Credit, Collections & Insolvency News
Northern Ireland’s latest Insolvency figures show that there has been a 21.5 percent increase in the number of company insolvencies in the last three months. Company insolvencies in Northern Ireland rose by more than a fifth over the last quarter with 79 firms becoming insolvent from July to September period, according to Insolvency Service figures.…
Read more
New data published analysis shows that there has been no let-up in the number of retail businesses entering insolvency, with 1,252 insolvencies in the sector in the last year, up from 1,232 the year before says RPC, the City-headquartered law firm. Insolvencies in the sector have hit a five-year high and are 31% higher than…
Read more
The Treasury Committee has published a unanimously-agreed report on the Impact of Business Rates on Business. The Government must explain whether it is deliberate that, since Business Rates were introduced in their current form in 1990, the revenue they have generated has outpaced inflation. Throughout this inquiry, the Committee has been told that Business Rates…
Read more
A landmark judgment could see company directors and shareholders pursued for millions of pounds for funds paid into tax avoidance schemes. The ruling, handed down by Chief Insolvency and Companies Court Judge Briggs, will see the directors and shareholders of Implement Consulting Ltd having to pay back over £3 million to the company and its creditors…
Read more
The Insolvency Service has published its latest England & Wales insolvency statistics for Q3 2019 (July-September) indicating that underlying corporate insolvencies (seasonally adjusted) rose by 0.4% in Q3 2019 compared to Q2 2019, and rose by 1.6% compared to Q3 2018. There were 4,355 total company insolvencies in England and Wales which was 0.4 per…
Read more
Professional services insolvency consultancy Begbies Traynor has acquired London-based insolvency and business recovery practice Alexander Lawson Jacobs (ALJ) for an initial consideration of £2.35m. Begbies said the acquisition of ALJ, a well-established firm ranked as a top 20 UK insolvency practice, was in line with its strategy to increase the scale and market share of…
Read more
Toto Energy, an energy supplier with around 134,000 domestic customers has ceased to trade. Under Ofgem’s safety net, the energy supply of Toto Energy’s customers will continue and prepayment meters can be topped up as normal. The outstanding credit balances of customers will be protected. Ofgem will choose a new supplier to take on all…
Read more
FundingSecure, a regulated Peer-to Peer (P2P) firm, has been placed into administration and has appointed CG Recovery as administrators. Funding Secure operates a P2P lending platform through a website facilitating crowdfunded loans which are used to fund the purchase and development of property, as well as pawn-broking style loans secured on items of value. In…
Read more
Accountant in Bankruptcy (AiB) has released official statistics reporting company insolvencies in Scotland for the second quarter (July to September 2019) of 2019-20. The number of Scottish registered companies becoming insolvent or entering receivership increased slightly in the second quarter of 2019-20, with 235 companies becoming insolvent compared with 232 in the same quarter of…
Read more
International accounting and advisory firm Mazars has published a study canvassing public opinion on the UK economy and the audit system The study indicates that the public strongly supports audit reform, with nearly two-thirds (62%) stating that they don’t have trust in the current audit system to provide independent and accurate assessments of a company’s…
Read more
Ofgem is proposing new reforms for existing suppliers to drive up customer service standards, reduce the risk of energy supplier failure and strengthen the safety net. Increased competition in the retail market has benefitted consumers with cheaper deals, put pressure on incumbent suppliers to improve their customer service offering and brought in new and innovative…
Read more
Ofgem has appointed Total Gas and Power to take on supplying Rutherford Energy Supply Limited’s (trading as Uttily Energy) 280 business customers. This follows an appointment process run by Ofgem to get the best deal possible for customers. For existing customers, energy supplies will continue as normal as they switch over to Total Gas and…
Read more
681,000 UK individuals and businesses are so far behind on their tax bills that they have been forced to reschedule their payments with HMRC, research UHY Hacker Young shows. Taxpayers are able to reschedule their tax payments with HMRC by agreeing ‘time to pay’ arrangements. These allow taxpayers to pay their taxes over a longer…
Read more