Credit, Collections & Insolvency News
Water regulator, Ofwat has proposed a package of measures to protect business retail customers and minimise disruption in the market. The impacts of COVID-19 are being felt across the whole of the UK economy and throughout each and every sector. In water, the business retail market in England will inevitably be affected, both through businesses…
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Small business loans platform, Funding Circle has been approved for accreditation by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS), term loan variant. Funding Circle expects to open CBILS applications within the next week once it has completed the required legal and operational approvals with the Bank. Keith Morgan, CEO, British…
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UK Finance has announced that a total of £1.1 billion in coronavirus support funding has been loaned to 6,020 SMEs so far. The total proportion of firms receiving payouts is less than one in four of those who made a claim, with 28,460 applications submitted. Analysis shows that just 2.6% of the money available has…
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The Federation of Small Businesses (FSB) has received more than 500 emails to a special hotline set up so that individual real-life examples of those not covered by the proposed Self-Employed Income Support Scheme (SEISS) could be highlighted to those running it. SEISS was announced by the Chancellor last month as part of the government’s…
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In March the following administration notices have been issued and advertised in the London Gazette for the following companies: 18 HOSPITALITY LTD 56-58 ESSEX ROAD LTD A.T.B. COMPUTING SERVICES LTD AEGIS WATER TREATMENT LTD AHS COMMERCIAL LTD AIS SECURUS LTD AMIANTO LTD AMTEC LTD AND WORLDWIDE LTD APERTURE TRADING LTD ASSEMBLED ELECTRONIC SOLUTIONS LTD ATL…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in March 10 DEGREES C LTD 100 DG RESTAURANT LTD 101 STUDIO (UK) LTD 1ST EURO FIRE PROTECTION LTD 55 PUB CO LTD 868 LTD 9PERCENT LTD A H CONISBEE & CO LTD A J AGIUS…
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In March, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 3 THREE’S COFFEE LOUNGE LTD A-TEAM DEMOLITION & WASTE SERVICES LTD A1 GROUP (SOUTH) LIMITED ACE CONSTRUCTION EQUIPMENT LTD ACTIVE REMEDIAL SOLUTIONS LIMITED ADVANCED COATING SOLUTIONS LIMITED ADVENT BUILDING SERVICES LTD AGAR BROWN EVERTON LIMITED AH…
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The Government has announced further measures to support firms impacted by Covid-19, including widening access to the Coronavirus Business Interruption Loan Scheme (CBILS) and creating a new scheme for larger firms. Launched on 23 March, today the Coronavirus Business Interruption Loan Scheme (CBILS) has been significantly expanded along with changes to the scheme’s features and…
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The Chartered Institute of Credit Management (CICM) Chief Executive has issued a warning that payment holidays could be simply delaying a business’ collapse, following research that found that a third (34%) of credit managers have been asked to renegotiate or ditch existing payment terms The CICM says that payment holidays and time to pay, while easing…
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Restaurant chain Carluccio’s has entered administration. The company has 71 UK restaurants meaning that 2,000 employees at now at risk of losing their jobs. FRP Advisory have been appointed as the administrators. Geoff Rowley, Partner at FRP, said “We are operating in unprecedented times and the issues currently facing the hospitality sector following the onset…
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The Association of Accounting Technicians (AAT) is calling on the government and large employers to take stronger action on payment of suppliers on time, to help support small and medium-sized businesses during the ongoing Covid-19 (coronavirus) pandemic. Following the actions of large employers such as Morrisons, which is paying all its small suppliers immediately rather…
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Struggling companies undergoing a rescue or restructure process will be allowed to continue trading, giving them breathing space to avoid insolvency. New government measures mean that the change involves temporarily suspending wrongful trading provisions retrospectively from 1st March for three months for company directors so they can keep their businesses going without the threat of…
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Dun & Bradstreet has published its country insight report into the United Kingdom, which looks at the adverse effects of the coronavirus on the country’s business environment. The report has downgraded the UK’s country risk rating by two quartiles to DB3b (a new all-time low) as the coronavirus pandemic continues to adversely impact opportunities for…
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