Credit, Collections & Insolvency News
UK business groups and insolvency experts are again sounding the alarm about Government plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies from 6th April 2020. In a joint statement ahead of the Budget, the groups are warning the new Chancellor that the Government’s proposals will damage access to finance for…
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The Chartered Institute of Credit Management (CICM) has confirmed it has transferred the hosting and administration of the Prompt Payment Code to the Small Business Commissioner’s (SBC) office in line with the Government’s stated ambition to bring all late payment initiatives under a single umbrella. Since its launch in 2008, the Code has played an…
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In February, the following administration notices have been issued and advertised in the London Gazette for the following companies: ADVANCED FIRE SOLUTIONS LTD AIM ENGINEERING LTD ALLARD CONSTRUCTION LTD ALYSSUM HOLDINGS LTD API FOILS HOLDINGS LTD API FOILS LTD API GROUP LTD API GROUP SERVICES LTD API HOLOGRAPHICS LTD API LAMINATES LTD API-STACE LTD APPLE…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in February: 08165909 LTD 1 JAC LTD 1A INSTALEC LTD 1ST BED GUEST HOUSE LTD 2 X 2 LTD 389LOG LTD 6 MUSTARD LTD 786 EXPRESS LTD 7985433 LTD A 1 DOMESTICS LTD A A WHOLESALE…
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In February, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 36 DESIGNER BRANDS LTD A J ENGINEERING CONSULTANTS LTD A J W (VEHICLE SERVICES) LTD A P CONTRACTORS (UK) LTD A.P.D.J. LTD AA HOME GROUP LTD ABBEY HEALTH CARE LTD ABLE STAFFING LTD ABSOLUTE FENCING &…
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Late payments from customers are ‘business as usual’ for many small business owners in difficulty, according to new research from the Money Advice Trust, the charity that runs Business Debtline. The free business debt advice service helped more than 52,400 self-employed people and other small business owners last year. Nearly half (45%) of callers to…
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The High Court Enforcement Officers Association (HCEOA) has announced that there have been two detailed meetings and replies to parliamentary written questions, on VAT enforcement fees, The Association understands that the Ministry of Justice (MOJ) hopes to issue the guidance very shortly and that the final version will amend the guidance issued by the VAT…
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The Financial Conduct Authority, Information Commissioner’s Office (ICO) and the Financial Services Compensation Scheme (FSCS) have issued a joint statement warning FCA-authorised firms and insolvency practitioners to be responsible when dealing with personal data. The statement said that they are aware that some FCA-authorised firms and insolvency practitioners (IPs) have attempted to sell clients’ personal…
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A debt collection agency has been wound up after it misled clients over services it had promised to deliver and failed to account for money collected for its clients. Redwood Business Management Ltd, based in Newcastle upon Tyne was wound-up in the public interest on 3rd February 2020 at the High Court in Manchester before…
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Eleven firms – including several big names within the military, aerospace and defence sectors – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. BAE Systems (Operations) Limited, Leonardo MW Limited, and Smiths Detection are among those who have failed…
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The number of business customer complaints about retailers raised with the consumer watchdog has reached its lowest level for a year and a half. CCW – the voice for water consumers – saw the number of complaints made to it by non-household customers fall for a third successive quarter. CCW handled 812 complaints about retailers…
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Regulator, the Institute of Chartered Accountants in England and Wales (ICAEW) has issued a £925,000 fine to the administrators involved in the collapse of electrical goods retailer Comet. ICAEW has fined Deloitte £925,000, plus costs, for failings in its procedures relating to the administration of the company in 2012. ICAEW found that Deloitte’s client take-on…
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In what is a landmark case for the Insolvency Service, the courts have recently ordered a disqualified wine merchant to pay back more than £500,000 to creditors. This was after he abused customers’ trust and removed funds, of which a large part was due to be paid to customers after selling their wine stocks or…
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