Credit, Collections & Insolvency News
Greenlight Credit (trading as Varooma) has entered administration. The short term lender provided customers with finance on logbook loans secured on the customer’s vehicle. Logbook lending allows the lender owns the vehicle until the loan is paid back in full. Martin Charles Armstrong and Andrew Richard Bailey of Turpin Barker Armstrong were appointed as Joint…
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Administrators are working to return savings to members of the North East Warrington Credit Union (NEWCU) after the company has been declared insolvent. The members’ committee of North East Warrington Credit Union (NEWCU) resolved to place the company into administration on 4th May. The Financial Services Compensation Scheme (FSCS) declared the Company in default, which…
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The City of Plymouth Credit Union has entered administration. James Sleight and Peter Hart of PKF GM were appointed as Joint Administrators of CPCU on 27 April 2022. The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that all savers’ monies are protected and will receive their funds (up to…
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Latest quarterly statistics from the Insolvency Service have shown that Northern Irish business insolvencies increased by 273% whilst personal insolvency figures also rose slightly. The figures indicated that there were 56 company insolvencies in Northern Ireland in Quarter 1 2022 (Q1), nearly four times higher (an increase of 273%) than in the same quarter of…
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Latest quarterly figures from the Insolvency Service have indicated that the number of business insolvencies in England & Wales rose to its highest levels since 2012. The figures show that there were 4,896 company insolvencies registered in Q1 2022, 6% higher than the number of company insolvencies registered in the previous quarter and more than double…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 39.4% in March 2022 to a total of 2,114 compared to February’s total of 1,517, and increased by 111.6% compared to March 2021’s figure of 999. The increase in company insolvencies was driven by an…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland doubled in March. In March 2022 there were 86 business insolvencies registered in Scotland, 100% (2 times) higher than March 2021 but 11% lower than in March 2019. The insolvencies comprised of nine compulsory liquidations, 71 CVLs…
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Latest statistics from the Insolvency Service have indicated that Northern Irish business insolvencies increased whilst personal insolvency figures declined in the latest monthly figures round-up. In March 2022 there were 20 business insolvencies registered in Northern Ireland, almost three times as many as in March 2021, but 35% lower than March 2019. This was comprised…
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Despite a return to normal for many economies in 2022, insolvencies are set to rise according to trade credit insurer, Atradius. The company predicts that the global economy will emerge gradually from the Covid pandemic in 2022, with restrictions unwound in most countries and regions. But despite a return to normality for many, Atradius reports…
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Compulsory liquidations of struggling businesses have increased by 76% from 139 to 245 in the last three months according to new research by Mazars. The company predicts that there will be even more liquidations are expected in the next three months as the last temporary government measure to protect companies from insolvency during the pandemic…
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More than half a million people are working at small companies which are at heightened risk of insolvency, according to analysis by Quantuma using Clarity’s proprietary insolvency propensity model. Companies faced with late payments, rising prices, higher taxes, the fallout from Brexit and pandemic-related staff shortages, around 6,500 SMEs are at higher than average risk…
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An independent financial adviser who had debt over £300,000 has been issued with a nine-year bankruptcy order after failing to provide services to customers Marc Jones, from Cardiff, was self-employed as an independent financial advisor from January 2012 until October 2018. From 2018 to 2019 he worked on behalf of a financial institution selling various…
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In March the following administration notices have been issued and advertised in the London Gazette for the following companies: 157 US LTD 2 FR LTD 20 – 24 (FB) LTD 28 FL LTD 28FSM LTD ACM ACOUSTIC ENGINEERING LTD ADAPTIVE MODULES LTD ANGLO CHINESE PROPERTY CORPORATION LTD ANIL ESTATES LTD ARIA DEVELOPMENTS LTD ARNAOUTI PITTA…
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