Credit, Collections & Insolvency News
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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The Government has announced a raft of new measures for self-employed workers. These included: Self-employed people will be able to apply for a grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month. At least half their income needs to have come from self-employment as registered on…
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Businesses will be given an additional three months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19. The joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus. There are approximately 4.3 million businesses on the Companies…
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The Institute of Directors (IoD) is calling for emergency insolvency measures to prevent widespread company collapses. Under current laws, the board of directors has a strict duty to cease trading if the company is facing insolvency, and may face personal financial or legal liabilities at a later date if they seek finance instead of doing…
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A new Coronavirus Business Interruption Loan Scheme (CBILS) has been opened to smaller businesses. The scheme can provide facilities of up to £5 million for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. Although the Budget announced that an initial £1.2 billion of government-backed lending…
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