Credit, Collections & Insolvency News
The UK economy shrunk by a fifth and fell into its deepest recession on record in the second quarter. Official data released by the ONS confirmed a 20.4% fall in GDP quarter on quarter. The contraction followed a 2.2% dip in the first quarter, sending the country into a technical recession. In Germany, GDP fell…
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In July the following administration notices have been issued and advertised in the London Gazette for the following companies: 1ST CHOICE SCAFFOLDING (ISLE OF WIGHT) LTD 4-14 SPURSTOWE TERRACE LLP AERO TECHNICS AVIATION LTD AERO TECHNICS LTD AERO TECHNICS SERVICES LTD AIRBASE INTERIORS LTD AL REALISATIONS LTD ALBANY BRENT LTD ALPHA TECHNOLOGY (INT) LTD AMCO…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in July. 06472896 LTD 1313 BATH LTD 1489 CONSTRUCTION LTD 2 B FITNESS LTD 3K BUILDERS LTD 5 STAR SERVICES READING LTD A T P CONTRACTORS (MIDLANDS) LTD A WASTE SOLUTION LTD ABC HEALTHCARE & CONSULTANCY…
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In July, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 05034293 LTD 4MATION.SOLUTIONS LTD A. MORREY DISTRIBUTION LTD AESTHETIC COSMETIC LTD AFTERTHOUGHT GROUP LTD ALE TRADING LTD ALPHAMED REPORTING LTD AMIK PROPERTY INTERNATIONAL LTD ANDY MCNAIR BUILDING & MAINTENANCE LTD ASPEN GREEN ADMINISTRATION LTD BEAUFORT ASSET…
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Companies House has announced that it will resume the compulsory strike-off process from 10th October 2020. In announcement Companies House that it will resume the process to strike off companies that it believes are no longer carrying on business or in operation. In April 2020, Companies House introduced temporary easement measures in response to coronavirus…
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More than three-quarters of hospitality businesses in the UK are at risk of insolvency within 12 months, according to new research by UKHospitality. A survey by the trade body, in partnership with CGA, showed that one in five firms are at significant risk of insolvency, or expect insolvency, within a year. Over half of businesses…
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County Court Judgments (CCJs) registered against businesses England and Wales fell by nearly 30 percent in the first half of 2020 (H2 2020), compared to the same period in 2019, according to figures released by Registry Trust. The number of CCJs against businesses fell from 65,724 in HY1 2019 to 46,117 in HY1 2020. This…
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The total amount of debt registered against Scottish businesses in the first half of 2020 fell by 13 percent according to figures released by Registry Trust. The number of decrees against Scottish businesses also fell by 13 percent, from 1,140 to 990. The total value of decrees against businesses saw a large fall of 47…
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The number of debt judgments against Northern Irish businesses fell by nearly 43 percent in the second half of 2020 compared to same period last year according to figures released by Registry Trust. The period also saw a large fall in the number and value of judgments against businesses in Northern Ireland from 615 to…
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Business advisory firm Quantuma has completed a merger with AIM-listed K3 Capital Group for an initial consideration of £26.95 million, to create an independent global advisory practice. The merger will help K3 to build a more diverse professional services group with enhanced capabilities in restructuring, corporate finance, tax advisory, forensic accounting and expert witness services.…
Read moreThe European Commission has approved, under EU state aid rules, a UK guarantee scheme to support the trade credit insurance market in the context of the COVID-19 pandemic outbreak. Trade credit insurance protects companies supplying goods and services against the risk of non-payment by their clients. Given the economic impact of the pandemic, the risk…
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The Insolvency Service has published its latest which indicates that the overall number of company insolvencies decreased by 23% in Q2 2020 compared with 3,848 in Q1 2020 to 2,974 in Q2 2020), and by 33% when compared with Q2 2019 (4,425). Commenting on the figures Colin Haig, President of R3, the insolvency and restructuring…
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Small and medium-sized (SME) business leaders have issued a warning that late payments have reached new heights since the COVID-19 pandemic crisis and it is putting their recovery at risk. New research from Intuit QuickBooks has revealed that while chasing late payments has always been a challenge for SMEs, one in five (21%) believe the…
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