Credit, Collections & Insolvency News
In September, the following administration notices have been issued and advertised in the London Gazette for the following companies: 06610732 LTD 4MATIC DESIGN & MANUFACTURE LTD ABBEY VIEW HOMES LTD AFAN VALLEY LTD AFX MARKETS LTD ALL STAR LEISURE (GROUP) LTD and other companies ALTON TRANSPORT SERVICE LTD ALTUS SERVICES LTD AMDALE LTD ANDARO LTD…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in September: 101 RETAIL LTD 123 ELECTRIC LTD 19 STATION ROAD LTD 1ST CALL HOMECARE LTD 24 SPICE LTD 316 PIPE SERVICES LTD 3D WINES LTD 3LILIES LTD 9JA UK LTD A & B HOTEL CLEANING…
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In August Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 120 HOLLAND ROAD LTD 121 RENTAL LTD 365 GROUP HOLDINGS LTD 3D ACCESS SOLUTIONS LTD A & R GLOBAL SOLUTIONS LTD A C ENGINEERING (SCOTLAND) LTD A&T COMPLETE JOINERY LTD ACOUSTIC FIRE SEAL LTD ACTDRIVE TECHNOLOGY…
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The Financial Reporting Council (FRC) has commenced an investigation into the audit by EY of the financial statements of Thomas Cook Group for the year ended 30 September 2018. The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure. The FRC will keep under close review both the scope of…
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Debenhams has won a legal challenge against its Company Voluntary Arrangement (CVA). The department store was taken to court by Combined Property Control Group (CPC) – the landlord of six Debenhams stores in England – over the argument that its CVA was “designed to create a situation in which the company’s general body of unsecured…
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The Insolvency Service (IS), the executive agency responsible for overall authorisation and regulation of the insolvency profession (including supervising the insolvency regulators) conducted its annual monitoring on the Insolvency Practitioners Association (IPA) in April 2019 as is standard protocol in insolvency regulation. The report has now been published and details improvements that the IPA has…
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Begbies Traynor Group has acquired Exeter-based advisory practice Regeneratus Consulting 1, the deal is Begbies Traynor’s third acquisition this year. In March, it acquired the Newcastle upon Tyne insolvency practice, KRE Corporate Recovery, and in June it bought up Dunion & Co, an insolvency firm in Stoke on Trent. Regeneratus, which was founded in 2016…
Read moreMore consultation is needed before the Government progresses plans to change how planes are used in airline insolvencies, R3, the insolvency and restructuring trade body, has warned. On Wednesday (25th September) during a ministerial statement on Thomas Cook, the Secretary of State for Transport, the Rt Hon Grant Shapps, said: “Firms need to be able…
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More than a third of the UK’s bank branches have shut their doors since 2015 while hundreds of those that remain have slashed their opening hours, new research from Which? reveals. The consumer champion investigated the bank branch network between January 2015 and August 2019 and found there were 3,303 closures (34%) in that period…
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An investigation by the real estate adviser Altus Group has revealed that, during the last financial year (2018/19), over 78,000 non-domestic properties from shops to restaurants to pubs to factories were referred to Bailiffs to levy ‘distress’ and to seize their goods having fallen into arrears with business rates. Bailiffs are instructed by Councils, once…
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The UK Civil Aviation Authority (CAA) said the tour operator has “ceased trading with immediate effect” after winding up orders were made against Thomas Cook Group plc and associated companies. The court appointed the Official Receiver as the Liquidator. The court has appointed Special Managers to assist the Official Receiver with the liquidation. Insolvency Practitioners…
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Businesses in Eastern Europe are conducting significantly more sales on credit to boost their competitiveness in overseas markets, according to a new report by trade credit insurer Atradius. The Atradius Payment Practices Barometer reveals Eastern European businesses transacted an average of 67% of the total value of their sales to domestic and overseas B2B customers…
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Leading business groups and insolvency experts have written to the Chancellor to warn that plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies will have serious consequences for the UK economy. Under legislation included in the draft Finance Bill, the Government is planning that, from 6 April 2020, certain tax debts…
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