Credit, Collections & Insolvency News
Payment holidays – while supporting some businesses through the current crisis – may be the death knell for those that have offered them according to research by the Chartered Institute of Credit Management (CICM). The research suggests that of the 83% of firms who had offered a payment holiday, two thirds (66%) said there would…
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UK banks are preparing for up to 40 per cent (circa £11 billion) of loans from the Bounce Back Loan Scheme (BBLS) to potentially be written off as irrecoverable according to RSM Restructuring Advisory. RSM says that banks are already preparing and building their teams to pursue businesses that default on the BBLS, a scheme…
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The ongoing COVID-19 pandemic crisis poses a significant financial threat to the UK higher education sector. Universities will experience large income losses from falls in student enrolment, especially of international students, as well as lockdown-related losses of income from student accommodation and conference and catering operations. according to new research by the Institute for Fiscal…
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In June the following administration notices have been issued and advertised in the London Gazette for the following companies: 30 JAMES STREET LTD ACCESSORIZE LTD ADMEDO LTD ADWAIZ LTD AFFINITY CONTRACTS LTD AJS PROPERTIES 2018 LTD ALBION LTD ALPHA MAY DOMICILIARY CARE LTD ANDREW GRANT LTD LIABILITY PARTNERSHIP APTA BIOSCIENCES LTD ATAL CONTRACTING LTD ATHENA…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in June. 1ST CALL LETTINGS LTD 1ST CALL RECRUITMENT LTD 3TR LTD A HERITAGE WINDOW CO. LTD A-Z STATIONERS LTD A1 AUTOGLAZE NATIONWIDE LTD A1 HIGHFIELDS ASSOCIATES LTD AARKHAUS LTD AARON & STEPHEN CO LTD ABBEY…
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In June, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 3XP SOLUTIONS LTD ABSOLUTE CONSTRUCTION (NORFOLK) LTD ACE DEVELOPMENT SOLUTIONS LTD ACTIVE MANAGEMENT FACILITIES LTD ALLIANCE PREMIER LTD ANCHOR HOUSE CONSTRUCTION (R.G.) LTD APS PLUMBING AND HEATING SERVICES LTD ASTON DARBY GROUP LTD B N DIRECT…
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Championship football club Wigan Athletic have entered administration. Wigan becomes the first club in professional English football to enter administration following the coronavirus pandemic. This comes just four weeks after Hong Kong-based consortium Next Leader Fund took over the Championship club, promising to secure its future. Paul Stanley, Gerald Krasner and Dean Watson from Begbies…
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The Covid-19 pandemic crisis is forcing British businesses to accept unfavourable payment terms, according to a white paper published by credit management group Intrum. The survey found that 80 per cent of the UK’s businesses have accepted longer payment terms than they are comfortable with as they do not want to damage client relationships. This…
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Shopping centre owner, Intu Group has entered administration. The company has announced that it has appointed James Tucker, Michael Pink and David Pike of KPMG LLP as joint administrators. Underlying group operating companies remain unaffected and all shopping centres are continuing to trade. The intu Group’s relationships with its tenants are with these operating companies,…
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The Federation of Small Business (FSB) is calling on policymakers and big corporations to bring a debilitating late payment crisis to an end as the business community looks to emerge from the current recession. The research indicates that the majority of small businesses (62%) have been subject to late or frozen payments in the wake…
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A number of key organisations from across the insolvency and restructuring framework have welcomed the passing of the Corporate Insolvency and Governance Act into law, following its Royal Assent on 26th June. The Act is the largest change to the UK’s corporate insolvency regime in more than 20 years. It introduces new corporate restructuring tools…
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UK businesses are returning to work this month with some trepidation, according to fintech business lender MarketFinance. The company’s latest research indicates that nine in ten businesses are waiting to be paid an average of £148,917 for work done pre-lockdown. With reportedly half of the companies that applied for CBILS loans being declined and cash…
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The government has announced that it will extend measures to prevent high street businesses facing eviction over summer. The extension, until the end of September, comes alongside further support to help local businesses plan for economic recovery following the coronavirus pandemic. A new code of practice has been developed with leaders from the retail, hospitality and property…
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