Credit, Collections & Insolvency News
Eighteen companies including BT, British American Tobacco, and Centrica – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. Screwfix, Prudential, and various businesses of BAE Systems are also among those that have failed to honour their Code commitment to…
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According to figures released under the Freedom of Information Act (FOI), 15.9% of all shops and retail outlets in the UK now lie empty. The figures obtained by Duff & Phelps, the global advisor that protects, restores and maximises value for clients, quantify the scale of the challenge facing the UK high street after one…
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Vehicle dealership group, Border Cars, has announced that it has filed to close after over 42 years of trading. Borders Cars is one of the biggest car dealerships in south-west Scotland and Cumbria with more than 200 jobs under threat. In a public statement, the company said it was “greatly saddened” to announce its closing…
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The HMRC has collected £37 billion in revenue from brand-new taxes that it has introduced over the last decade according to new research by UHY Hacker Young. The new taxes cost £7.6 billion in 2018/19, up from £7.4 billion n the previous year. The newest tax, the Soft Drinks Levy, has cost over £300 million…
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The Government has announced that it is pushing ahead with proposals to prioritise the repayment of some tax debts in insolvencies from April 2020. The extra money which will be repaid to HMRC under these proposals will come out of funds which would otherwise have been paid to creditors including pension schemes, trade creditors, lenders,…
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Begbies Traynor has announced that it has appointed Andrew Maitland as Senior Insolvency Administrator to help grow its presence across the Humber region and North Lincolnshire. With seven years’ experience working for accountants and insolvency practitioners, Maitland takes up the position of senior insolvency administrator with Begbies Traynor. In his new role, he will be…
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One-fifth of self-employed sole traders don’t survive one year, and the majority don’t survive five according to new analysis of HMRC tax records by researchers at the Institute for Fiscal Studies, funded by the Office for National Statistics through the Economic Statistics Centre of Excellence (ESCoE) and the Economic and Social Research Council. The findings also…
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Insolvency and restructuring firm CVR Global has bolstered its senior team to support its growing international offering with the appointment of Darren Reeds. Reeds joins the firm as a Partner from Deloitte where he was Head of Financial Advisory Services for their insolvency and restructuring division in the British Virgin Islands. Reeds has spent five-and-a-half…
Read moreHotels, pubs, and restaurants in Scotland have seen their levels of elevated insolvency risk fall slightly or hold steady since the start of the year, according to insolvency and restructuring trade body R3. The proportion of hotel companies based in Scotland deemed by R3’s research to be at greater than usual risk of insolvency in…
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In June, the following administration notices have been issued and advertised in the London Gazette for the following companies: A G BAKER FENCING LTD ACI FINANCIAL LTD AFFINITY CORPORATION LTD AGS SUPPORT LTD AIM HIRE GLOBAL LTD AMICUS RENEWABLES LTD ATLANTIC FINANCE (UK) LTD BATMART INTERNATIONAL LTD BEAMISH TRANSPORT LTD BENNETT MANUFACTURING SERVICES LTD BOOTH…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in June: A INDUSTRIES LTD A W BLADES LTD A.B.M. TREES LTD A1 MEAT SUPPLIES LTD AAC AIR CONDITIONING AND REFRIGERATION LTD ABS & PARTNER LTD ACCESS INSTALL LTD ACEFAC LTD ACHIEVE ROOFING LTD ACORN ENGINEERING…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: BACK TO BACK CARE LTD BALLYCOLM CONTRACTS LTD BANDENIA FIDUCIARY MANAGEMENT LTD BANGOR CITY FOOTBALL CLUB LTD BCS MEDICAL (SHACKLETON) LTD BEAT STREET MANCHESTER LTD BEAT TV LTD BECKLEY DESIGN & CONSTRUCTION LTD BEST ELECTRICAL EUROPE LTD BEVERLY…
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The Insolvency Practitioners Association (IPA), the membership body and regulator for those specialising in insolvency practice, has published its first formal strategy to deal with the requirements placed on the IPA as a Professional Body Supervisor (PBS) under the 2017 Money Laundering Regulation (MLR17). The strategy is an important part of the IPA’s work in…
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