Credit, Collections & Insolvency News
A number of key organisations from across the insolvency and restructuring framework have welcomed the passing of the Corporate Insolvency and Governance Act into law, following its Royal Assent on 26th June. The Act is the largest change to the UK’s corporate insolvency regime in more than 20 years. It introduces new corporate restructuring tools…
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The government has announced that it will extend measures to prevent high street businesses facing eviction over summer. The extension, until the end of September, comes alongside further support to help local businesses plan for economic recovery following the coronavirus pandemic. A new code of practice has been developed with leaders from the retail, hospitality and property…
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New research by Coface has predicted that the number of insolvencies is expected to rise across Europe in the second half of 2020, and in 2021. Germany, the least affected country, is still on track for a 12% increase in insolvencies between end-2019 and end-2021. France (21%) and Spain (22%) will be more affected by…
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More than 910,000 businesses have now been helped by the banking and finance industry through the government’s coronavirus loan schemes. Figures published by HM Treasury has revealed that lenders have provided £38.2 billion through the three major government-backed lending programmes. £3.3 billion has been approved to 83,000 businesses in the past week, with more applications expected…
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Businesses are facing significant difficulties in the face of the coronavirus pandemic and are pessimistic about their growth once the crisis passes, according to a survey commissioned by UK Finance and undertaken by BVA BDRC. The research finds that the COVID-19 crisis has negatively impacted 69 per cent of businesses, with three out of five…
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The Insolvency Service has published its latest insolvency statistics which have shown a decrease in May, compared to a year ago, in England & Wales. There were 994 company insolvencies in May 2020, comprising of 790 creditors’ voluntary liquidations (CVLs) 32 compulsory liquidations, 110 administrations and 12 company voluntary arrangements (CVAs). There were no receiverships.…
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The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers company insolvencies in Scotland has published its statistics for May 2020 which indicated that there were 35 company insolvencies in Scotland. The figures showed a 55% reduction of 55% when compared to May 2019. This comprised of 16 CVLs, 10 compulsory liquidations, six administrations and three…
Read moreOver half of financial services professionals neglect safe data practices working from home according to new research by Tessian. 56 per cent of financial services professionals are less likely to follow safe data practices and 61 per cent feel they can ‘get away’ with riskier behaviour when working remotely. The State of Data Loss Prevention…
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The banking and finance industry has backed over 830,000 UK businesses through the Government’s coronavirus loan schemes. according to the latest figures published by HM Treasury. The figures reveal that lenders have provided £34.9 billion through the three major government-backed lending programmes. £3.6 billion has been granted to 85,000 businesses in the past week, with…
Read moreIn May the following administration notices have been issued and advertised in the London Gazette for the following companies: ADELIE FOODS BIDCO LTD ADELIE FOODS GROUP LTD ADELIE FOODS LTD ADELIE HOLDCO UK LTD AHS COMMERCIAL LTD ALDO UK LTD ANTLER (HOLDINGS) LTD ANTLER LTD ARLINGTON AUTOMOTIVE HOLDINGS LTD ARLINGTON AUTOMOTIVE NE LTD ARLINGTON ENGINEERED…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in May 2AM DESIGN LTD 624 SEACROFT AND MAYWEATHER PRODUCTS LTD A-Z STATIONERS LTD AAC AIR CONDITIONING LTD AB TRAFALGAR SQUARE LTD ACTIVE ORTHOTICS LTD AEGIS ENVIRONMENTAL SOLUTIONS LTD AFFORDABLE HOME FURNISHINGS LTD AIR RISK INTERNATIONAL…
Read moreIn May, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ACCESSIBLE SCAFFOLDING LTD AGB DEVELOPMENTS DARTFORD LTD ALLIANCE PREMIER LTD ARAB FASHION COUNCIL ARMTHORPE SKIPS LTD BLUE ROCK GROUP LTD BRISCOE OFF LICENCE LTD CASTLE PARK PROPERTY LTD CHINA TOWN LEISURE LTD CITY EXPRESS TRANSPORT LTD…
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The Government has announced that it will provide guarantees of up to £10 billion to trade credit Insurance schemes for business-to-business transactions. The Trade Credit Reinsurance scheme, which has been agreed following extensive discussions with the insurance sector, will see the vast majority of Trade Credit Insurance coverage maintained across the UK. The guarantees will…
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