Credit, Collections & Insolvency News
In the Asia Pacific region, the number of businesses taking a more strategic approach to credit management is increasing according to new research by Atradius. While global GDP growth is forecast to slow from 3.2% in 2018 to 2.7% this year, global insolvencies are expected to rise 2%. As an integral part of the global…
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British Steel has been placed in compulsory liquidation, putting 5,000 jobs at risk and with the knock-on effect endangering 20,000 in the supply chain. The Government’s Official Receiver has taken control of the company as part of the liquidation process. In a statement, the Official Receiver said that the immediate priority its appointment as liquidator…
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Celebrity chef Jamie Oliver’s British restaurant chain filed for bankruptcy protection on Tuesday, mainly due to increased competition and escalating rents in local commercial districts according to reports. The insolvency will leave 1,000 people out of work. Oliver wrote on Twitter “I’m devastated that our much-loved UK restaurants have gone into administration, I am deeply…
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The announcement by Chancellor Philip Hammond that HM Revenue and Customs (HMRC) would revert to secondary preferential creditor status for taxes collected on its behalf in all insolvency situations will likely have a significant negative impact on lending to UK Plc, according to analysis by Duff & Phelps. In a return to the pre-Enterprise Act…
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HMRC is continuing its campaign of targeting restaurants and takeaways as financial stress makes tax evasion more tempting for smaller operators in the sector, says the accountancy and business advisory firm, BDO. According to BDO, restaurants and takeaways account for 26% (200 of 775)* of businesses ‘named and shamed’ by HMRC as ‘deliberate tax defaulters’ since…
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A report detailing the major economic and political updates of North American markets has been published by global trade credit insurer Atradius. The Atradius North American Country Report is a free publication for any business that is trading, or seeking to trade, within the region. Richard Reynolds, head of Strategic Accounts for Atradius UK, said…
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The Department for Education has confirmed it petitioned the High Court for Hadlow College to be placed into “education administration”, under the insolvency regime created by the Technical and Further Education Act 2017. The High Court is expected to respond on 22nd May. Insolvency practitioners BDO are understood to have been lined up as the…
Read moreNew research by fraud investigation technology provider HooYu has identified loopholes at Companies House that enables individuals to register as a director, to run businesses and to enable fraud and money laundering, even after they have been struck-off from holding company directorships. The analysis also uncovered over 500 so-called “chameleon” directors who have been disqualified…
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Insolvency specialist Begbies Traynor has announced it has promoted Jason Ainge to the position of director in the Yorkshire region. Ainge began his career with Kroll in 2003 and joined Begbies Traynor in Leeds in 2008 as an assistant manager. By 2016, he had been promoted to the position of senior insolvency manager. Jason is…
Read moreThe latest statistics from the Valuation Office Agency’s ‘Check, Challenge, Appeal’ business rates system show a 97% drop in the number of businesses challenging their rates bills in the last two years in England, compared to the two years following the previous revaluation. Responding to the figures, Federation of Small Businesses (FSB) National Chairman Mike…
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Credit Insurance specialist Euler Hermes has issued its annual review and forecast of global average Days Sales Outstanding (DSO), based on a sample of 25,000 listed companies across 20 sectors and 36 countries. Days Sales Outstanding (DSO) is a measure of how long it takes companies to collect cash from customers. Euler Hermes’ study shows…
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Business advisory firm, Quantuma has completed a merger with Kingsland Business Recovery, which sees the firm open three new offices across the Midlands and Yorkshire As a result of the merger, Quantuma will take on Kingsland’s offices in Bradford, headed by Partner, Rehan Ahmed; and Nottingham and Birmingham, led by Partner Tauseef Rashid, as well…
Read moreThere was a 12 percent increase in the number of county court judgments against all businesses in England and Wales in the first quarter of 2019, according to figures released by the Registry Trust. The total value of the 35,779 business CCJs was £107.2million, a rise of six percent compared to the same period of…
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