Credit, Collections & Insolvency News
Over half of UK subcontractors believe they must accept the terms of contracts with large construction firms, or face the risk of losing future business, according to new research from specialist funder, Bibby Financial Services (BFS). Findings of the Subcontracting Growth survey show that the majority of firms (55%) do not believe they can influence…
Read moreInsolvency Office statistics reveal that the company liquidation rate in England and Wales is at its lowest level since records began in 1984 and that there has been a continuous downward trend in the rate since 2011. In the 12 months to the end of September 2016, 0.41% of active companies (about one in 244)…
Read moreKPMG has announced that it has appointed three senior heads to jointly lead its global Restructuring practice. Current Interim Global Head of Restructuring Richard Heis will now lead KPMG’s Global Insolvency practice, while Angel Martin has been named Global Head of Financial Restructuring. Completing the trio of appointments, Mark Raddan has been appointed Global Head of…
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The European Commission’s new Directive on corporate insolvency reform is a welcome step towards improving business rescue procedures across Europe, says insolvency and restructuring trade body R3. R3 adds that the UK’s world-class insolvency and restructuring regime already meets many of the standards in the new Directive, while the government is currently carrying out its own…
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New rules which will guide insolvency practice from April 2017 have been published. Modernised and consolidated insolvency rules have been laid in Parliament and will come into force on 6 April 2017. The new rules replace the Insolvency Rules 1986 and their 28 subsequent amendments. They have been developed working with the insolvency profession and have…
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Research from the Federation of Small Businesses (FSB) has revealed that late customer payments are costing the UK economy £2.5billion a year, and are leading to 50,000 SME closures annually. Aamar Aslam, CEO of alternative lending firm Funding Invoice has commented on the news, urging the government to appoint the long-awaited Small Business Commissioner, promised…
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Duff & Phelps has announced that Phil Dakin is joining the firm’s Restructuring Advisory practice as a Managing Director in its London office. Dakin brings more than 15 years’ experience in the corporate restructuring and insolvency sector, having advised companies on procedures including independent business reviews, operational and financial restructuring, and formal insolvency appointments. Dakin…
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Supermarket giant Tesco has the worst payment performance amongst a list of the UK’s best-known retailers, taking an average of 105 days beyond terms to pay its suppliers. Iceland and Debenhams were the next two retailers on the list, taking an average of 75 days and 73 days beyond terms respectively to pay their suppliers.…
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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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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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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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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…
Read moreThe 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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