Credit, Collections & Insolvency News
Businesses with supply chains that rely on Trade Credit Insurance and who are experiencing difficulties maintaining cover due to Coronavirus will get support from the government, the Economic Secretary to the Treasury, John Glen has announced. Trade Credit Insurance provides cover to hundreds of thousands of business to business transactions, particularly in non-service sectors, such…
Read moreScottish Parliament has published a new bill to amend bankruptcy legislation. The Coronavirus (Scotland No.2) bill will be subject to an expedited procedure and subject to Parliament’s approval, is likely to come into force by the end of the month. The Bill includes proposals to make a number of important changes to current bankruptcy legislation,…
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The Government has been urged to apply a zero rating to VAT on High Court enforcement fees by the High Court Enforcement Officers Association (HCEOA). In its response to a Ministry of Justice consultation on the issue, the HCEOA this week said new regulations on VAT fees needed to be simple, fair and consistent. As…
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The number of corporate insolvencies seen during April 2020 was down by a third on the previous year, as government support packages have given companies vital headroom to deal with the Covid-19 pandemic. A total of 61 companies fell into administration during April 2020 compared to 91 in April 2019, according to analysis of notices…
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The banking and finance sector has lent over £5.5 billion to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), new figures from UK Finance have revealed. Almost £1.4 billion worth of loans were provided in the week from 29th April to 6th May as lending under the scheme continues to grow. The…
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The government has announced that a revaluation of business rates will no longer take place in 2021. The announcement aims to help reduce uncertainty for firms affected by the impacts of coronavirus. The legislation had been introduced to bring the next revaluation forward by one year from 2022 to 2021, but following the recent economic impacts of the coronavirus pandemic ministers want to ensure businesses have more certainty during this difficult time. Communities Secretary Rt Hon Robert…
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The British Business Bank has announced that it has approved nine new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), bringing the total number of CBILS lenders to over 60. New lenders Assetz Capital, Atom bank, Ebury, Fleximize, Investec, Social Investment Business, Tower Leasing, Ultimate Finance and White Oak UK, will be…
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Age UK has written an open letter to the Financial Conduct Authority (FCA) to help older and vulnerable customers who are struggling to get cash as the lockdown continues, saying that “we are now approaching a critical time in the crisis…for older people.” The letter asks the FCA to consider introducing guidance to force banks…
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In April the following administration notices have been issued and advertised in the London Gazette for the following companies: 16 HOSPITALITY LTD 16H LTD 16H TRADING LTD ADVANCED RESIN TECHNOLOGIES LTD ALEXCARS LTD ANGLESEY HOSPITALITY LTD ANGORA RETAIL LTD ANGORA STORES LTD B & G FINANCE LTD BARCLAY-SWANN LTD BASSET & GOLD PLC BASTYAN FASHIONS…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in April: 09 ONLINE DEALZ LTD 1CALLDRAINAGE LTD 2020 GROUP CONSTRUCTION LTD 22 PARK ROAD LTD 30SIX TRADER LTD 5 POINTZ LTD 50BEAS LTD 7 OAKS HOTEL LLP A & A ROOFING & BUILDING MAINTENANCE LTD…
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In April, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 08936190 LTD 24 INTERTRADE LTD A HERITAGE WINDOW CO. LTD AAC AIR CONDITIONING LTD AMFI LOGISTICS LTD AMMA CONVENIENCE STORE LTD ASHTON MAPLETREE LTD ASTRA RECRUITMENT SOLUTIONS LTD AUTOMART DIRECT LTD B S & N K…
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Following the Chancellor of the Exchequer’s announcement on 27th April, the Bounce Back Loans Scheme opens for applications from today (Monday 4th May) Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans target small and micro businesses in all sectors, providing loans from £2k up to 25% of the…
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The Financial Conduct Authority (FCA) has announced it intends to seek legal clarity on business interruption (BI) insurance to resolve doubt for businesses who are facing uncertainty on their claims. The FCA has outlined that it intends to seek a court declaration, on an agreed and urgent basis, to resolve uncertainty for many customers making…
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