Credit, Collections & Insolvency News
Judgments against businesses in England and Wales jumped nearly a third during the third quarter of 2018, compared with the same period a year ago, according to figures released today by Registry Trust. During Q3 2018, there were 32,629 CCJs against businesses in England and Wales, 32 percent more than in Q3 2017. The total…
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Trade credit insurer Atradius has published a new report revealing the challenges and opportunities facing the global machinery and engineering sector. The Atradius Market Monitor reveals that after a reasonably good performance in 2017 and a continuing trend at the start of 2018, growth within the sector is expected to slow alongside a rise in…
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The number of debt decrees registered against Scottish businesses rose by more than a third during the third quarter of 2018, according to figures released today by Registry Trust. There were 754 decrees issued against all businesses in Scotland during Q3 2018, 34 percent more than during the same period the previous year. A 44…
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High street shops closing at a rate of ’14 per day’ according to a new report released by accountancy specialist PwC and the Local Data Company. The report says high street shops are still facing testing times as new research shows the gap between closures and openings widens to a record level, but closures have stabilised.…
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Gavin Savage has joined CVR Global as a Partner. Savage has 30 years’ experience handling turnaround, restructuring and insolvency cases. Simon Lowes, who will work alongside Savage, said “Gavin’s appointment is a fantastic opportunity for us to continue to develop our experienced team here on the South Coast and I very much look forward to…
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Analysis of figures from the Insolvency Service shows that 1,123 restaurant companies have become insolvent so far this year. This compares to 833 in the first nine months of 2017 and 1,075 in the whole of last year. Further analysis from accountancy firm Price Bailey shows insolvency rates within the sector have risen by 35%…
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The lack of improvement in the UK’s standing in the World Bank’s latest insolvency rankings underlines the need for UK corporate insolvency reform, says insolvency and restructuring trade body, R3. For the second year running, the UK is at 14th place in the “Resolving Insolvency” table in the World Bank’s Doing Business report (published on 31 October).…
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Changes in the Autumn Budget which will see HM Revenue & Customs (HMRC) take up a position as a preferred creditor in insolvency cases, could see smaller firms lose out on money they are owed, warns insolvency firm, Gibson Hewitt. Gibson Hewitt says that changes in the Budget to the pecking order for creditors could…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST CALL SUPPORT LTD 1ST CRT GROUP LTD 3 COUNTIES DAMP & TIMBER (UK) LTD 3473 LTD 365 CATERING LTD 3N MANAGEMENT LTD 5MU PROPERTIES LTD A & C SOLUTIONS LTD A FRANCE INDUSTRIAL ROOFING & WALL CLADDING…
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Administration notices have been issued and advertised in the London Gazette for the following companies: 93 MILESPIT HILL LLP AMERICAN GOLF DISCOUNT CENTRE LTD ARCH ANGELZ LTD ARENSIS ENERGY ONE LTD ASSURED STORAGE SOLUTIONS LTD ATTICROSE LTD BANHAM GROUP LTD BANHAM POULTRY LTD BEACH HOLIDAY HOMES LTD BENTLEY HARRINGTON LTD BETA DISTRIBUTION PLC BLOCKLAB LTD BLUE…
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The time it takes to pay suppliers across the UK has improved by 14 percent, with payments taking on average 42 days in 2018 compared to 49 days in 2016. The data compiled by Tungsten Network, shows that the time from invoice submission on its network to payment has steadily improved since 2016, coinciding with…
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Company insolvencies in Northern Ireland stood increased to 65 in the last quarter – up 14 percent on the same period in 2017 but almost half that of the last quarter (125). Of these, 30 were compulsory liquidations (down from 35 on the same period a year ago), and 24 were creditors’ voluntary liquidations (up…
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The Government has announced that HMRC will become a preferred creditor in insolvencies as part of the measures in the Autumn 2018 budget. The preferred creditor status in insolvencies change will begin in 2020. Currently, an official ‘hierarchy’ laid down by the Insolvency Act, 1986, determines which creditors are paid first during an insolvent liquidation.…
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