Credit, Collections & Insolvency News
Governance and risk specialist Duff & Phelps has announced plans to transition the company name to Kroll. The company says that the new name and logo represent the firm’s rich history and breadth of services, delivering transparency, trust and objectivity to clients. Jacob Silverman Chief Executive Officer of Duff & Phelps, now Kroll said “This marks…
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Latest statistics from the Insolvency Service have shown that business insolvencies in England & Wales decreased by 39.1% to 752 in January 2020 compared to December’s figure of 1,235, and were 50.4% lower than January 2020’s figure of 1,515. Overall, numbers of registered company insolvencies have remained low since the start of the first UK…
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Scottish business insolvencies in January 2021 fell by 68% when compared with January 2020 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that there 23 company insolvencies this 68% lower than in January 2020. The insolvencies comprised of 12 compulsory liquidations and…
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Latest statistics from the Insolvency Service have shown that personal and business insolvencies continue to remain low in comparison to previous years. There were 96 Individual Insolvencies In January 2021 which were 62% lower than January 2020; this consisted of 74 IVAs, 11 DROs and 11 bankruptcies. In January 2021 there were three company insolvencies…
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Restructuring and insolvency specialists Greenfield Recovery has announced that it finalised the acquisition insolvency practice Cirrus Professional Services. Cirrus Professional Services was established by ICAEW-licensed insolvency practitioner Simon Gwinnutt. Gwinnutt has over 30 years of restructuring and insolvency experience, both corporate and personal. Cirrus Professional Services has historically undertaken client assignments from professional referrers, such…
Read moreResearch by Moody’s has found that the UK has the highest number of distressed companies in Europe. Across the continent, there were 113 companies with a B3 negative rating or lower in December, with the UK accounting for the highest proportion with 28 distressed companies. The number of distressed EMEA companies on Moody’s latest B3N…
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The government has announced a new extension to breathing space measures that will be used to protect businesses from insolvency during the coronavirus (Covid-19) pandemic. The government announced it intends to extend the power (granted through the Corporate Governance and Insolvency Act) to make temporary amendments or modify the effects of corporate insolvency and governance…
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Latest figures from the Business Distress Index by Real Business Rescue have revealed the number of SMEs in significant distress now stands at 620,000 an increase of 76,000 in Q4 2020, putting 2.8 million jobs under threat. The Index has discovered that since lockdown, 118,000 more SMEs have been plunged into distress, a 23% increase…
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A new report by the Resolution Foundation has highlighted that unprecedented Government support has helped firms to increase their cash holdings during the current crisis, but further support will be needed in the Budget to ensure they can drive Britain’s recovery The report says that while overall corporate debt levels are not a major concern,…
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The United States of America (USA) can anticipate a robust economic rebound in 2021, with political uncertainty decreasing and an injection of fiscal stimulus reveals the latest report from leading trade credit insurer Atradius. The new Country Report anticipates a more positive outlook for the USA following the change of administration but cautions that downside…
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Credit insurance specialist, Coface has predicted an uneven recovery form the global pandemic across countries, sectors of activity, and income levels in its latest quarterly report. The company says that although the performance of China and other Asian economies is boosting global growth, the main mature economies will not return to their pre-crisis GDP levels…
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Losses at the top 100 UK restaurants group increased 112% to £571 million last year, rising from reported losses of £269 million at the end of last March according to analysis by UHY Hacker Young. These losses were only run-up to the start of the lockdown and therefore, are expected to worsen again in the…
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With the third national lockdown already involving an extension until 8th March, new research from Nucleus Commercial Finance has revealed that at least three in 10 (30%) SMEs will be forced to close for good by the end of the year if it is extended until the end of March.1 This equates to just under…
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