Credit, Collections & Insolvency News
The latest statistics from the Valuation Office Agency’s ‘Check, Challenge, Appeal’ business rates system show a 97% drop in the number of businesses challenging their rates bills in the last two years in England, compared to the two years following the previous revaluation. Responding to the figures, Federation of Small Businesses (FSB) National Chairman Mike…
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Credit Insurance specialist Euler Hermes has issued its annual review and forecast of global average Days Sales Outstanding (DSO), based on a sample of 25,000 listed companies across 20 sectors and 36 countries. Days Sales Outstanding (DSO) is a measure of how long it takes companies to collect cash from customers. Euler Hermes’ study shows…
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Business advisory firm, Quantuma has completed a merger with Kingsland Business Recovery, which sees the firm open three new offices across the Midlands and Yorkshire As a result of the merger, Quantuma will take on Kingsland’s offices in Bradford, headed by Partner, Rehan Ahmed; and Nottingham and Birmingham, led by Partner Tauseef Rashid, as well…
Read moreThere was a 12 percent increase in the number of county court judgments against all businesses in England and Wales in the first quarter of 2019, according to figures released by the Registry Trust. The total value of the 35,779 business CCJs was £107.2million, a rise of six percent compared to the same period of…
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EY has announced that it has appointed a new Director at its restructuring team in Manchester. Sam Mills will specialise in restructuring, refinancing and turnaround work for corporate clients. He joins from PwC where he supported private businesses and larger corporates with situations of change, transition and financial difficulty over a ten-year period. He has…
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The Department for Transport has today has published the final report from the independent Airline Insolvency Review, which was chaired by Peter Bucks. The Transport Secretary Chris Grayling commissioned the review following the collapse of Monarch Airlines in October 2017, when 85,000 passengers were repatriated – in the UK’s largest peacetime repatriation operation – by…
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Duncan Swift, Corporate Advisory Services Partner and Head of the Food Advisory Group at Moore Stephens, has been appointed President of insolvency and restructuring trade body R3. As President, Swift will work with the R3 senior management team to help shape R3’s direction, as well as supporting its day-to-day operations. His main areas of focus…
Read moreIn the first three months of 2019, the number of decrees against Scottish businesses dropped by 25 percent, compared to the same period of 2018, according to figures released by the Registry Trust. The total of 561 was the lowest of any quarter on record. The total value of decrees against businesses in the first…
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Companies will be better protected from fraud, under new Companies House reforms that will do more to safeguard the personal data of business owners and ensure the accuracy of the register. Business Minister Kelly Tolhurst has unveiled a substantial package of reforms to Companies House. With the clear aim of minimising the burden on law-abiding…
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New analysis from KPMG UK finds the rising prominence of so-called ‘zombie firms’ is threatening to cause a significant drag-effect on the UK economy. KPMG’s analysis looks at the last three annual accounts of listed UK companies (FTSE and AIM) reveals that 8% of UK companies currently display zombie-like symptoms. But based on the latest…
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Duff & Phelps has announced that it has promoted five existing managers within its UK Restructuring Advisory practice to the role of Director, further strengthening the UK team. The promotions of Simon Shipperlee, Rob Goodhew, Mike Lennon, Mike Parsons and Martin Graycome on the back of Duff & Phelps’ announcement earlier this year of its global Restructuring team…
Read moreThe Insolvency Practitioners Association (IPA), the membership body and regulator for those specialising in insolvency practice, has appointed Carrie-Ann James as its new President for the coming year. James takes office with immediate effect, and for the coming 12 months will serve as a key representative of the association and Chair of its board of…
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Commenting on the Appointment Administrations from April 2019 Insolvency analyst Geoff Swire from geoffswire.co.uk said “Without any one month being exceptional the Q1 2019 produced the highest number of Administrations (428) since 2014. Members Voluntary Liquidations (MVLs) and Creditors’ Voluntary Liquidations (CVLs) have both seen their usual uptick at this time of the year but…
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