Credit, Collections & Insolvency News
Energy company, Solarplicity Utility Services has entered administration. Solarplicity Utility Services, as well as three subsidiary companies, is currently under administration this follows several winding-up petitions filed against the company by HMRC. Back in February Solarplicity was briefly banned by Ofgem from taking on new customers, until it made service improvements. Ofgem did not confirm that order, but…
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New research from Begbies Traynor, the UK’s leading independent insolvency firm, reveals there are now 484,000 UK businesses in significant financial distress with the property, leisure and tourism sectors particularly badly affected. The Red Flag Alert data for Q2 2019, which monitors the financial health of UK companies, found that 14% of all UK businesses…
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Latest figures have revealed that there was an increase in Northern Ireland company insolvencies according to latest Insolvency Service figures. The latest quarterly figures show that there were 88 new company insolvencies in Northern Ireland, up 22 on the previous three-month period, but a significant fall on the same quarter of 2018. Of the latest…
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Latest figures from the Insolvency Service have shown that the number of company insolvencies increased in Q2 2019 compared with Q1 2019 this was driven by an increase in creditors voluntary liquidations, Compulsory liquidations, administrations and company voluntary arrangements (CVAs) decreased in Q2 2019 Company insolvencies, in Q2 2019, increased to 4,231 (2.6%) its the highest…
Read moreLaw firm, Freeths has announced that it has recruited a new Insolvency Director to lead ist restructuring team in Leeds. Helen Bates has more than 17 years’ experience covering all aspects of insolvency and restructuring, including both contentious and non-contentious matters. Her expertise includes advising on corporate insolvencies (including administrations, receiverships, liquidations and CVAs) and…
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Retail sales fell for the third consecutive month in the year to July, marking the longest period of decline since 2011, according to the latest CBI monthly Distributive Trades Survey. The survey of 93 firms, of which 46 were retailers, showed that sales volumes fell in the year to July, albeit to a lesser extent…
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County Court Judgments (CCJs) against businesses in England and Wales rose four percent in the first half of 2019, according to new figures released by Registry Trust. Year-on-year numbers have risen for the past three years and in the first half of 2019 are 56 percent higher than 2016’s record low, for a first half-year,…
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The number of corporate business insolvencies in Scotland fell by 15% in April-June 2019 compared with the previous quarter (January-March 2019), and fell by 2% compared with the same quarter the previous year (April-June 2018) according to latest Accountant in Bankruptcy (AiB) statistics. The number of Scottish registered companies becoming insolvent or entering receivership decreased…
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The Insolvency Service has reported that it has returned £61.3 million to creditors, up from the £55.3 million last year according to the results as part of its annual report (2018 to 2019). Sarah Albon Chief Executive of the Insolvency Service said “I’m happy to report on another solid year of delivery by the Insolvency…
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The number of permanent pub closures across England and Wales has halved in the first six months of 2019 compared to the previous half-year, analysis of government data has revealed. A total of 235 pubs closed in the UK in the six months to June, according to new analysis by Altus Group, an average of around forty pubs each…
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The government has launched a call for evidence and is seeking views on the impact of the regulatory objectives introduced for the insolvency profession in 2015. Stakeholders are also being asked to assess whether there would be potential benefits in making changes to the current system, including establishing a single regulator for insolvency practitioners. Responses…
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According to figures released under the Freedom of Information Act (FOI), 15.9% of all shops and retail outlets in the UK now lie empty. The figures obtained by Duff & Phelps, the global advisor that protects, restores and maximises value for clients, quantify the scale of the challenge facing the UK high street after one…
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Vehicle dealership group, Border Cars, has announced that it has filed to close after over 42 years of trading. Borders Cars is one of the biggest car dealerships in south-west Scotland and Cumbria with more than 200 jobs under threat. In a public statement, the company said it was “greatly saddened” to announce its closing…
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