Credit, Collections & Insolvency News
The Institute of Directors is has called for an extension to emergency insolvency measures to prevent company collapses and job losses. Under normal circumstances, directors have a strict duty to cease trading if their company is facing insolvency and may face financial or legal liabilities if they seek finance instead of doing so. In June,…
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Over half (54%) of businesses who had not permanently ceased trading said they were owed outstanding invoice payments according to the latest results from the Business Impact of Coronavirus [COVID-19] Survey (Bics), published by the Office for National Statistics (ONS). One in ten businesses reported being at moderate (9%) or severe (1%) risk of insolvency,…
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Responding to further changes to the Job Retention Scheme taking effect last week, Federation of Small Businesses (FSB) National Chairman Mike Cherry said: “The Job Retention Scheme has been a huge success, protecting livelihoods and the futures of businesses all over the country. We now have to avoid a scenario where its wind down triggers…
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The Financial Conduct Authority (FCA) is investigating more than 150 Coronavirus-related scams since the outbreak began, according to official figures. The data, obtained under the Freedom of Information (FOI) Act by the Parliament Street think tank’s cyber research team, reveals the extent to which financial services organisations and banks have been targeted by financial criminals…
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One in 10 businesses have admitted they are at risk of insolvency due to the pandemic. The figure is revealed in the latest business impact of coronavirus survey from the Office for National Statistics (ONS) which shows 10 per cent said their enterprise is at ‘moderate risk of insolvency’ and one per cent put the…
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Eight in ten Chief Financial Officers (CFOs) fear their businesses are ill-prepared to handle a decrease in sales volumes as the full impact of Covid-19 begins to be felt on the UK economy, according to research from Euler Hermes. The findings come from its The Finance Leader of Tomorrow survey, which profiles European finance directors’…
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The British Business Bank publishes Future Fund data that gives a detailed picture of the 590 companies that have been approved for £588.3m worth of Convertible Loan Agreements since the scheme was launched on 20th May. There have been 902 applications in total in the first three months of operations. This data shows where companies…
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The Insolvency Service has published its latest figures which indicate that in July 2020 that there were ten company insolvencies in Northern Ireland down from 21 in July 2019, this consisted of seven CVLs, one CVA, one administration and one compulsory liquidation, the first compulsory liquidation in Northern Ireland since the implementation lockdown on the…
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The Insolvency Service has published its latest figures which indicates that in July business insolvency numbers in England and Wales increased by 29% when compared to June 2020 but are 34% lower than in July 2019. The figures show that there were 955 company insolvencies in July 2020. comprising of 590 creditors’ voluntary liquidations (CVLs),…
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The Insolvency Service has published its latest figures which indicate that in July 2020 there were 52 company insolvencies in Scotland, a reduction of 46% in comparison to July 2019. This comprised of 20 compulsory liquidations, 28 CVLs and four administrations. There were no company voluntary arrangements or receivership appointments. Historically the volume of company…
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New data released by the Treasury has revealed that £51.7 billion was lent to businesses via the Government’s emergency coronavirus loans funding schemes. Lending under the bounce back loan scheme accounted for £34.96bn, with a total of 1,404,726 applicants and 1,157,296 approvals; under the coronavirus businesses interruption loan scheme (CBILS), lending hit £13.41bn, with 121,669…
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In July the following administration notices have been issued and advertised in the London Gazette for the following companies: 1ST CHOICE SCAFFOLDING (ISLE OF WIGHT) LTD 4-14 SPURSTOWE TERRACE LLP AERO TECHNICS AVIATION LTD AERO TECHNICS LTD AERO TECHNICS SERVICES LTD AIRBASE INTERIORS LTD AL REALISATIONS LTD ALBANY BRENT LTD ALPHA TECHNOLOGY (INT) LTD AMCO…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in July. 06472896 LTD 1313 BATH LTD 1489 CONSTRUCTION LTD 2 B FITNESS LTD 3K BUILDERS LTD 5 STAR SERVICES READING LTD A T P CONTRACTORS (MIDLANDS) LTD A WASTE SOLUTION LTD ABC HEALTHCARE & CONSULTANCY…
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