Credit, Collections & Insolvency News
Debenhams has entered pre-pack administration with control of the company now falling into the hands of its lenders as part of an administration process. The company has 166 stores, which for now continue to trade, although it has indicated that 50 branches are earmarked for closure in the future. Its lenders include Barclays and Bank…
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Ofwat has allocated customers affected by the proposed liquidation of Aquaflow Utilities to Clear Business Water, following a competitive process. Ofwat have worked with the market operator, MOSL, to switch affected customers and they should be receiving information from Clear Business Water soon. Ofwat has used powers under the Interim Supply Code, and stepped in…
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Almost 115,000 businesses waited an average of 57 days for payment in 2018 with more than 1,000 of these subsequently entering insolvency as a result, according to new data from insolvency specialist Begbies Traynor. The data, which was gathered from more than 1 million debtor day reports since 2011, also revealed that of those 1,000…
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Hundreds of thousands of people who were mis-sold high-cost short term loans will receive a fraction of the compensation they are entitled to after WageDay Advance loans collapsed into administration last month. Customers are now receiving emails to explain how much they owe or are owed. However, now the company is in administration, those who…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies: 06606420 LTD 08141019 LTD 09874619 LTD 209V LTD 21CE INSTALLATIONS LTD 4THOUGHT PRODUCTIONS LTD 5 STAR COMMERCIAL CLEANING SERVICES LTD 8 X 4 MEDIA LTD A & J AUTO SALES LTD A CONVENIENCE STORES LTD A D…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 06606420 LTD 119 MARYLEBONE ROAD TENANT LTD 3A’S CONSULTANCY LTD 56 EP LTD A & D MAINTENANCE CO. LTD A HERITAGE WINDOW CO. LTD A M PROPERTY MANAGEMENT SERVICES LTD A W CLEAVER HAULAGE LTD ABS SCAFFOLDING LTD…
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Administration notices have been issued and advertised in the London Gazette for the following companies: A. & J. FABTECH LTD ABILISOFT LTD ACCESSIBLE TRANSPORT GROUP CONTRACT SERVICES LTD ACCESSIBLE TRANSPORT GROUP LTD AKTIS STRATEGY LTD ALLERFORD HOLDING LTD ALLERFORD INTERMEDIATE NEWCO LTD ALTIMA LIGHTING LTD AMBITEMP (M&E) LTD ARCH HALL LTD ARCH HALL SOUTH LTD ASHFIELD…
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Begbies Traynor Group has acquired insolvency practitioner KRE Corporate Recovery (North East) Limited, based in Newcastle upon Tyne, further strengthening the AIM listed group’s presence in the North East. The deal sees 100 per cent of the equity of KRE (North East) Limited acquired by the group which has grown to offer a wide range…
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A new economic research report from Atradius forecasts that global insolvencies are set to grow for the first time in 10 years. The Insolvency Forecast reports an expected rise in insolvencies of 7% in the UK in 2019, the highest increase of all advanced markets. The insolvency outlook has deteriorated following a sharp loss of…
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Water regulator Ofwat has been informed by business water supplier, Aquaflow Utilities that it is likely to enter into liquidation as of midnight on 9th April 2019. In a statement, Ofwat said “We are now stepping in to use our powers under the Interim Supply Code to ensure customers have a new water retailer as…
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The number of business insolvencies across the UK has risen by a fifth over the past three years, according to the latest figures from the Insolvency Service. 17,439 businesses entered into insolvency procedures last year — up approximately 100 from 2017 and an increase of 2,851 insolvencies from the figure in 2015. The number of…
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The inaugural Commercial Credit & Collections conference has confirmed its agenda for its forthcoming event at the Leadenhall Building on Friday 5th April. CVR Global and Aon’s Commercial Credit & Collections conference agenda includes speakers from Chartered Institute of Credit Managers (CICM) and Eversheds Sutherland. With Brexit on the horizon, the event will open with…
Read moreSmall businesses across the UK are facing major cash flow pressure, leading to increased financial instability as a direct result of a late payments culture. This is according to Duff & Phelps, the global advisor that protects, restores and maximises value for clients. With recent research showing that small businesses in the UK are facing…
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