Credit, Collections & Insolvency News
Winding up Petitions have been issued and advertised in the London Gazette for the following companies: ADVANCED WATER AND WASTE LTD AGENCY MOBILE (LONDON) LTD ALBUMCARDS LTD APEX STRUCTURES LTD APPLE SERVICES LTD ARMS SECURITY LTD ART REVIEW LTD ASTRO DEVELOPMENTS LTD BARCAM FACADES LTD BENTON PLANT LTD BRIGHTFIRE CONSTRUCTION GROUP LTD BRITANNIA SECURITY & MAINTENANCE…
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UK business failures will rise by 5% in the next 12 months as the economic slowdown, rising input prices and increased late payment risks begin to take their toll, according to Euler Hermes. This is in sharp contrast with the rest of the continent, where insolvencies will fall by 4% in Western Europe and 1%…
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The latest Corporate Insolvency statistics from The Insolvency Service have been released. The report shows that the total number of company insolvencies was higher in 2016 than the previous year, primarily caused by 1,796 connected personal service companies entering liquidation on the same date following changes to claimable expenses rules. The underlying number of company insolvencies…
Read moreThe number of Scottish businesses becoming insolvent or entering receivership fell from 218 in the second quarter of 2016-17 to 209 in the current quarter. The latest figures are from Accountant in Bankruptcy (AIB) which reports on the number of corporate insolvencies and member voluntary liquidations logged. As a consequence of the time taken between…
Read moreEuler Hermes has released an economic statement suggesting two years of substantial declines in insolvencies is about to end. Ludovic Subran, chief economist at Euler Hermes said “This is happening because global growth is not accelerating and will linger below +3% in the coming years. Companies are therefore more vulnerable to external shocks.” At a global…
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Leonard Curtis Business Solutions Group (LCBSG) has opened its first Scottish office in Glasgow. The Group’s new Glasgow office is headed up by Stuart Robb who joined LCBSG from a Big Four practice in Scotland where he gained a wealth of experience of the Scottish insolvency market. Stuart has already been joined by a number…
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Azher Quyoom has joined Andrew Jackson as Restructuring and Turnaround Partner. Quyoom joins Bond Dickinson. Mark Pearson-Kendall, managing partner of Andrew Jackson,: “We’ve had an exciting start to the year, with some big developments over the last two months that add real strength and depth to our restructuring and insolvency offering. The valuable expertise Azher…
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Analysis from KPMG has shown that 2016 saw the reversal of a six year downward trend in levels of insolvency for British businesses, following an uptick in companies entering into administration in the second half of the year. The numbers, taken from notices in the London Gazette, show that 1,174 companies, or groups of companies, entered…
Read moreOver 760 businesses ceased trading in December 2016 with 1093 small businesses scheduled to cease trading in January according to research, carried out on behalf of London insolvency practitioners Hudson Weir. The research reveals that 14.5 per cent of these companies were operating in the retail and food and drink sectors. This means at least another 110…
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New analysis from KPMG reveals that 2016 saw the reversal of a six year downward trend in levels of insolvency for British businesses, following an uptick in companies entering into administration in the second half of the year. The numbers, taken from notices in the London Gazette, show that 1,174 companies, or groups of companies,…
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A report coming out later this month will show that nearly four in 10 travel companies are now in ‘significant’ financial distress. Data analysed by insolvency firm Begbies Traynor found 2,679 businesses in the travel sector – thought to be made up of around 7,000 companies – were experiencing significant distress in the last thee…
Read moreAccording to a new report commissioned by Amicus Commercial Finance, well over half (61%) of invoices issued by UK small and medium sized enterprises (SMEs) remain unpaid within the debtor day period. Of these, almost three-quarters (70%) of firms say they rely on getting paid during their debtor day period to avoid facing a shortage…
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Credit broker specialist firm Loan Link Limited has appointed liquidators. Loan Link was based in Cardiff with it’s main activities were brokering loans and arrears management services for its parent company Nemo Personal Finance. Principality Building Society acquired Loan Link Limited and formed second charge lender Nemo Personal Finance in 2004. In February 2015, second charge lender…
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