Credit, Collections & Insolvency News
The number of business failures in 2018 in the Scottish construction sector was the highest annual figure since 2014 and this year looks on target for a similar number according to new analysis of the sector by leading accountants and business advisers French Duncan LLP. In 2018 202 businesses in the construction sector went through…
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There are likely to be many more Company Voluntary Arrangements (CVAs) for retailers following the recent agreement for the Arcadia group as the sector’s problems continue according to a leading insolvency practitioner. Eileen Blackburn, head of Restructuring and Debt Advisory at French Duncan LLP, said that the issues which led to the Arcadia CVA persist…
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Company boards will now be held accountable for payment practices to small businesses within their companies in a drive to increase transparency and accountability on late payments. Measures will force Audit Committees to report payment practices in company annual reports. The government will consult on strengthening the powers of the Small Business Commissioner to hold…
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In May, the following administration notices have been issued and advertised in the London Gazette for the following companies: ABERDEEN BERRY STREET CENTRE LTD AIM CONSTRUCTION & DEVELOPMENT LTD ALFA PRECISION AND GENERAL ENGINEERING COMPANY LTD ALTURA 10 SCAFFOLDING LTD AM 2 PM RETAIL SERVICES LTD APPPAY UMBRELLA LTD AQUA ITALIA LTD ARBORETUM DEVON (RLH)…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies: 09448230 LTD 10299840 LTD 24/7 PROFESSIONAL LOCKSMITHS LTD 3LIONS (LEICESTER) LTD 52 MARKETPLACE LTD 53-55 CARTER LANE LTD 7 ATE 6 LTD A & F CATERING SPECIALISTS LTD A C DISPATCH LTD A E INSULATION LTD A…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 15 GREENWOOD PARK LTD 1ST CHOICE CAKES LTD 1ST LINE FINANCIAL LTD 30 HARLEY HOUSE LTD A A HOMES & HOUSING LTD A TO Z SCENERY LTD A.G. AXTON & SONS (WHOLESALE) LTD AA BUILDING SOLUTIONS LTD ABBOTSGATE…
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Almost half (44%) of UK businesses avoid or delay paying bills due to issues within their cashflow. Other commonly cited reasons for non-payment of invoices include receiving an incorrect invoice (21%) and corporate bureaucracy (20%). These were some of the findings of the FinTech Barometer 2019, an annual survey conducted among 1,000 finance professionals by…
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A new European Payment Report 2019, from European credit management services company Intrum, has indicated that an increase in bad debt losses following on from several years of decline means marking that the turning point from a recession may have already passed. Almost one-fifth of those surveyed (18 per cent) believe their country is already…
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Corporate recovery and professional services business, Begbies Traynor has announced that it has acquired Stoke on Trent insolvency practitioners, Dunion & Co. Dunion & Co was established in 2008 and provides the full range of corporate recovery services to businesses across Staffordshire, Cheshire and beyond, under the terms of the deal the company will remain…
Read moreICAEW’s has announced its new President for 2019/20 will be Fiona Wilkinson. Wilkinson will use her role to be an ambassador for inclusion in accountancy and to ensure the profession is fit for the future. Wilkinson has spent her career as an advocate for diversity in the profession, spreading the message that accountancy is inclusive and…
Read moreKingston Smith & Partners LLP, the corporate recovery and insolvency arm of top 20 accountancy firm Kingston Smith, has announced the promotion of Dale Hernon to Director of client services. Hernon is responsible for providing KS&P’s integrated creditor-facing solution, called KS Vision, for anyone suffering a financial loss or facing insolvency. Insolvency can affect any…
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Growing pressure on the retail sector could increase risk-taking in the supply chain, data in a new report suggests. With more than 7,500 shops closing in 2018 and high street brands hitting the headlines, if retailers are not able to manage the trade-off between risk and cost, it could lead to further store closures and…
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Invoice finance and trade finance company, Working Capital Partners, have been placed into Administration. According to reports, the insolvency appears to be as a result of recent client fraud. Working Capital Partners, were also members of UK Finance (the industry body for the asset finance sector. The company offered a selective invoice finance service, a…
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