Credit, Collections & Insolvency News
Accountancy firm RSM has announced the appointment of Tyrone Courtman as a Partner in its Restructuring team. With more than 30 years’ experience, Courtman specialises in business rescue and performance improvement, turnaround without recourse to formal insolvency procedures, business refinance, debt advisory and accelerated mergers and acquisitions. His sector experience spans manufacturing, real estate and…
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More SMEs are changing their credit terms with their suppliers due to Covid-19, finds the latest results from the ACCA UK and The Corporate Finance Network (The CFN) SME Health Tracker. The survey of accountants, representing nearly 19,000 SME clients, also shows that the current business environment of opening up is slowly easing the intense…
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New research by Coface has predicted that the number of insolvencies is expected to rise across Europe in the second half of 2020, and in 2021. Germany, the least affected country, is still on track for a 12% increase in insolvencies between end-2019 and end-2021. France (21%) and Spain (22%) will be more affected by…
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The Insolvency Service has published its latest insolvency statistics which have shown a decrease in May, compared to a year ago, in England & Wales. There were 994 company insolvencies in May 2020, comprising of 790 creditors’ voluntary liquidations (CVLs) 32 compulsory liquidations, 110 administrations and 12 company voluntary arrangements (CVAs). There were no receiverships.…
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The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers company insolvencies in Scotland has published its statistics for May 2020 which indicated that there were 35 company insolvencies in Scotland. The figures showed a 55% reduction of 55% when compared to May 2019. This comprised of 16 CVLs, 10 compulsory liquidations, six administrations and three…
Read moreThe latest figures from the Insolvency Service have shown that personal and business insolvencies decreased in Northern Ireland in May 2020 There were 5 company insolvencies in Northern Ireland down from 40 in May 2019, this consisted of 2 CVLs, 2 CVAs and one administration. There were no compulsory liquidations or administrative receiverships. Meanwhile, there…
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A record number of housebuilders are continuing to go bust, according to data obtained by Price Bailey, 368 developers filed for insolvency last year compared with 207 in 2016, with the increase said to be threatening the supply of new homes. Price Bailey obtained data from the Insolvency Service under the Freedom of Information Act,…
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A report by TheCityUK has predicted that the Government’s three lending schemes will see borrowing boom from the current £27 billion to £123 billion by Q2 next year. The task force has proposed several ways the debt burden could be reduced, including exchanging troubled debt at larger businesses for preference shares, or swapping small businesses…
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In May the following administration notices have been issued and advertised in the London Gazette for the following companies: ADELIE FOODS BIDCO LTD ADELIE FOODS GROUP LTD ADELIE FOODS LTD ADELIE HOLDCO UK LTD AHS COMMERCIAL LTD ALDO UK LTD ANTLER (HOLDINGS) LTD ANTLER LTD ARLINGTON AUTOMOTIVE HOLDINGS LTD ARLINGTON AUTOMOTIVE NE LTD ARLINGTON ENGINEERED…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in May 2AM DESIGN LTD 624 SEACROFT AND MAYWEATHER PRODUCTS LTD A-Z STATIONERS LTD AAC AIR CONDITIONING LTD AB TRAFALGAR SQUARE LTD ACTIVE ORTHOTICS LTD AEGIS ENVIRONMENTAL SOLUTIONS LTD AFFORDABLE HOME FURNISHINGS LTD AIR RISK INTERNATIONAL…
Read moreIn May, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ACCESSIBLE SCAFFOLDING LTD AGB DEVELOPMENTS DARTFORD LTD ALLIANCE PREMIER LTD ARAB FASHION COUNCIL ARMTHORPE SKIPS LTD BLUE ROCK GROUP LTD BRISCOE OFF LICENCE LTD CASTLE PARK PROPERTY LTD CHINA TOWN LEISURE LTD CITY EXPRESS TRANSPORT LTD…
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Losses at the UK’ top 100 restaurant groups increased 94% to £151 million last year, growing from a loss of £78 million the year before new research at UHY Hacker Young indicates. The top 100 restaurant groups have seen losses worsen in recent years and this trend is expected to continue as restaurants grapple with…
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A survey of Scottish businesses has revealed the full impact of the coronavirus lockdown – with confidence so badly damaged that six in ten (61%) fear they will go bust, despite government support. More than 400 companies, working across 17 broad sectors, took part in the survey. Results saw 93% stating they had been adversely…
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