Credit, collections & insolvency news
Latest Office for National Statistics (ONS) figures show that business closures have outpaced openings for the first time since 2010. The ONS Inter-Departmental Business Register shows that there was a 7% year-on-year decline in new businesses in 2022, while business closures were up 5%, meaning it was the first time since 2010 that closures overtook…
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Insolvency and corporate recovery practice Inquesta has announced it has appointed Peter Connor as a Business Development Manager. Connor who has over 25 years’ experience in the field, has previously worked in similar roles at firms including Begbies Traynor and Leonard Curtis. His arrival at Inquesta follows the recent appointments of Jeffrey Cheung and Alex Kay…
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In October the following administration notices were issued and advertised in the London Gazette for the following companies: ACUITY PROFESSIONAL LTD ADAMO PRECISION ENGINEERING LTD ALEX THORP TRANSPORT LTD ALLAN SNOW LTD ANDREWS INFINITY PARTNERSHIP LLP ANDROMEDA ENTERPRISES LTD APEX RIDES LTD APPLETREE FARM CRESSING LTD ASTON CLINTON DEVELOPMENTS LTD AXIOM INCE LTD B13 TECHNOLOGY…
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In October Winding Up Petitions (Companies) were issued and advertised in the London Gazette for the following companies: 1ST ELEVEN LTD 24/7 RESCUE AND RECOVERY UK LTD 346 LTD 4D CLEANING & MAINTENANCE LTD 4LIFE HEALTHCARE LTD A&S MANAGEMENT LTD ACE MOTORS (SOUTH ELMSALL) LTD ACS MANAGEMENT SERVICES LTD ADDISON GROUP LTD ADLINGTON ELECTRICAL LTD…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in October: 04983167 LTD 10277386 LTD 16TH VENTURES LTD 17 K C SERVICE MANAGEMENT LTD 1ST CLASS BRICKWORK LTD 21ST CENTURY BUILD LTD 2BLTD LTD 4 RENT VEHICLE HIRE LTD 66 HXV LTD 7 CLOTHING LTD…
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The Office for National Statistics (ONS) has reported that a record number of businesses closed across the UK last year, surpassing the ‘birth rate’ of new businesses. The research found that 345,000 businesses shut their doors in 2022, the highest figure since records began in 2002. Meanwhile, 337,000 new businesses started trading, down from the…
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New figures reveal that the number of pub and bar insolvencies has risen 66% in the last year according to latest data by UHY Hacker Young. The data show the number of pub and bar insolvencies increased from 438 to 725. The average draught beer prices have increased 9 per cent from £4.23 in January…
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A former Director of Extra Energy Supply has been banned from running a business for six years. Mordechay Ben-Moshe, 48, was a Director of Birmingham-based Extra Energy Supply, which supplied around 130,000 household and business customers at the point it went into administration in December 2018. At the time of its collapse, Extra Energy Supply was…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for October 2023 was 2,315, 18% higher than in the same month in the previous year (1,954 in October 2022). The business insolvencies consisted of 256 compulsory liquidations, 1,889 creditors’ voluntary liquidations (CVLs), 146 administrations, 23 company…
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Latest figures from Accountant in Bankruptcy (AiB) has shown that business insolvencies in Scotland increased. In October 2023 there were 99 business insolvencies registered in Scotland, 21% higher than the number in October 2022. The business insolvences comprised of 35 compulsory liquidations, 58 CVLs, four administrations and two CVAs. There were no receivership appointments.
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Latest monthly statistics from the Insolvency Service have indicated that business insolvencies significantly increased whilst personal insolvencies figures fell. In October 2023 there were 27 business insolvencies registered in Northern Ireland, 80% higher than October 2022. The business insolvencies comprised of 12 CVLs, 14 compulsory liquidations and one administration. There were no CVAs or receivership appointments. There…
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New research from leading global management consultancy Kearney has found that the number of zombie companies in the energy industry fell 13% in 2022, dropping from 3.9% in 2021 to 3.4%. This is despite a 5% increase in the global share of zombie companies across all industries. The OECD defines zombie companies as those that…
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Sheffield insolvency and business turnaround practice Graywoods has officially changed its name following its acquisition by the national Leonard Curtis group. Graywoods was founded by Adrian Graham and Deborah Lockwood, who have worked together since 1999. It will continue to operate from its office in Sheffield’s city centre’s Fountain Precinct but will now be known…
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