Credit, Collections & Insolvency News
The number of restaurant businesses going insolvent has jumped 25% in the last year to 1,410 in 2018/19, up from 1,130 in 2017/18, according to new figures from UHY Hacker Young. The report says that the rapid growth of the causal-dining sector since the last recession had resulted in an over-saturated mid-market which is still…
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Pawnbroker group, Albemarle & Bond and Herbert Brown have announced that they have ceased trading. The group announced on its company website that it will transfer all existing accounts to our Pawnbroking Centre Albemarle and Bond and Herbert Brown are both part of SpeedLoan Finance. The group has closed all of its 116 stores. A…
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Heightened restructuring activity has seen the half-year net reduction in stores on Britain’s high streets hit record levels according to research by the Local Data Company (LDC) and PwC. The first half of 2019 saw almost twice as many store closures (16 per day) as openings (9 per day). In total, 1,634 stores opened and…
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Eversmart Energy, an energy supplier with around 29,000 domestic customers and a very small number of business customers has ceased to trade. Under Ofgem’s safety net, the energy supply of Eversmart Energy’s customers will continue and prepayment meters can be topped up as normal. The outstanding credit balances of domestic customers will be protected. Ofgem…
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New identity checks for company directors should be introduced to help reduce business fraud, says Tim Cooper, chair of insolvency and restructuring trade body R3 in Scotland. A Government consultation into enhancing the role played by Companies House in the UK’s anti-fraud framework, which recently closed, provides a real opportunity to significantly strengthen the UK’s…
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Almost a third of SMEs (31%) have experienced late payments costing their business at least £10,000 in the last 12 months, according to research by Hitachi Capital. The report says the impact of late payments on the long-term health of the UK economy is estimated to have cost UK SMEs at least £51.5 billion in…
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The Chief Executive of the Chartered Institute of Credit Management Philip King has given a cautious welcome to the Government’s call for evidence in tackling late payment but warned against actions that may ‘throw the baby out with the bathwater.’ King says that while the possibility of increased powers for the Small Business Commissioner (SBC)…
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In August, the following administration notices have been issued and advertised in the London Gazette for the following companies: 60 FAITHS APARTMENTS LLP 8 OUTDOOR MEDIA LTD A1 HIRE (PERTH) LTD ABELIA CARE SERVICES LTD ACCORDIANT LTD ADAM MICHAEL SCAFFOLDING SERVICES LTD ANDY THORNTON CONTRACTS LTD ASBESTOS CLEARANCE AND DISPOSAL SERVICES LTD ASPRAY TRANSPORT 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 August: 1 TO CONSULT LTD 12 HARLAND PLACE LTD 365 RESOURCES & RECRUITMENT LTD 3BC LTD 3C UK TV LTD 7777 LTD 7CLOUDSUP LTD A & E CIVIL ENGINEERING LTD A AND I BUILDERS LTD…
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Corporate insolvencies are on the rise globally due to the more challenging economic environment and high policy uncertainty according to a new report by Atradius. The report says business failures in developed markets are forecast to increase 2.8% in 2019 – the first annual increase in a decade – followed by another 1.2% increase in 2020.…
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Wilkin Chapman Solicitors has completed the take-over of Silke and Co, a Doncaster-based business solutions company. In acquiring Silke & Co., Wilkin Chapman solicitors will be expanding its work in the area of recoveries – a team headed up by Partner Chris Grocock. The new Doncaster branch will be known as Wilkin Chapman Business Solutions…
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A new report by Credit Benchmark has highlighted the pressure of Brexit on Restaurant and Bar businesses. The report says that the UK industry has been suffering under the ‘Brexit Effect’ for some time now, with a downturn observed across both large and smaller businesses around the country. One of the hardest hit industries has…
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West Kent and Ashford College (WKAC) is set to enter education administration under the insolvency regime created by the Technical and Further Education Act 2017. WKAC bosses have filed a request to also be placed into education administration after the FE Commissioner recently recommended East Kent College Group should take on its provision and facilities…
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