Credit, Collections & Insolvency News
Almost 10,000 chain stores disappeared from UK retail locations in 2020. In total, 7,655 shops opened, compared to 17,532 closures, a net decline of 9,877, according to PwC research compiled by the Local Data Company (LDC). Although a decline was to be expected in a pandemic this is the worst ever seen with an average…
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PCB Litigation and Byrne and Partners have announced that both companies will merge on 1st April. The deal will bring together two dispute resolution specialist firms to create PCB Byrne. In a statement, the companies said that the merger will bring together two companies with many years of experience in dealing with complex UK and…
Read moreBegbies Traynor has agreed to buy insolvency practice David Rubin & Partners, in a deal worth up to £25 million. The company has announced that it has raised £22 million through equity fundraising to help pay for its acquisition of London and Guernsey-based David Rubin & Partners. David Rubin & Partners has a team of…
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The global economy is forecast to recover almost fully from the pandemic-driven recession but there are major divergences in the pace of recovery across the world, according to a new report from trade credit insurer Atradius. The report reveals the emergence of several bright spots in the global economy as the world battles to overcome…
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The Government has launched a call for evidence seeking stakeholders’ views on the Insolvency Rules that set out the detailed requirements for company and individual insolvency procedures in England and Wales. Stakeholders are being asked to share their views on the Insolvency Rules as they currently stand, including whether they provide an appropriate framework for…
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Professional services firm, KPMG has reached an agreement to sell its Restructuring practice to Interpath Advisory, a newly-formed company, which is backed by alternative investment firm H.I.G. Europe. KPMG says that the decision to sell the business was driven by the significant changes in the Insolvency and Restructuring market in the UK over recent years. …
Read moreIn February the following administration notices have been issued and advertised in the London Gazette for the following companies: 07567003 LTD ASPIRE 4 TECHNOLOGY GROUP LTD BABBAGE CONSTRUCTION LTD BE LOGICAL UK LTD BEEGOOD ENTERPRISES LTD BIOTECHNICA SERVICES LTD BIRMINGHAM APEX HOUSE CENTRE LTD BOTTLING INTERNATIONAL LTD BOXCOM NETWORK SERVICES LTD BRAND HOUSE HOLDING LTD…
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In February, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST STEPS QUALITY & TRAINING LTD A G EDWARDS & SON DEMOLITIONS LTD ARCHITECTURAL CERAMICS LTD ASTONCOM LTD BELMONT TRADING UK LTD BLACKWOOD & SON LTD BOND STREET LINKS LTD BUILDTRUE (2008) LTD ELLIS WALLS AND…
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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: @SHANTERZ LTD 1 TRANSPORT SOLUTIONS LTD 126SKIN LTD 3000 PROPERTY SERVICES LTD 53035 LTD (FORMERLY PILLBOXCAPITAL 3 LTD) A & N ENIGMA ENGINEERING LTD A B PERFORMANCE LTD A PERFECT FLOOR (TW) LTD A.D.S…
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New figures released by the Insolvency Service indicate that £453.4 million was paid out in missing wages and benefits to workers at firms that went bust last year, the highest total in a decade. The money comes from the National Insurance Fund, going to former members of staff as a result of their employer entering…
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Nearly 12,000 licensed premises have closed in the UK since December 2019, at an average of around 30 per day, the highest rate on record according to new research released by CGA and AlixPartners. The figures indicate the full toll of pandemic and lockdowns on hospitality. While 4,170 new sites have been recorded since December…
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Peer to Peer lender, The House Crowd has entered administration. On 24th February, the Directors of The House Crowd, a regulated Peer-to Peer firm, placed the company into administration and appointed Frank Ofonagoro, Jeremy Woodside and Frank Wessely of Quantuma Advisory as joint administrators. The House Crowd, formed in 2012, operated a Peer to Peer…
Read moreThe Government has announced plans to amend legislation around the future of pre-pack administrations, The legislation is the next stage in their efforts to improve stakeholder confidence in connected party pre-pack administrations and follows their announcement in October 2020 that they would introduce a number of reforms to this important business rescue tool. A key…
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