Credit, Collections & Insolvency News
Alternative lender, ThinCats is forecasting a rise in business insolvencies during 2023 as the effects of pandemic support programmes dwindle and more recent economic challenges take precedence. ThinCats expects current high demand for funding to continue in support of businesses seeking to grow organically or through acquisition. The data found that insolvency rates among mid-sized…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in February 2023 was 1,783 in England & Wales, a rise of 17% (1,783) which is higher than in the same month in the previous year (1,518 in February 2022), and 33% higher than the number registered three years previously (pre-pandemic…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland rose by 11% in February 2023. The figures showed that that there were 81 business insolvencies registered in Scotland, 11% higher than the number in February 2022 but 5% lower than in February 2020. The insolvencies comprised…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies personal insolvency fell. In February 2023 there were nine business insolvencies registered in Northern Ireland, 50% lower than February 2022 and 67% lower than February 2020. The insolvencies comprised of six CVLs, one compulsory liquidation and two CVAs. There were no administrations…
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Moorfields have announced the appointment of Mark Delaney as Partner. Delaney has more than 23 years’ experience supporting clients on a broad range of corporate and personal restructuring and insolvency matters across a wide variety of sectors. He is well regarded across the North West and a vastly experienced chartered accountant and insolvency practitioner recognised…
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Leonard Curtis has announced the acquisition of Sheffield insolvency and recovery firm Graywood, increasing its presence in the South Yorkshire region. Graywoods will be incorporated into the Leonard Curtis brand with owners Adrian Graham and Deborah Lockwood welcoming the ‘excellent opportunity’ to become part of a well-renowned national firm in the business recovery sector. Deborah…
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In February the following administration notices have been issued and advertised in the London Gazette for the following companies: 3F PELLETS LTD AARTEE BRIGHT BAR LTD AARTEE BRIGHT BAR PROPERTY LTD ADVANCED CRATES LTD AQUASTRADA LTD ARCH REALISATIONS 2023 LTD ARCTIC CIRCLE LTD. ASPEN PHOENIX NEWCO LTD BEDLAM BREWERY LTD BOB & LUSH LTD BOXCAR…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in February: 19LUKASZ87 LTD 28-82 LOGISTICS LTD 2B DESIGN GROUP LTD 34 DESIGN COMPANY LTD 360 GROUP OF COMPANIES LTD 365 CAMPERS LTD 36C HARRINGTON GARDENS LTD 3R FILMS LTD 4G LED LTD 4USUPPORT LTD 624…
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In February Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 624 AUTOS LTD 66 SUTHERLAND LTD A & Y F SOU LTD A FRESH START LTD A H ROOFING LTD A L TOWNSEND BUILDING & LANDSCAPING LTD A&A FINANCIAL CONSULTANCY LTD A&D BUILD LTD AASEM &…
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630,000 small and micro businesses could go bust this year, as the cost-of-living crisis puts unprecedented pressure on entrepreneurs trying to stay afloat according to new research by website builder GoDaddy Data analysis of 2.3 million British micro businesses revealed that more than one in nine (12%) fear closure before the end of 2023, which…
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A total of 1,340 businesses filed for administration in 2022, a 56% increase compared to 2021, according to analysis by full-service law firm Shakespeare Martineau. Construction, manufacturing and retail were the sectors worst hit, accounting for 39% of administrations. Greater London led the way with 20% of the filings, followed by the South East and…
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New data from Mazars, the international audit, tax, and advisory firm, shows that the HMRC tried to shut down 440 companies in the last quarter over unpaid tax debts, a 46% increase from the 301 that it tried to close the previous quarter. Michael Pallott, Partner at Mazars says that the number of winding-up petitions can…
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Retail experts at business advisory firm Quantuma has estimated that business failures in the retail sector could spike by as much as 71% in 2023. The Centre for Retail Research reported that in the first month of 2023 alone, seven retailers failed, impacted 361 stores and putting at risk 3,215 jobs. Quantuma Chief Executive, Carl…
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