Credit, Collections & Insolvency News
In November, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 2018 PG PROPERTIES LTD 20190221 LTD 24/7 SHOP£ LTD 24HR CARE SOLUTIONS LTD 2EQIPP LTD A & P TRANSPORT (WORCESTERSHIRE) LTD A A WHOLESALE LTD A P VEHICLE AND PLANT EQUIPMENT LTD ABERCORN HOLDINGS LTD ABLE…
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Duff & Phelps has announced that it has appointed Paul Reeves as Managing Director, further strengthening its debt advisory and restructuring offerings. Reeves, who will be based in Manchester, joins Duff & Phelps from Fresh Thinking Capital. Prior to this he spent 17 years as a partner at Leonard Curtis Business Solutions Group (LCBSG), a…
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Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton UK LLP have been appointed as joint administrators of high-cost short term lender MMP Financial. The brand was also known as My Money Partner and Swift Sterling. A company statement company website confirmed that the administrators had been appointed and that they were no longer…
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There was a 15 percent rise in the number of County Court Judgments (CCJs) registered against businesses, according to the latest figures released by Registry Trust. With the total value of the 37,585 CCJs hitting £106.1million, the third quarter of 2019 saw a rise of six percent on last year’s figures. This was largely due…
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More companies across England and Wales are opting for voluntary rather than compulsory liquidation because of rising Government costs, an insolvency expert has said. The Insolvency Service’s report, published by the Government, showed company insolvencies increased slightly in Q3 2019 compared with Q2 2019. According to the report, the increase was primarily driven by a rise…
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Business rescue specialist, Leonard Curtis has made an addition to its Scottish team with the appointment of James Dempster. A qualified accountant, s joins Leonard Curtis as a Senior Manager within the Group’s Business Rescue and Recovery division. He joins the professional services group following a sixteen-year tenure at one of Glasgow’s big-four accountancy firms.…
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DJS (UK) trading as PiggyBank has entered administration. The company provided high-cost short term (payday) lending services to the UK consumer market. The company is thought to have had around 45,000 customers and was seen as one of the UK’s top 10 largest payday lenders. Shane Biddlecombe and Gordon Johnston of HJS have been appointed…
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R3, the insolvency and restructuring trade body, has launched its 2019 election manifesto, which sets out the policies that will help the insolvency and restructuring profession continue to support businesses and individuals going through financial distress. These include: The abolition of plans to make HMRC a priority creditor in insolvencies The introduction of the proposed…
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New analysis from MarketFinance has found that SMEs are being stretched by longer payment terms. The analysis found that businesses typically agree 45-day payment terms from completion of work or delivery of goods. Despite this, almost two-fifths (39%) of invoices issued in 2019 (worth over £34b2) were paid late, an improvement on 2018 when 43%…
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Citizens Advice has responded to new Ofgem data on unpaid energy industry bills left behind by failed suppliers. Alongside this, the charity has released new analysis showing consumers are now facing a £255 million bill following the collapse of these firms, which will be paid through higher energy bills of their own. The new analysis…
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The Commercial Credit & Collections conference has confirmed its speaker agenda for the next event which takes place in January. CVR Global and Aon’s Commercial Credit & Collections conference agenda now includes speakers from Onguard and Cifas whilst three Credit Managers will debate the impact of technology on credit management. The event will open with…
Read moreMounting concerns such as late payments (54 per cent), cyber-attacks (27 per cent) and tax rates (44 per cent) have left the UK’s entrepreneurs fearing for the future. Other challenges include the cost of staff recruitment (19 per cent), maintaining or increasing levels of productivity (31 per cent) and uncertainty over Brexit (44 per cent).…
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Nearly half of small business owners and managing directors (47 per cent) had to stop their own pay due to the impact of unfair payment practices by their buyers, according to new survey findings from engineering services trade bodies ECA and BESA. Overall, three-quarters of business owners said they had made sacrifices, including reducing their…
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