Administrators appointed to American Apparel

9th November 2016 Commercial Credit Management |

 Jim Tucker and Richard Beard of KPMG LLP were appointed joint administrators of American Apparel (UK) Ltd and American Apparel (Carnaby) Ltd   The companies run the UK retail and wholesale operations of the US branded high street fashion retailer American Apparel. The UK business trades from 13 stores. American Apparel’s brand and US business is…

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Business closures have risen since Brexit

8th November 2016 Commercial Credit Management |

The number of business closures have risen since the Brexit vote, according to Quarter 3 insolvency statistics released by the HMRC. Business insolvencies are up by 2.2% and voluntary liquidations are up by 5.5%,. Simon Underwood, partner and business recovery specialist at Menzies said “Currency fluctuations and the challenging UK financial market have left many…

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British businesses brush off Brexit vote

7th November 2016 Commercial Credit Management |

Three-in-four UK businesses (74%) say they have yet to feel any financial impact – positive or negative – from the 23rd of June vote to leave the EU, according to new research by the insolvency and restructuring trade body, R3. However, 16% of all businesses, equivalent to 283,000 businesses, say the vote has already had…

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County Court Judgements against businesses show decrease

3rd November 2016 Commercial Credit Management |

The number of debt judgments against businesses in England and Wales in the third quarter of 2016 fell for the seventh consecutive year, according to figures released by Registry Trust. Registry Trust is the non-profit organisation which collects judgment information from jurisdictions across the British Isles and Ireland. In England and Wales, it operates the…

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Insolvency Review could have unintended consequences for creditors

2nd November 2016 Commercial Credit Management |

The Chartered Institute of Credit Managers (CICM) has issued a warning following publication of responses to the Review of the Corporate Insolvency Framework. The publication has prompted fears from the credit community that failing businesses may now be disproportionately protected at the expense of their creditors. Philip King, Chief Executive of the Chartered Institute of Credit…

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Insolvency Notices: Winding Up Petitions – October 2016

2nd November 2016 Commercial Credit Management |

Petitions have been issued and advertised in the London Gazette on the following: 09247972 LIMITED 2012 ADVOCATES LIMITED 21ST CENTURY CONSTRUCTION LIMITED A & D ROBINSON INVESTMENTS LIMITED ‎A & S GLAZING SERVICES LIMITED A.C.E.E.I LTD A.M. CONTRACTORS CONSTRUCTION SERVICES LIMITED ‎AARON ENGINEERING LIMITED ‎AB SOUTH CONSTRUCTION LTD ABBEYLANDS TRANSPORT LIMITED ABBFAB ENGINEERING LIMITED ACCOUNTING…

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Insolvency Notices: Appointment of Administrators Notices – October 2016

2nd November 2016 Commercial Credit Management |

Appointment of Administrators Notices – October 2016 Administration notices have been issued and advertised in the London Gazette  for the following companies: 3 C’S LOGISTICS LIMITED AFOD LIMITED AIC STEEL LIMITED AKULA FURNITURE LIMITED AMF SYSTEMS LTD ANDEVA UNDERWRITING AGENCY LIMITED ANDREW PAGE LIMITED ASCOT CABLE LTD ATRUL REALISATIONS LIMITED ‎AUM CARE LIMITED BANK CHARGE REFUNDS LIMITED…

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Two thirds of businesses falling into Administration fail

1st November 2016 Commercial Credit Management |

Research by Opus Restructuring has revealed that administration business rescue procedures are ineffective in over two thirds of cases. Using data and analytics supplied by Company Watch, Opus reviewed the outcomes of 4,581 Administration cases in England & Wales which started in the past five years. Almost 2,000 of the Administrations remain in progress. Out of the…

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Corporate Insolvencies increase in Q3

28th October 2016 Commercial Credit Management |

The Insolvency has published the latest Insolvency statistics between July & September. The key finding from the statistics was that total company insolvencies were slightly higher than the previous quarter and also increased on the year. The trend for the past year has been broadly flat. Andrew Tate, president of insolvency and restructuring trade body…

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15 shops close every day in the UK

23rd October 2016 Commercial Credit Management |

https://www.theguardian.com/business/2016/oct/25/britains-high-streets-under-strain-as-15-shops-close-every-day

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Nearly a third of Scottish legal and finance firms displaying high levels of risk

21st October 2016 Commercial Credit Management |

Nearly a third of Scotland’s professional services firms are considered to be at higher than normal risk of insolvency, according to research by insolvency and restructuring trade body R3. The research shows that 30.7% of businesses in the sector are considered to be at higher than normal risk of entering insolvency in the next year,…

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IPA appoints new Deputy Vice-President

18th October 2016 Commercial Credit Management |

The Insolvency Practitioners Association (IPA) has appointed Lloyd Hinton as its next Deputy Vice-President Hinton has been a member since 2001 and an IPA licence holder since 2007, is a fellow of the Association, Chairman of the Examinations & Training Committee, member of the IPA Council and has been progressively active in the Association’s activities…

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Sidley appoint Restructuring Partner

12th October 2016 Commercial Credit Management |

Sidley Austin LLP has announced that Jifree Cader is joining the firm as a partner in its Corporate Restructuring and Bankruptcy practice. Cader, brings a wealth of experience in advising clients on all facets of European insolvency and restructuring. James Conlan Chairman of Sidley Austin said “Jifree has considerable experience in restructuring work, particularly on…

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