Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has confirmed that Active Securities trading as 247 Moneybox, have been placed into administration. Active Securities a high-cost short term lender (payday lender). In a statement that appears on the website, the company said that all existing loan agreements remain in place and will not be affected by the proposed…
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The UK’s SME late payment debt has risen to a staggering £23.4 billion, up £10.4 billion on the £13 billion owed in 2018 – according to figures released by Pay.UK, which runs the Bacs Direct Credit and Direct Debit payment services. On top of that, the research shows that UK SMEs are now facing a…
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Research from Xero and PayPal, has revealed that 37% of small businesses owners have considered closing their company because of cash flow issues caused by late payments. The findings highlight the scale of the late payments challenge facing British small businesses, who are owed an average of £23,360 in overdue invoices on any one day…
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High street chains have closed almost 6,000 stores so far this year, according to the Centre for Retail Research, which also revealed that retailers with 10 or more stores have already closed 5,834 shops in 2019 – up 77% on the whole of last year. Some 708 shops have been closed by large retailers falling…
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The number of manufacturing businesses entering insolvency has hit a five-year high rising 7% to 1,466 in the last year (to 30 September 2019) up from 1,373 the previous year, says chartered accountants and business advisors, Moore. Moore says that the rise in manufacturing businesses going insolvent is being driven in part by Brexit-related uncertainty…
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Over a third (36%) of Europe’s CFOs feel more pessimistic about their companies’ financial prospects than they did three months ago, according to Deloitte European CFO Survey. This percentage has doubled since the first survey in spring 2015, when the figure stood at 18%. Fewer than one in five CFOs (18%) consider now to be…
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The number of insolvencies of pub and bar companies has increased by 13% to 530 in the last year (year-end September 30, 2019) up from 470 the previous year according to new UHY Hacker Young research. The research shows that this is the third successive year in which pub company insolvencies have increased. This is…
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Declining turnover is often identified as the initial sign of corporate distress, but a new study from Euler Hermes shows it is not as reliable as it seems. Euler Hermes’ study highlights three other indicators that can provide warning signs up to four years before an acute insolvency risk for European small and medium enterprises (SMEs)…
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A new report by trade credit insurer Atradius has revealed the top trading risks within Eastern Europe’s major markets. The report reveals that despite the end of a technical recession in Turkey, economic growth is forecast to level off this year (0.1%) and a 10% increase in business insolvencies is expected. Payment delays and default risks…
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Gordon Brothers have announced that it has appointed Ben Olushola as it’s new as Corporate Counsel. Olushola will operate as the front-line transactional and corporate counsel, managing deal documentation and related matters, for Gordon Brothers’ international business. He has over 10 years’ experience of restructuring and insolvency matters including distressed corporate M&A, pre-pack insolvency transactions,…
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In October, the following administration notices have been issued and advertised in the London Gazette for the following companies: A.G. MAJOR. ENGINEERING SOLUTIONS LTD AAA LINEN LTD ANDREW JAMES UK LTD ASPENLINK LTD ASTONBROOK CARE HOLDINGS LTD AXA BUILD & MAINTENANCE LTD BARNSLEY BODY SHOP LTD BARRY WOOD PLANT HIRE LTD BATH & WEST DEVELOPMENTS…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in October: 07435922 LTD 4-INTERIOR LTD A & B RICKERBY LLP A G HALL LTD A II D SOLUTIONS LTD A.R. TRADING SOLUTIONS LTD ACM SURVEYS LTD ACQUISITION 395445638 LTD AFFINITY ESTATE AGENTS LTD AGENTIS SOLUTIONS…
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In October, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 05225677 LTD 3T PROJECTS & DEVELOPMENTS LTD A A A SELF STORE LTD A P BUILDING SERVICES (UK) LTD A S ROOFING (SOUTH EAST) LTD A.R. COMPANY (MANCHESTER) LTD ABS GROUP SOUTH LTD ADEPT AGENCY LTD…
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