Credit, Collections & Insolvency News
The Government’s Business Secretary Greg Clark’s has made an announcement on a package of measures to safeguard small firms from late payments. Reacting to the news Federation of Small Businesses (FSB) National Chairman Mike Cherry said “Late payment is the biggest challenge affecting small businesses and it is good to see the Government getting serious about…
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The FSCS (Financial Services Compensation Scheme) has named six firms that defaulted in August. The FSCS is the UK’s statutory compensation scheme that protects customers of regulated financial services firms. The six firms are: Cain Lambert Limited formerly known PAR Capital Mortgages Limited, 44 St. Edmunds Road, London, N9 7PT MML Administration Limited, 9 Portland Square, Bristol,…
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New research from Dun & Bradstreet has revealed that UK businesses prompt payments deteriorated in the three months to June (Q2). On average, less than a third (31.5%) of payments were made on time compared to 31.3% in the previous quarter. The average payment delay in the UK is around 15 days, two days higher than…
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The potential impact of a ‘no deal’ Brexit on cross-border insolvency cases, as set out by the Government in a just-published technical note, is deeply concerning, says insolvency and restructuring trade body R3. Stuart Frith, R3 president, said “We would be deeply concerned about the impact of a ‘no deal’ on the UK’s insolvency and restructuring…
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New data released by Dun & Bradstreet has revealed that year-on-year, the number of companies liquidated in the three months to June rose to 4,148 from 3,372 of the same period the previous year, an increase of 23%. Dun & Bradstreet’s UK Q2 Industry Report, which looks at data from April to June, found Retail…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies: 06651667 LTD 07103590 LTD 1ST CLASS DAY NURSERY LTD 2 TO 5 EARLY YEARS LTD 22 ZERO FOUR CONSULTING LTD 24/7 CAR CARE LTD 500 DEGREES W. HILL LTD 626 CARS HAVANT LTD A & S ENTERPRISE…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1DIG LTD 22ZERO FOUR CONSULTING LTD 3A PROGRAMME MANAGEMENT SOLUTION LTD 3D PROPERTY DEVELOPMENT (TURRIFF) LTD 4BC ASSOCIATES LTD 5 STAR GAS SERVICES LTD A & A COOLING LTD A DOGS LIFE CO LTD A H MARKETING SERVICES…
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Administration notices have been issued and advertised in the London Gazette for the following companies: A & A (MELTON MOWBRAY) LTD ABAKUS DIRECT LTD. ABCDEFG CORPORATION LTD AGENCY LIGHTING LTD AK (LIGHTING & SIGNS) LTD ALTEC ENGINEERING GROUP LTD AMARYLLIS GROUP HOLDINGS LTD AMARYLLIS GROUP HOLDINGS LTD ASSOCIATED STEEL WORKS LTD ATHENA ROOFING AND CLADDING LTD…
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Wonga Group and WDFC UK have decided to place themselves into administration. Insolvency Practitioners from Grant Thornton are in the process of being appointed as administrators to manage the firms’ businesses and affairs. An announcement on the website said “A decision has been taken to place Wonga Group Limited, WDFC UK Limited, Wonga Worldwide Limited…
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The Insolvency Practitioners Association (IPA) has announced the appointment of Michelle Thorp as Chief Executive with effect from 10th September. Thorp joins the IPA from the Department for International Trade where she was Digital, Data and Technology lead and a major project leader for the Cabinet Office, specialising in strategic organisational change. Shehas almost twenty…
Read moreThe Government has announced new tools that will improve rescue opportunities for financially-distressed companies. The measures have been announced alongside new reforms that will help the Government tackle reckless directors and improve corporate governance to protect creditors, employees and other stakeholders in companies approaching insolvency. Proposed reforms will help strengthen the UK’s business environment which is a…
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Business Secretary Greg Clark has announced new powers to ban company directors. The new directive intends to target directors who have dissolved companies to avoid paying workers or pensions meaning that director could be disqualified or fined by authorities for the first time. The new measures also aim to give more time to rescue struggling…
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New research from Hitachi Capital Business Finance has indicated that the number of small businesses predicting growth for the next three months has hit its lowest level for more than a year – and the amount predicting they will struggle to survive or close has doubled from 5% to 10% in just three months. Hitachi…
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