Credit, Collections & Insolvency News
A new 5-day conference for the commercial credit sector has been launched by Credit Connect in partnership with Aon The Credit Solution Conference, a 5-day event will take place online between Monday 7th December and Friday 11th December. The event content will be hosted by Aon and the event will be facilitated by Credit Connect…
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Business leaders fear a potential double hit from the Covid-19 pandemic and no deal, new figures from the Institute of Directors (IOD) reveal. In a survey of almost a thousand company directors conducted in late September, the majority said that the pandemic would magnify the impact of a no-deal Brexit on their organisation, while less…
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Shop closures have hit record levels with over twice as many net store closures in the first half of 2020 in comparison to last year, according to research by the Local Data Company and PwC UK. The data shows that 11,120 chain operator outlets have closed this year so far, with 5,119 shops opening, creating…
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A new trade report from Atradius has predicted a rise in insolvencies from the Czech Republic. In the report, Atradius economists detail how GDP contracted by 2% year on year in Q1 of 2020 and by 11% in Q2. Overall in 2020, the economy is forecast to decline by 6% with industrial production and exports recording…
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The Insolvency Service has published its latest figures which indicate that in September 2020 Scottish company insolvencies decreased by 43% when compared to September 2019. Business insolvencies comprised of 12 compulsory liquidations, 22 CVLs and 9 administrations. There were no company voluntary arrangements or receivership appointments. Historically the volume of company insolvencies in Scotland have been…
Read moreThe Insolvency Service has published its latest business insolvency statistics for England & Wales which have revealed that the overall numbers of business insolvencies numbers increased Business insolvencies increased to 926 in September 2020 compared to August’s figure of 784, but remained well below September 2019’s figure of 1,513. Business insolvencies comprised of 742 creditors’…
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In September the following administration notices have been issued and advertised in the London Gazette for the following companies: A&C UK GROUP LTD AQUASCUTUM (1851) LTD ARCHANT COMMUNITY MEDIA HOLDINGS LTD ARCHANT LTD ARGONAUT PROPERTY INVESTMENTS LTD ASSIMA UK LTD ATLAS 3T LTD AURUM GLOBE LTD BLACK AND BLACK RECRUITMENT LTD and other companies BOSSA…
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In September, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 2020 EDUCATION TECHNOLOGY LTD AMZ-UNLTD LTD B15 GROUP LTD B15 HOLDINGS LTD B15 LTD BENJAMIN’S INTERIORS LTD BISON CIVILS UK LTD BLANK THREAD SOURCE LTD BRYANMIZEN LTD CAILINI CAFE BAR LTD CARAVANA HOLDINGS LTD CARE FIRST…
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Insolvency trade body R3 has announced that it has simplified the process of putting together a proposal for a company voluntary arrangement (CVA) for small businesses. The trade body has developed a free Standard Form for Company Voluntary Arrangements (CVAs), which aims to make it easier for small businesses affected by the COVID-19 pandemic to…
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The UK’s economic recovery faltered in September due to the Eat Out to Help Out scheme ending and the renewal of lockdown restrictions. Business profits remained unchanged from a month earlier, down 21 per cent, while businesses on average reported that profits were down 42 per cent on what they would normally expect for the…
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The Government has announced new plans for laws that will require mandatory independent scrutiny of pre-pack administration sales where connected parties, such as the insolvent company’s existing directors or shareholders, are involved in the purchase. The new laws will improve confidence and transparency in pre-pack administration sales, giving the general public and creditors reassurance that…
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Britain’s biggest hospitality groups have warned that more than 500,000 job losses will emerge across the sector within weeks unless government support materialises. The Events Industry Alliance (EIA), comprising ESSA, the AEV and the AEO has, last night, delivered an open letter to the Prime Minister, Boris Johnson, and the Chancellor of the Exchequer, Rishi…
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EY announces seven senior promotion in Turnaround and Restructuring teams (TRS). The seven new EY TRS team partners collective experience includes; creditor and debtor advisory, distressed corporate advisory, debt restructuring, solvent restructuring, pensions strategy and insolvency. Henry Beech, who specialises in advising creditors in challenging restructurings has been promoted to equity Partner along with fellow…
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