Credit, Collections & Insolvency News
Kingston Smith LLP, the award-winning top 20 UK accounting and business advisory firm, has joined Moore Stephens International, one of the world’s leading global accounting and advisory networks. Centred in London and with 62 partners and 550 staff, Kingston Smith has built an enviable reputation across multiple sectors for providing trusted advice, commercial expertise and…
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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 sector particularly affected, giving rise to concerns that the UK could suffer a broader economic slowdown. The Red Flag Alert data for Q1 2019, which monitors the financial health of…
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The Insolvency Service has published its latest insolvency statistics which indicate that the underlying number of business insolvencies increased in England & Wales. Total underlying company insolvencies increased in Q1 2019. Creditors’ voluntary liquidations, administrations and company voluntary arrangements (CVAs) all increased in Q1 2019, while compulsory liquidations decreased. In addition, administrations increased to the…
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Latest figures released by the Registry Trust shows that the number of business debt judgements declined in Ireland during Q1 2019. The number, total value and average value of judgments registered against businesses in Ireland in Q1 2019 were the lowest on record for a first quarter-year, with 112 judgments registered, eight fewer than the…
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A report from trade credit insurer Atradius has revealed that payment delays and insolvencies are expected to weigh heavily on the construction industry this year. The Atradius Construction Market Monitor warns of a negative insolvency outlook for 2019, following an already troubled period since 2017. A catalogue of issues has combined to form a perfect…
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Escalating business rates are continuing to put pressure on London’s hotel industry according to latest figures from Colliers International, Hotel companies are facing new bills for the year ahead which show the third set of rises since the 2017 Revaluation, with many bills double what they were three years ago. Such bills will need to…
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UHY Calvert Smith, Chartered Accountants in York, a member firm of the UHY Hacker Young Group, has formally merged with accountancy firm Hare & Co, also located in York. The merged practice is set to be relocated into one office and will comprise of 34 staff, including six partners. Linda Hare, who founded Hare &…
Read moreAccountant in Bankruptcy’s (AiB) has published its latest provisional figures ( January to March 2019) which show that there were 966 Corporate insolvencies in Scotland in 2018-19 up from 884 last year. Commenting on the latest figures, Minister for Business, Fair Work and Skills Jamie Hepburn said “These figures highlight the challenging economic times we…
Read moreThe HMRC applied to shut down 4,160 businesses in 2018, due to these UK businesses having “fallen behind” on their tax payments last year. according to new statistics by Funding Options. The report cited that HMRC has been too aggressive in their approach when shutting down businesses. Conrad Ford, CEO of Funding Options. said “The…
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The Insolvency Service has published its latest enforcement outcomes. The statistics show that the total number of directors disqualified for misconduct remained around the same as in 2017/18. The average period of disqualification obtained fell slightly compared to 2017/18. The number of bankruptcy and debt relief restrictions was broadly flat compared to 2017/18. The average…
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The Competition and Markets Authority (CMA) has published its final report with recommendations to address serious competition problems in the UK audit industry. Legislation is needed to address both the vulnerability of the industry to the loss of one of the Big 4, and the current inadequate choice and competition. The CMA is recommending the…
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More than half (57%) of small and medium-sized enterprises (SMEs) believe the UK economy will fall into recession this year, according to the latest SME Confidence Tracker from leading independent financial services provider, Bibby Financial Services (BFS). In line with this belief, confidence[1] among SMEs has declined by 5.6 points year-on-year, with UK businesses experiencing…
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A record net 2,481 stores disappeared from Great Britain’s top 500 high streets in 2018. In total, 3,372 shops opened, compared to 5,833 closures. (2017 net loss: -1,772 stores), according to PwC research compiled by the Local Data Company (LDC). The number of store openings by multiple retailers* on Great Britain’s top 500 high streets…
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