Credit, Collections & Insolvency News
RSM has announced the appointment of Mike Gahir as a director in its Birmingham office. Gahir will be tasked with building RSM’s debt advisory practice across the Midlands. He will also have a specific responsibility for business development through building relationships with corporates and intermediaries across the region. Gahir joins RSM from Santander UK Corporate…
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Over one in ten (11%) UK companies is just paying the interest on its debts, rather than repaying the debt itself, according to new research from insolvency and restructuring trade body R3. Only being able to pay the interest, not the original debt itself, is one potential sign of a so-called ‘zombie business’ – a…
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Insolvency specialist, Begbies Traynor, expects corporate failures to continue rising next year, as continuing Brexit uncertainty and the tough high street climate take their toll. Begbies Traynor’s made the prediction as part of their latest results announcement which indicates that profits and revenues were up in the six months to October on the back of…
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Top ten accountancy and business advisory firms BDO and Moore Stephens have exchanged contracts confirming a merger that will create the largest UK accountant and business adviser focused on entrepreneurially-spirited, fast-growing businesses and high-net-worth individuals. The exchange of contracts, confirms a deal that will cement BDO’s position as the UK’s leading AIM-market auditor and will enhance the combined…
Read moreAn accountant has been disqualified, by the Insolvency Service, from running companies after he helped one of his clients to defraud creditors of more than £1.65 million. Paul Manley was disqualified for 12 years on 11 December 2018 and his ban is effective from 1 January 2019. Incorporated in 1994, County West Commercial Services Ltd…
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Accountancy firm Wylie & Bisset, has said that the reintroduction of preferred creditor status for HMRC in insolvencies is a regressive ‘stealth tax’ that will ultimately be paid for by SMEs and is simply another way of raising revenue for the government. Preferred creditor status for HMRC was withdrawn in 2003 as part of the…
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New research released by Nucleus Commercial Finance has revealed that 74% of UK SME leaders are fearful about what 2019 holds. The majority of SME leaders have concerns about the impact one or more external factors will have on their business. Brexit leads the way (27%) and is closely followed by: The sudden loss of…
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Accountancy firm Moore Stephens says in 2017/18 there were 1,219 restaurant insolvencies, up 24% on the year before and nearly double the rate seen in 2010/11. Higher demand for ready-to-eat delivered food means that the marker is growing ten times faster than dine-out. Due to this, the UK restaurant sector is facing major disruption according…
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Insolvency litigation financing specialist, Manolete Partners has began trading on AIM from today (14th December 2018). AIM is the London Stock Exchange’s international market for smaller growing companies. The IPO raises over £16.25m for the company and £13.1m for selling shareholders, and values the newly-listed company at approximately £76.25m. Manolete Partners was established by Steven Cooklin in 2009…
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New research by Moore Stephens suggests that signs of a downturn in the UK housing market is causing distress in the sectors that rely on “a buoyant housing market”. The report says that this could be the start the trigger that increases corporate insolvencies. Lee Causer, Partner at Moore Stephens, said “It seems the impact…
Read moreAfter ten years of growth (2008-2018), it has been suggested that we may have reached the peak in the global construction growth cycle: 2018 will be the turning point according to Euler Hermes’ unique proprietary data on millions of companies across 70 countries. Growth in this industry should gradually cool down to +3.0% in 2019,…
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New data released by Creditsafe, examining the rate of company failures across 12 UK business sectors, reveals 0.33% of companies in the Hospitality sector failed in Q3 2018. Across the Hospitality industry – inclusive of hotels, restaurants and bars – there were 591 company failures, compared to 330 in the same time period in 2017.…
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The UK’s smallest businesses are facing a bill of £6.7 billion, up from £2.6 billion in 2017 – just to collect money they’re already owed, according to research by Bacs Payment Schemes (Bacs), part of leading UK retail payments authority Pay.UK. This latest research, from the people behind Direct Debit and Bacs Direct Credit, shows…
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