Credit, Collections & Insolvency News
Outsourcing specialist Interserve has entered into administration after the company’s shareholders voted against a rescue plan Shareholders voted 59.38% against the plan, which would have seen their stake reduced to just 5%, with lenders being handed the largest share of the business. Last month it outlined a plan to reduce its net debt to £275m…
Read moreLaw firm Freeths has announced it has appointed Isobel Callaghan as a senior associate to its restructuring and insolvency team in Sheffield. Callaghan has joined from Lupton Fawcett, bringing more than nine years’ experience in dealing with both contentious and non-contentious insolvency matters. Callaghan has advised on corporate insolvencies, including administrations, liquidations and CVAs, and…
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Large companies will have to report on their payment practices every year in the first step of a crackdown to end small businesses being paid late, the Chancellor has announced as part of the Government’s spring statement. Philip Hammond said the Government will require companies to review their payment practices through their audit committees, with…
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The UK’s thriving creative industries are being undermined by late payments. Findings from business finance company MarketInvoice reveal that 48% of businesses in the creative industries were paid late in 2018. Businesses that make up the creative industry are typically smaller companies (usually agencies and consultancies) that provide services to a range of sectors from…
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A report by Moore Stephens has revealed that there has been a 10% rise in the number of businesses liquidated in just 12 months. From 13,010 cases in 2017 to 14,270 in 2018, there is a clear pressure being placed on businesses the face of rising interest rates and Brexit disruption. The report says that…
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Duff & Phelps, the global advisor that protects, restores and maximises value for clients, today announced that Tyrone Courtman has joined the firm as a Managing Director in its Restructuring Advisory practice. Based in Birmingham, Courtman will focus on restructuring advisory for corporate clients based in the East Midlands. Courtman is a Chartered Accountant, a…
Read moreAdministration notices have been issued and advertised in the London Gazette for the following companies: 786 MAGAN CAREHOMES PRIVATE LTD A1 ALPHA PROPERTIES (LEICESTER) LTD ACROBAT CARBON SERVICES LTD AIRHOP LTD ALDD LTD ALFORM EXTRUSIONS LTD ALL LIQUID DRINKS DISPENSE LTD AREMCO INDUSTRIES LTD ASTRACAST INTERNATIONAL HOLDINGS LTD ATTERBURY UK LTD AVARA AVLON PHARMA SERVICES LTD…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies: 00585778 LTD 15 OCEAN HEIGHTS LTD 29K ADVISERS S2P2 LTD 3L ITALIA EEIG 400 LEA BRIDGE ROAD LTD A S BANWAIT SERVICES LTD A.N RISK SOLUTIONS LTD ABINGCROSS LTD ABODE NEWCO LTD ACCUMULI (HOLDINGS) LTD ACCUMULI LTD…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 008 IMPORTS LTD 3 AD 3 LTD 7 WIRE ELECTRICAL LTD ABACUS MICRO LTD ABOUT THE HOUSE ROOFING LTD ACTIVE DEMOLITION SERVICES LTD ADN TRANSPORT LTD AFFILIATETRACTION UK LTD ALBERO BUILDERS LTD ALLSCAFF (SW) LTD ANOTECH (LEICESTER) LTD…
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Insolvency and restructuring trade body R3 has responded to the publication of a Government consultation on plans to repay HMRC ahead of pension schemes, trade creditors, and lenders in insolvency procedures, Stuart Frith, President R3, said “The Government’s decision to push ahead with the return of ‘Crown Preference’ is frustrating and misguided. It’s a short-sighted…
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Crowell & Moring LLP has announced that it will strengthen its ability to advise clients on insolvency and restructuring with the addition of Paul Muscutt and Cathryn Williams as partners in the London office. The Partners join on March 5 from Squire Patton Boggs where Williams led the firm’s Restructuring & Insolvency Practice in London.…
Read moreDuff & Phelps has announced that Ben Collett has joined the firm as a Managing Director in its Restructuring Advisory practice. Working across the firm’s Birmingham, Manchester and London offices, Collett will focus on providing advisory services to corporate clients across the UK and Europe. He joins the firm from IMI Precision Engineering, where he…
Read moreRestructuring and Insolvency (R&I) specialist law firms Harrison Clark Rickerbys (HCR) and Sprecher Grier have announced that they will merge. HCR is a full-service firm with eight offices across the country and Sprecher Grier has a significant restructuring and insolvency (R&I) presence in London. The move brings former colleagues back together – Sam Payne, Head of HCR’s R&I team,…
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