Credit, Collections & Insolvency News
Administration notices have been issued and advertised in the London Gazette for the following companies: AIR MANAGEMENT SYSTEMS LTD ALBERT ROAD RECOVERY AND REPAIR LTD ANGLEWEST LTD ATLANTIC HOUSE LTD BACTEST LTD BAKER CONSULTANTS MARINE LTD BENCH LTD BILL LEWINGTON LTD BIRAKOS ENTERPRISES LTD BLUE SQUARE BUILDING LTD BOURGEE RESTAURANTS (BURY ST EDMUNDS) LTD BOURGEE RESTAURANTS…
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Reforms should be made to improve the effectiveness of Company Voluntary Arrangements, a common High Street insolvency procedure, according to research commissioned by insolvency and restructuring trade body R3 and supported by ICAEW. The research report, produced by the University of Wolverhampton and Aston University, recommends a cap on CVA lengths, more time for companies…
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Law academics will undertake research relating to ethics in insolvency proceedings which could impact on best practice in the future. Dr Lézelle Jacobs from the University of Wolverhampton Law School has been awarded £10,000 from INSOL International to carry out research: Corporate Insolvency Practitioners, Ethics and Remuneration: A case of Moral Bankruptcy? The research project…
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The number of debt decrees registered against Scottish companies sharply rose during the first quarter of 2018, according to latest figures released by Registry Trust. There were 750 decrees issued against all businesses in Scotland during Q1 2018, four percent more than during the same period of the previous year. A massive 39 percent rise in…
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The number of retailers entering insolvency has increased by 7% in the past year from 999 in 2015/16 to 1,071 in 2017/18 according to new research by insolvency specialist RPC. RPC says that the retail sector continues to suffer from a high-cost base whilst the shift in sales from the high street to the internet…
Read moreThe Financial Conduct Authority (FCA) and the Insolvency Service have signed a Memorandum of Understanding committing the two organisations to increased collaboration. The FCA and the Insolvency Service have strengthened ties after signing a Memorandum of Understanding (MoU) committing both organisations to increase collaboration around enforcement activities. In it’s 2016 Corporate Governance reform: green paper, the government outlined measures…
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There has been an 11% drop in the number of job vacancies in the UK’s restaurant sector over the last six months, according to research by Moore Stephens which suggests companies are cutting staff to save on costs. The research indicates that the number of vacancies fell to 32,900 in April 2018, from 36,900 in…
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One-in-six (15%) people who declared their assets when entering bankruptcy in 2016-17 had assets worth over £50,000, according to latest data provided by the Insolvency Service. In 2016-17, 60 people entering bankruptcy declared assets between £500,000 and £999,000; 26 had assets over £1m. Bankruptcy is a personal insolvency procedure where the insolvent person’s assets may…
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The Government’s proposed new guidance for consulting on collective redundancies in insolvency situations is ‘very positive’, says insolvency and restructuring trade body R3. Following a number of high-profile insolvency cases where employees were made redundant without the full statutory consultation period, the Government has been looking at reforms which could be made to redundancy consultations. R3 has…
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The total value of adverse county court judgments (CCJs) recorded in England and Wales rose sharply during the first quarter of the year, according to figures released today by Registry Trust. Rising seven percent compared to Q1 2017, this bucked a four-year trend where the number of CCJs issued had fallen year-on-year. However, an unusual…
Read moreIn the latest report into the collapse of Carillion, the Work and Pensions and Beis committees called Carillion’s rise and fall “a story of recklessness, hubris and greed” Responding to the publication of the Business, Energy and Industrial Strategy and Work and Pensions Committees’ full report on Carillion, Federation of Small Businesses (FSB) National Chairman…
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New research by Moore Stephens has found that there has been an 83% rise in the number of care home businesses entering insolvency, from 81 in 2016/17 to 148 in 2017/18. With many care home places being paid for by Local Authorities, the sector has been struggling since the Government cut local authority funding during…
Read moreAhead of the launch of the final report of their inquiry into the collapse of Carillion this week, the Work and Pensions and BEIS Committees has published evidence from Santander, the bank which operated Carillion’s Early Payment Facility. The report has found that despite being signatories of the Prompt Payment Code, Carillion were “notorious late…
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