Credit, Collections & Insolvency News
The Government has announced that it intends to reinstate the temporary suspension of the use of statutory demands and winding-up petitions, extending the measures until 31st March 2021. On 25th November the government announced it intends to reinstate the temporary removal of the threat of personal liability for wrongful trading from directors until 30th April…
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A new paper jointly authored by risk consultancy business Wiserfunding and invoice insurance business Nimbla has claimsed that ‘unsustainable debt’ is accelerating the growth of a credit bubble. The company’s warn that the Government’s current economic strategy will exacerbate the problem, and call for alternative measures to aid the UK’s recovery. While SMEs’…
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In November the following administration notices have been issued and advertised in the London Gazette for the following companies: A SKIPS & WASTE LTD A.C.K. MATERIALS HANDLING LTD A2B PLASTICS LTD AIRPORT PARKING RENTALS (GATWICK) LTD AIRPUSH INC AJS PROPERTIES 2018 LTD APB INVESTMENTS (EAST YORKSHIRE) LTD APS-SELECT LTD AUTOMOTIVE BEARINGS LTD BALL. ROLLER &…
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In November, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ARLEX ONLINE LTD ASHDAN GLASS STRUCTURES LTD BALMORAL FUNERAL DIRECTORS LTD BC SYSTEM ENGRAVING LTD BEMUS CONSTRUCTION SERVICES LTD BLACK ROOSTER PERI PERI CATHCART LTD BLACK ROOSTER PERI PERI GOVAN LTD BLACK ROOSTER PERI PERI LTD…
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Business advisory and restructuring house, ReSolve is expanding its business with the appointment of Myles Jacobson as Partner. Jacobson will help to further develop ReSolve’s business advisory and restructuring services. A licensed insolvency practitioner, Jacobson has over twenty-five years’ experience of restructuring and business recovery, advising businesses across a wide range of sectors including automotive,…
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Law firm JMW Solicitors has warned of a flood of insolvencies in Spring 2021 which risks paralysing the Courts. The firm’s analysis shows that corporate insolvencies adown circa 42% year-on-year in October 2020; whils Creditor Voluntary Liquidations, are down 36%, there is a decrease of 76% for Compulsory Liquidations and a decrease of 35% for…
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Department store chain Debenhams is to be wound down after Christmas, with the loss of up to 12,000 jobs and closure of 124 stores. The first branch closures are expected in the new year, with all expected to close down by the end of March. Debenhams has been trying to find a buyer but its…
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Sir Philip Green’s Arcadio retail group is on the brink of collapse with around 15,000 jobs at risk. The Arcadia Group, which runs the Topshop, Dorothy Perkins and Burton brands, is expected to appoint Deloitte as administrators within days. The group has more than 500 retail stores across the UK with the majority of these…
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Nucleus Commercial Finance has revealed that a quarter (23%) of SMEs in the UK had little or no savings before the pandemic hit earlier this year, including 42% of sole traders, according to new research. The research showed that many UK SMEs are deeply concerned about the lasting effects of COVID-19 on their business, with…
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The Institute of Directors (ioD) has welcomed the reinstatement of a key insolvency protection for company directors, the suspension of liability for so-called ‘wrongful trading’, through a statutory instrument laid before parliament. In June, the Government introduced emergency coronavirus legislation to facilitate a time-limited suspension of director liability for ‘wrongful trading’ applying from 1 March…
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The repercussions of the Covid-19 pandemic on the global economy could have an impact on Business to Business (B2B) payment behaviour worldwide, and knowledge of country-specific practices and legislation regarding debt collections is necessary to increase recoveries and minimise write-offs. according to Atradius. The latest economic research by the company forecasts a 26% increase in…
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Around one in seven UK companies say they were at risk of collapse, according to a new report from the Office for National Statistics (ONS). The study saw 14% of UK companies say they have “low or no confidence” that they will survive the next three months. While 40% had moderate confidence that their business…
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ICAEW’s Business Confidence Monitor (BCM) for Q4, has found that the proportion of companies struggling from a lack of demand had increased from more than a third in Q4 2019 to half this quarter. Late payments were a rising concern for a third of businesses, indicating financial distress in the market as customers were either…
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