Credit, Collections & Insolvency News
A company claiming to recover debts has been wound-up after making unsolicited approaches to creditors contrary to insolvency law. Global Investigations and Recoveries Limited was wound up in the public interest in the High Court on 17th May 2021 before DDJ Watkin. The Official Receiver has been appointed liquidator of the company. During the proceedings,…
Read more
Insolvency Practitioners Association (IPA) has announced that its Chief Executive Officer (CEO), Michelle Thorp will be leaving the role. Thorp’s will join the Metropolitan Police as its Transformation Director. The IPA says that it will announce the appointment of an Interim CEO soon. Kevin Hellard President, Insolvency Practitioners Association said “Michelle Thorp will be leaving…
Read more
The British Retail Consortium (BRC) has warned that the retail sector will endure a ‘tsunami of closures’ if the Government does not extend a moratorium on debt enforcement rolled out amid the pandemic. This comes after a poll found that two-thirds of retailers have been told by landlords they could face legal action once a…
Read more
A decade of hotel expansion across London and the South of England is set to be reversed as one in ten (10%) of hotel businesses struggling with unsustainable debts, losses and staffing problems could decide to close permanently according to new analysis by Azets. Citing industry reports indicating the scale of the financial and resourcing…
Read more
City of London police investigated 50% more fraud probes in connection with the Government’s Bounce Back Loan scheme (BBLs) in February than the month before according to new research by RPC. The international law firm found that Bounce Back Loan fraud investigations increased from 17 in January 2021 to 26 and 28 in February and…
Read more
New legislation, which aims to prevent company directors from avoiding investigation into their conduct by informally striking off their company instead of entering an insolvency process, has had its first reading in Parliament before it is set to become law Begbies Traynor says that the move has been driven, in part, by the fear that…
Read more
Latest figures from the Insolvency Service have indicated a 22% fall in business insolvency rates across England & Wales. The figures show that business insolvencies fell by 7.2% to 925 in April 2021 compared to March’s figure of 997, and fell by 22.9% compared to April 2020’s figure (1,199). In April 2021 there was a…
Read more
Latest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies continued to remain low in April 2021. In April 2021 there were 38 company insolvencies registered in Scotland this was 17% lower than in April 2020 and 63% lower than in April 2019. The figures comprised of 9 compulsory liquidations, 28…
Read more
Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers are continuing to fall. Overall number of personal and business insolvencies have continued to remain low since the start of the first UK lockdown in March 2020 In April 2021 there were 226 personal insolvencies in Northern Ireland which…
Read more
The latest Market Recovery Monitor from CGA and AlixPartners has indicated that up to one in ten restaurants has closed down since the beginning of the coronavirus lock-downs. The data suggests the number of food-led venues has fallen by 4,204. It was also found that by the end of April, only 32.9% of pubs, bars,…
Read more
Caroline Sumner has been appointed Chief Executive Officer (CEO) of R3, the insolvency and restructuring trade body, and will take on the role from 1st June. As CEO, Sumner will oversee all aspects of R3’s work – from representation and technical support to the design and delivery of events, courses and conferences – as well…
Read more
The insolvency and restructuring profession rescued 297,000 jobs and returned £1.82 billion to creditors in insolvency cases in 2019 – the equivalent of around 800 jobs and £5 million a day, according to a new report from R3, the insolvency and restructuring trade body. The report, The value of the profession: how insolvency and restructuring…
Read more
Law firm Harrison Clark Rickerbys (HCR) is in ‘advanced stages’ of merger talks with Hewitsons. The merger is expected to complete by the end of May, resulting in a firm of approximately 780 people and £65m turnover. The combined Cambridge teams will move into new premises while the Hewitsons London team will move into HCR’s…
Read more