Credit, Collections & Insolvency News
One third (33%) of UK businesses are concerned about the potential impact Brexit will have on their suppliers and customers, according to new research from R3, the insolvency and restructuring body. The research, a survey of 1,200 senior business financial decision-makers, carried out for R3 by BVA BDRC, found that 11% of businesses have reviewed…
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The Financial Reporting Council (FRC) has commenced an investigation into the audit by EY of the financial statements of Thomas Cook Group for the year ended 30 September 2018. The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure. The FRC will keep under close review both the scope of…
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The Insolvency Service (IS), the executive agency responsible for overall authorisation and regulation of the insolvency profession (including supervising the insolvency regulators) conducted its annual monitoring on the Insolvency Practitioners Association (IPA) in April 2019 as is standard protocol in insolvency regulation. The report has now been published and details improvements that the IPA has…
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More consultation is needed before the Government progresses plans to change how planes are used in airline insolvencies, R3, the insolvency and restructuring trade body, has warned. On Wednesday (25th September) during a ministerial statement on Thomas Cook, the Secretary of State for Transport, the Rt Hon Grant Shapps, said: “Firms need to be able…
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An investigation by the real estate adviser Altus Group has revealed that, during the last financial year (2018/19), over 78,000 non-domestic properties from shops to restaurants to pubs to factories were referred to Bailiffs to levy ‘distress’ and to seize their goods having fallen into arrears with business rates. Bailiffs are instructed by Councils, once…
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The UK Civil Aviation Authority (CAA) said the tour operator has “ceased trading with immediate effect” after winding up orders were made against Thomas Cook Group plc and associated companies. The court appointed the Official Receiver as the Liquidator. The court has appointed Special Managers to assist the Official Receiver with the liquidation. Insolvency Practitioners…
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Leading business groups and insolvency experts have written to the Chancellor to warn that plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies will have serious consequences for the UK economy. Under legislation included in the draft Finance Bill, the Government is planning that, from 6 April 2020, certain tax debts…
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HMRC has announced a one-year delay to the implementation of the Value Added Tax (VAT) reverse charge until 1 October 2020 after “industry representative raised concerns” about the move. In June, the government published guidance about the so-called reverse charge on the way VAT is collected in the building and construction industry. The changes were…
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The Financial Conduct Authority (FCA) has made two new senior appointments. Kate Collyer joins its Chief Economist and Marlene Shiels, joins as Chair of the FCA’s Smaller Business Practitioner Panel. Collyer is currently Chief Economist for Energy and Market Frameworks and Joint-Director of Analysis at Department for Business, Energy and Industrial Strategy (BEIS). The FCA’s…
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New identity checks for company directors should be introduced to help reduce business fraud, says Tim Cooper, chair of insolvency and restructuring trade body R3 in Scotland. A Government consultation into enhancing the role played by Companies House in the UK’s anti-fraud framework, which recently closed, provides a real opportunity to significantly strengthen the UK’s…
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The Chartered Institute of Credit Management (CICM) new rules for the Prompt Payment Code (PPC) have now come into effect. The new rules mean that companies could be blocked from bidding for government contracts worth over £5m if they fail to pay 95% of their invoices within 60 days. Reacting to the start of the…
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Bupa Insurance Services poor payment practices have been exposed in a new report by The Office of the Small Business Commissioner. The reports names Bupa for failing to pay adequate compensation to a small business in a case of late payment of invoices, following an investigation into a complaint. The small business commissioner found that…
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Dun & Bradstreet’s latest UK Industry report has revealed that retailers continued to face a challenging business environment throughout the first half of the year. Between falling year-on-year sales, as reported by both the BRC and ONS, and a growing number of vacant stores, retailers are feeling the brunt of consumer uncertainty, particularly surrounding the…
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