Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have indicated a 19% increase in business insolvencies in England and Wales when compared to May’s figure of 1,014, and rose 62.9% compared to June 2020’s figure of 741. The number of registered company insolvencies in June 2021 was 1,207 this was 63% higher than the number registered in…
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Latest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies rose by 67% in June 2021. The figures show that there were 77 company insolvencies registered in Scotland, this was 67% higher than in June 2020 and 13% higher than in June 2019. This was comprised of 14 compulsory liquidations, 62…
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The Insolvency Practitioners Association (IPA) has announced the appointment of Paul Smith as Interim Chief Executive Officer (CEO). Smith replaces Michelle Thorp. Smith has enjoyed a long career in UK Financial Services, operating to Board level with a broad span of managerial responsibility. Commercially oriented with a strong track record of delivering results, Paul has…
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The Bank of England’s latest Financial Stability Report, released this week, points to the particular vulnerability of the SME sector as the economy emerges from Covid-19 restrictions. The twice-yearly reports, compiled by the Bank’s Financial Policy Committee, has warned about increased corporate indebtedness, in particular amongst smaller firms with weaker balance sheets. As the economy…
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Business advisory firm Quantuma has announced that it has promoted Frank Ofonagoro to Managing Director as the firm celebrates 45 per cent team growth in the last year. Ofonagoro joined Quantuma two years ago with more than 20 years’ experience – including senior managing positions at PwC and KPMG where he undertook financial and operational…
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Around 10% of Scottish construction companies and sub-contractors could close by the end of 2022 following the expiration of Covid-19 supports, a construction sector restructuring specialist at Azets has warned. With The Corporate Insolvency and Governance Act 2020 introducing a number of temporary measures which are due to end on 30th September 2021, to provide protection for…
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The number of corporate insolvencies seen across the UK more than halved during the first six months of 2021, as the array of government Covif-19 support measures and a supportive lending community continued to help businesses trade their way through the pandemic. Analysis of notices in The Gazette by Interpath Advisory reveals that a total…
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EY-Parthenon has announced the appointment of four senior promotions in its Turnaround and Restructuring Strategy (TRS) team. George Mills and Alex Williams, who specialise in working with creditors and borrowers in stressed and distressed situations, have been promoted to Equity Partners. Dillon Marambe, specialising in liquidity and working capital, and Tim Vance, who also specialises…
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New data from Intuit QuickBooks has highlighted the burden of late payments on already financially stretched small and medium-sized businesses (SMBs) with the average amount figure owed being £21,373. The figure represents more than two thirds (67%) of typical SMB monthly turnover. The company’s Late Payments Bulletin provides a snapshot of the late payments issues…
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In June the following administration notices have been issued and advertised in the London Gazette for the following companies: ADRIAN POOLE & SONS INTERNATIONAL LTD AF BIOMASS LTD ALEXANDERS DISCOUNT LTD ARDLEIGH COMMERCIAL PROPERTIES LTD ARTISAN H (KINGS WATERFRONT) LTD BETINDEX LTD BH PRECISION LTD BIRMINGHAM CROSSWAYS HOUSE CENTRE LTD BULSATCOM INVESTMENT LTD BULSATCOM UK…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in June: 3LION VENTURES LTD A & A RESTAURANTS (LS11) LTD A S FASHION (LEIC) LTD A.S CAPITAL INVESTMENTS LTD A.S.F. SUNDRIES LTD AA PLUMBING AND DRAINAGE SERVICES LTD ACDC+ ELECTRICALS LTD ACES HOLDINGS LTD ACG…
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In June, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST E LTD AEQUITAS PACKING (UK) LTD AJ&L LTD ANCESTORS OF DOVER LTD ATPLEDGE LTD BOLBEC HALL LTD BOROUGH RESIDENTIAL DEVELOPMENTS LTD CAMCO ESTATES LTD CHERHIL LTD CHICKEN EXPRESS LTD CRESCERE INVESTMENTS LTD CRYPTOWARE SOLUTIONS LTD…
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Nearly half of SME businesses (46%) contemplated closure in 2020, whilst now only 1% are considering closing their business this year according to research by Purbeck Personal Guarantee Insurance. The research survey of owners and directors of UK showed that further lockdowns is the number one worry for the SMEs but 53% are cautiously optimistic…
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