Credit, Collections & Insolvency News
Last year, during 2019, The Insolvency Service an agency of The Department for Business, Energy and Industrial Strategy paid out a total of £346.11 million from the National Insurance Fund to former members of staff as a result of their employer entering into either administration, liquidation, a CVA or another form of corporate insolvency according…
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A debt collection agency has been wound up after it misled clients over services it had promised to deliver and failed to account for money collected for its clients. Redwood Business Management Ltd, based in Newcastle upon Tyne was wound-up in the public interest on 3rd February 2020 at the High Court in Manchester before…
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Overseas businesses who bought goods and services from UK companies in 2019 paid more invoices late and took longer to settle their bills. The latest MarketFinance Business Insights1 examined over 11,000 invoices to these businesses to understand the trading relationship between UK businesses and the UK’s top ten trading partner countries2 (United States, Germany, Netherlands,…
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Four in ten (37%) small businesses that made successful finance applications last quarter used the sums raised to manage cashflow rather than invest in their firms, according to new figures from Federation of Small Businesses (FSB’s) full Q4 2019 SBI latest report. Fewer than one in four (23%) used finance to update equipment, while even…
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Eleven firms – including several big names within the military, aerospace and defence sectors – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. BAE Systems (Operations) Limited, Leonardo MW Limited, and Smiths Detection are among those who have failed…
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The number of companies falling into administration across England and Wales increased by just under 5% over 2019, highlighting the number of high street failures according to new analysis from KPMG. A study of notices in the London Gazette shows that a total of 1,403 companies went into administration during 2019, compared to 1,341 in…
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In January, the following administration notices have been issued and advertised in the London Gazette for the following companies: A.R.G. (MANSFIELD) LTD AMG DEVELOPMENTS LTD ATLAS CITY GLOBAL LTD BEALE LTD BOTLEIGH GRANGE LTD BREEZE ENERGY SUPPLY LTD BROCKET HALL (UK) LTD BUTTIMER ENGINEERING UK LTD C.E.M.PRESS LTD C45 LOGISTICS LTD CARTERS HAULAGE LTD CCL35…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in January: 2 X 2 LTD 32 DEGREES TANNING LTD 389LOG LTD 6 MUSTARD LTD 607 ENGINEERING LTD 786 EXPRESS LTD A & S WINDOWS LTD ABALAN LTD ABBEY GARDEN MACHINERY LTD ABBOTTS BUILDING CONTRACTORS LTD…
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In January, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 4500 MILES FROM DELHI LTD 4D ELECTRICAL SERVICES LTD AA STAR CLEANING LTD ABACUS ESTATES (LONDON) LTD ABBEY INNS LTD ABSOLUTE ROOFING CONTRACTORS LTD ABUELO COVENT GARDEN LTD ADMIN HELPERS LTD ADVANCED HAIR DESIGN LTD AEMCA…
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Duff & Phelps has appointed Chris Coley as Managing Director, further strengthening its Global Restructuring Advisory practice. Coley, who will be based in London, joins Duff & Phelps after nine years at FTI Consulting within the firm’s Corporate Finance and Restructuring practice, in both London and Singapore. He had previously trained within the corporate restructuring…
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Business Insolvencies can be expected to continue to rise in the UK, up 7% or higher in 2020 following Brexit’s confirmation (on Friday 31st January) according to predictions by Atradius. Atradius says, we can expect to see a rise in business failures throughout most of Europe, albeit at a more moderate rate. Insolvencies in the…
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The number of companies that entered insolvency in Northern Ireland during the run-up to Christmas is significantly up on last year. There were 114 company insolvencies in the final three months of 2019. It represents a 56.2 per cent rise in company insolvencies compared with the same quarter in 2018. Some 79 were cases of…
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Regulator, the Institute of Chartered Accountants in England and Wales (ICAEW) has issued a £925,000 fine to the administrators involved in the collapse of electrical goods retailer Comet. ICAEW has fined Deloitte £925,000, plus costs, for failings in its procedures relating to the administration of the company in 2012. ICAEW found that Deloitte’s client take-on…
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