Credit, Collections & Insolvency News
Businesses must take measures to protect themselves from the impact of unpaid bills as global insolvency rates are forecast to surge according to trade credit insurer Atradius. The company’s Insolvency Forecast reveals the likely extent of business failures in the wake of the coronavirus pandemic. Entitled ‘2021: A turn of the tide in insolvencies’, the…
Read more
Business advisory group Azets has announced that it has acquired Moore South’s Restructuring and Insolvency practice Moore South’s R&I team, headed up by Duncan Swift and Chris Tate, consists of licenced insolvency practitioners and restructuring specialists covering Southern England from Azets’ Southampton office as well as its offices in Bournemouth, Fareham, Havant, Portsmouth, Romsey and…
Read more
Latest figures from the Centre for Retail Research figures have shown that almost 190,000 jobs have been lost in the retail sector since shops were forced to close under the first coronavirus lockdown in March 2020. The analysis shows that between 23rd March last year and 31st March this year, that 188,685 retail jobs have…
Read more
The Insolvency Service has launched new guidance for Official Receivers and has made it available for the wider insolvency profession. As part of efforts to increase support and share knowledge with the insolvency profession, the Insolvency Service has published brand new guidance for Official Receivers when acting as Liquidator or Trustee. Following feedback from stakeholders…
Read more
The Government has announced that it will extend a number of temporary measures brought in by the Corporate Insolvency and Governance (CIG) Act, which were due to expire on 30th April until the end of June. The measures being extended till the end of June 2021: Statutory demands and winding-up petitions will continue to be…
Read more
More than half of the UK’s listed companies currently at heightened risk of insolvency made a claim for government support in December 2020 and could face a financial cliff edge when it comes to an end, according to the latest EY analysis of profit warnings. Between March 2020 and March 2021, 63 UK listed companies…
Read more
A new report from the insurance provider Simply Business suggests the cost of the coronavirus pandemic to SMEs is set to exceed £126.6 billion, nearly double the £69 billion initially projected a year ago. The study revealed that on average, SMEs have lost £15,673 each so far in earnings due to the pandemic and subsequent…
Read more
The Government has confirmed the passing of new legislation on pre-pack administrations. The new pre-pack legislation will take effect from the end of April 2021, introduces mandatory independent scrutiny of pre-pack administration sales where connected parties are involved. Under it, an administrator will be unable to make a ‘substantial disposal’ of company property (including hiring…
Read more
Insolvency practices Peter Hall, Benedict Mackenzie, and PCR LLP have announced that they have merged to create a new practitioner group. The merger of three companies has created a new professional services practice, SKSi. The company says that as a professional services company, SKSi will provide insight and advice to guide businesses through the everchanging…
Read more
The Insolvency Service has published its latest figures which indicates personal insolvencies in England & Wales corporate business insolvencies fell by 9% to 686 in February 2021 compared to January’s figure of 754, and were 49% lower than February 2020’s figure of 1,348. The number of registered company insolvencies in February 2021 was 49% lower…
Read more
Latest figures released by the Accountant in Bankruptcy (AIB) have shown that Scottish business insolvencies continued to remain low in February 2021 In February there were 26 company insolvencies registered in Scotland, 70% lower than in February 2020. The figures comprised of 7 compulsory liquidations, 16 CVLs, two administrations, and one CVA. There were no…
Read moreLatest statistics from the Insolvency Service have shown that personal and business insolvencies continue to remain low in comparison to previous years. In February 2021 there were 144 individual personal insolvencies in Northern Ireland, 46% lower than February 2020; this consisted of 107 IVAs, 27 DROs and 10 bankruptcies. Business insolvency figures In February 2021…
Read more
New data has indicated that nearly 135,000 companies were showing strain this month, roughly three times the pre-pandemic average according to new analysis by Mazars. Businesses in the services and retail sectors accounted for almost three-fifths of those showing distress, with sectors that are allowed to reopen faring better, with construction and manufacturing businesses making…
Read more