Insolvency laws consolidated in new bankruptcy act

1st December 2016 Commercial Credit Management |

Scottish laws on insolvency have been brought together for the first time in a generation as the new Bankruptcy (Scotland) Act 2016 comes into force. The Act captures all of the amendments made to the primary legislation governing bankruptcy in Scotland, the Bankruptcy (Scotland) Act 1985, including the wide-ranging reforms introduced in April 2015 through…

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Insolvency Notices: Appointment of administrators – November 2016

1st December 2016 Commercial Credit Management |

Administration notices have been issued and advertised in the London Gazette  for the following companies: 07200375 LIMITED 36 ST. JOHN’S WOOD ROAD LTD A-BELCO (HOLDINGS) LIMITED ‎A-BELCO LIMITED A. T. R. MEDIA LTD ‎‎ADNAMS BIO ENERGY LIMITED ALDERDALE FIXING SYSTEMS LIMITED ALISON’S COFFEE SHOPS LIMITED AMERICAN APPAREL (CARNABY) LIMITED ‎AMERICAN APPAREL (UK) LIMITED ARLEY HOMES NORTH…

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Insolvency Notices: Winding Up Petitions – November 2016

1st December 2016 Commercial Credit Management |

Petitions have been issued and advertised in the London Gazette for the following companies: 09232330 LIMITED 09247724 LIMITED ‎1ST RESET LIMITED ‎2 BRIDGE STREET LIMITED ‎519 CONSULTANCY LIMITED ‎A A COM LIMITED ‎A S HANUSCHI SERVICES LTD A1 COMMERCE HOLDINGS LIMITED ‎AB CARRIAGE LIMITED ‎ACCIDENT REPAIR CENTER LTD ‎ADVISORY SERVICES LONDON LIMITED ‎AFFECTIVE LOGIC LIMITED…

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Construction subcontractors feel forced to accept contract terms

30th November 2016 Commercial Credit Management |

Over half of UK subcontractors believe they must accept the terms of contracts with large construction firms, or face the risk of losing future business, according to new research from specialist funder, Bibby Financial Services (BFS). Findings of the Subcontracting Growth survey show that the majority of firms (55%) do not believe they can influence…

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Company liquidation rate at all time low

28th November 2016 Commercial Credit Management |

Insolvency Office statistics reveal that the company liquidation rate in England and Wales is at its lowest level since records began in 1984 and that there has been a continuous downward trend in the rate since 2011. In the 12 months to the end of September 2016, 0.41% of active companies (about one in 244)…

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KPMG announces three senior Restructuring appointments

25th November 2016 Commercial Credit Management |

 KPMG has announced that it has appointed three senior heads to jointly lead its global Restructuring practice. Current Interim Global Head of Restructuring Richard Heis will now lead KPMG’s Global Insolvency practice, while Angel Martin has been named Global Head of Financial Restructuring. Completing the trio of appointments, Mark Raddan has been appointed Global Head of…

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R3 welcomes new EU insolvency directive

23rd November 2016 Commercial Credit Management |

The European Commission’s new Directive on corporate insolvency reform is a welcome step towards improving business rescue procedures across Europe, says insolvency and restructuring trade body R3. R3 adds that the UK’s world-class insolvency and restructuring regime already meets many of the standards in the new Directive, while the government is currently carrying out its own…

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Modernised insolvency rules commence April 2017

22nd November 2016 Commercial Credit Management |

New rules which will guide insolvency practice from April 2017 have been published. Modernised and consolidated insolvency rules have been laid in Parliament and will come into force on 6 April 2017. The new rules replace the Insolvency Rules 1986 and their 28 subsequent amendments. They have been developed working with the insolvency profession and have…

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50,000 SMEs close due to late payments

22nd November 2016 Commercial Credit Management |

Research from the Federation of Small Businesses (FSB) has revealed that late customer payments are costing the UK economy £2.5billion a year, and are leading to 50,000 SME closures annually. Aamar Aslam, CEO of alternative lending firm Funding Invoice has commented on the news, urging the government to appoint the long-awaited Small Business Commissioner, promised…

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Duff & Phelps appoints Managing Director for Restructuring Advisory Practice

21st November 2016 Commercial Credit Management |

 Duff & Phelps has announced that Phil Dakin is joining the firm’s Restructuring Advisory practice as a Managing Director in its London office. Dakin brings more than 15 years’ experience in the corporate restructuring and insolvency sector, having advised companies on procedures including independent business reviews, operational and financial restructuring, and formal insolvency appointments. Dakin…

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Small businesses waiting months for payment

14th November 2016 Commercial Credit Management |

Supermarket giant Tesco has the worst payment performance amongst a list of the UK’s best-known retailers, taking an average of 105 days beyond terms to pay its suppliers. Iceland and Debenhams were the next two retailers on the list, taking an average of 75 days and 73 days beyond terms respectively to pay their suppliers.…

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Administrators appointed to American Apparel

9th November 2016 Commercial Credit Management |

 Jim Tucker and Richard Beard of KPMG LLP were appointed joint administrators of American Apparel (UK) Ltd and American Apparel (Carnaby) Ltd   The companies run the UK retail and wholesale operations of the US branded high street fashion retailer American Apparel. The UK business trades from 13 stores. American Apparel’s brand and US business is…

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Business closures have risen since Brexit

8th November 2016 Commercial Credit Management |

The number of business closures have risen since the Brexit vote, according to Quarter 3 insolvency statistics released by the HMRC. Business insolvencies are up by 2.2% and voluntary liquidations are up by 5.5%,. Simon Underwood, partner and business recovery specialist at Menzies said “Currency fluctuations and the challenging UK financial market have left many…

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