Credit, Collections & Insolvency News
Business Secretary Greg Clark has welcomed a decision by several banks to set up funds to support small businesses affected by Carillion’s insolvency. Lloyds Banking Group has launched a £50 million fund, HSBC a £100 million fund and RBS has made £75 million of assistance available. It follows a meeting held by Greg Clark yesterday with banks where…
Read more
PwC has been appointed as the special managers to troubled outsourcing giant Carillion, which has announced it is going into compulsory liquidation with immediate effect, putting thousands of jobs and major government infrastructure projects, including the new HS2 high-speed rail link, at risk This weekend saw crisis talks between the company, key financial stakeholders and…
Read more
Britain’s complex tax system has caused a rise in the number of companies collapsing because of their debts to HMRC, according to a report. HM Revenues & Customs has emerged as the largest single creditor in 65% of cases where a business has been liquidated, a Freedom of Information request by Enterprise Tax Consultants has…
Read more
SA Insolvency, which has practices in Worcester, Hereford and Northampton, has agreed to merge with Benedict Mackenzie. The new business will be branded as Benedict Mackenzie. Director Sanjay Swarup said the two firms brought together more than 20 years of experience of providing insolvency and advisory services. “The scale will allow for better service, with…
Read moreThe report of the Public Accounts Committee (PAC) into HMRC’s performance published today (12 January 2018) makes for sobering reading according to the ICAEW. The ICAEW responded to comments from the Chair Meg Hillier that highlights the risks that HMRC faces from undertaking the largest transformational programme in Europe while at the same time coping…
Read more
New research from Deloitte has indicated that retail administrations have increased for the first time in 5 years. The research showed that: 118 retailers went into administration during 2017, up 28% from 92 in 2016 There was a significant increase (55%) in the number of large retailers that have gone into administration Total administrations across…
Read more
Bankruptcy Restriction Orders (BRO), which places sanctions against bankrupt executives and banned individuals from being a company director, forming, managing – or even give the impression of managing – a limited company, for up to 15 years, are not being enforced by authorities, leaving former millionaires free to keep assets and continue to enjoy lavish…
Read more
Nine companies which had provided services to directors of insolvent companies, have been placed in provisional liquidation. The actions follow an investigation by the Insolvency Service The companies names Rigil Kent Acquisitions Ltd; Rigil Kent Corporate Acquisitions & Turnaround Ltd; Rigil Corporate Rescue Ltd; Rigil Kent Group Ltd; RK Acquisitions Ltd; RK Corporate Rescue Ltd;…
Read more
The proportion of UK companies which are only paying the interest on their debts – one of the signs of a so-called ‘zombie’ business – has dropped to 3% in December from 5% in April this year, according to research by R3. The proportion of businesses only paying interest on their debts – equivalent to…
Read more
Irish SMEs are writing off €1.7 billion every year due to bad debts, according to a new report by Bibby Financial Services. Bibby said the firms are losing the money due to customers not paying bills, or customers becoming insolvent. The Global Business Monitor report from the firm found that an average of €13,780 is…
Read more
There was no festive cheer for retailers as December rounded off as the worst year for consumer spending since 2012 according to new research by Visa. Commenting on the data, Mark Antipof, Chief Commercial Officer at Visa said “Christmas rounded off a lean year for retailers with consumer spending seeing its first consistent 12 month…
Read more
Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies: 07428380 LTD 08161993 LTD 4 YES LTD A & J SALES MARKETING AND CONSULTANCY LTD A C MORRIS BUILDERS LTD AAYA LTD ACH GROUP MANAGEMENT LTD ACORN BUILDING CONTRACTORS LTD ACURATE SECURITY SERVICES LTD ADAM WATER LTD…
Read more
Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 09753626 LTD 1ST NATION LTD 365 ENERGY LTD A G M (RIVERSIDE) LTD A&G DESIGN & BUILD LTD ABBOTT & SON ELECTRICALS LTD ABSOLUTE EVENT SOLUTIONS LTD ACQUISITION 395445593 LTD ADAM MOTORS LTD AEJIS LTD AGRO FOOD LTD…
Read more