, the Institute of Directors (IOD)has warned. In its Winter Economy Plan last week, the Government failed to renew the suspension of ‘wrongful trading’ rules for company directors. Under normal circumstances, directors have a strict duty to cease trading…
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Insolvency Practitioners (IPs) could potentially face huge fines for non-deletion and management of data belonging to the insolvent companies they act for according to IT asset disposal DSA Connect. The company says that unless the data has been permanently removed from the technology hardware the IP’s could well be legally exposed under GDPR. The company…
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UK firms are slashing costs, reducing debt and cutting headcount in a bid to survive as customers struggle to pay on time and in full according to new research by credit management group Intrum. The company’s new European Payment Report focuses on the negative financial disruption caused by the Covid-19 pandemic. Research carried out before…
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