Credit, Collections & Insolvency News
Latest statistics from the Insolvency Service have indicated that there were 12,557 underlying corporate insolvencies in England and Wales in 2020, a fall of 27.1% from 2019’s figure of 17,224. The total number of registered underlying company insolvencies in 2020 decreased to the lowest annual level since 1989. This was largely driven by a low…
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Energy regulator, Ofgem has announced that two energy companies, Green Network Energy and Simplicity Energy have entered administration. The companies have over 410,000 domestic customers as well as business accounts. Green Network Energy, a medium-sized gas and electricity supplier with about 360,000 customers, has stopped trading, as has smaller firm Simplicity Energy, which has about…
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Research by Santander has revealed that small businesses do not expect business to recover to pre-pandemic levels until next summer. The bank also found that one in twelve firms do not expect to survive the pandemic at all. antander says that with the UK now well into a vaccination programme that many hope will enable…
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Leonard Curtis Business Solutions Group’s Glasgow team has announced the appointment of Barry Stewart and George Lafferty as Directors. The new Diretcors bring with them a combined 55 years’ experience to the Waterloo Street office of the UK-leading professional services firm. In their new roles, they’re tasked with driving the expansion of Leonard Curtis in…
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County Court Judgments (CCJs) against businesses in England and Wales fell 36 percent in Q4 2020, compared to the same quarter in 2019, according to figures released by Registry Trust. The number of CCJs against businesses decreased from 23,418 in Q4 2019 to 15,052 in Q4 2020. The total value of CCJ debt owed by…
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The number of business decrees against Scottish businesses fell, by 44 percent, from 859 to 481 according to figures released by Registry Trust. However, the total value rose by 69 percent from just over £3 million to £5.1 million. As a result, the average value rose from £3,500 to £10,534, an increase of 200 percent.…
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The number of debt judgments registered against Northern Ireland businesses fell by just over half (51%), from 232 to 113, according to figures released by Registry Trust. However, the total value of judgments against businesses rose by nearly 20 percent from £483,903 to £578,927. The average value of business judgments rose steeply, from £2,086 to £5,123,…
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Scottish chartered accountancy practice Wylie & Bisset has expanded its business recovery and insolvency department with the appointment of the senior management team from MLM Solutions. The company has appointed former MLM Solutions Managing Director Maureen Leslie as a consultant while Barry Mochan joins on 1st February as Director and Personal Insolvency Practitioner and, in…
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Judgments against Irish businesses fell from 234 to 62, a drop of nearly three quarters (74%), figures released by registrar Irish Judgments show. The total value registered against businesses fell by 62 percent, from €3.4 million to just €1.3 million. The average value of business judgments rose by 41 percent from €14,525 to €20,536. Mick…
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The number of companies going into administration fell to historic lows during 2020, as the array of government Covid-19 support measures continue to provide a lifeline for those businesses who have been adversely affected by the pandemic. Analysis of notices in The Gazette by KPMG’s Restructuring practice showed that 1,112 companies went into administration over…
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Around 630,000 businesses were experiencing significant financial distress in the last quarter of 2020, ahead of the current lockdown, according to research by the restructuring firm Begbies Traynor. The latest research for Q4 2020 recorded the largest numerical quarterly leap (73,000) in financially distressed companies since Q2 2017. This 13% increase (from 557,000 in Q3…
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Full-service law firm JMW Solicitors LLP has announced that they have recruited a new Head for their Corporate Recovery & Insolvency department. Gavin Jones joins JMW as Partner and Head of Corporate Recovery & Insolvency from Hill Dickinson’s Manchester office. Before that he spent over 7 years at DWF as National Head of their Restructuring…
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Insolvency specialist, Begbies Traynor Group has announced that it has completed the acquisition of CVR Global in a deal worth a potential £20.8 million. The deal represents the largest insolvency acquisition that the Begbies Traynor Group has undertaken to date delivering a significant expansion of the group’s scale in London and the South of England…
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