Credit, Collections & Insolvency News
The ban on football fixtures, due to Covid-19, could cause an insolvency crisis which will hit Football League clubs hard, warn experts at Begbies Traynor. Paul Stanley, regional managing partner for Begbies Traynor in Manchester, said “Cashflow through the turnstiles is what keeps football clubs afloat. It’s the pies, pints and programmes sold at the…
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The Budget has confirmed plans to grant HMRC ‘preferential status’ in insolvencies from December 2020, says insolvency and restructuring says trade body R3. Business groups, including R3, have described this policy as a threat to business lending and business rescue. From December, debts owed to HMRC by insolvent businesses will be repaid in advance of…
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The Bank of England has announced a number of measures to respond to the economic shock from Covid-19. In a statement, the Bank of England’s said that its role is to help UK businesses and households manage through an economic shock that could prove sharp and large, but should be temporary. The Bank’s three policy…
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The Federation of Small Businesses (FSB) has urged the Chancellor to unleash small business confidence at today’s Budget by making good on manifesto pledges and introducing a raft of measures to support those suffering from coronavirus-linked disruption. The FSB would like to see an immediately deliver manifesto commitments to increase the Employment Allowance, reduce business…
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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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