Credit, Collections & Insolvency News
Administration notices have been issued and advertised in the London Gazette for the following companies: A. & J. FABTECH LTD ABILISOFT LTD ACCESSIBLE TRANSPORT GROUP CONTRACT SERVICES LTD ACCESSIBLE TRANSPORT GROUP LTD AKTIS STRATEGY LTD ALLERFORD HOLDING LTD ALLERFORD INTERMEDIATE NEWCO LTD ALTIMA LIGHTING LTD AMBITEMP (M&E) LTD ARCH HALL LTD ARCH HALL SOUTH LTD ASHFIELD…
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Begbies Traynor Group has acquired insolvency practitioner KRE Corporate Recovery (North East) Limited, based in Newcastle upon Tyne, further strengthening the AIM listed group’s presence in the North East. The deal sees 100 per cent of the equity of KRE (North East) Limited acquired by the group which has grown to offer a wide range…
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A new economic research report from Atradius forecasts that global insolvencies are set to grow for the first time in 10 years. The Insolvency Forecast reports an expected rise in insolvencies of 7% in the UK in 2019, the highest increase of all advanced markets. The insolvency outlook has deteriorated following a sharp loss of…
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Water regulator Ofwat has been informed by business water supplier, Aquaflow Utilities that it is likely to enter into liquidation as of midnight on 9th April 2019. In a statement, Ofwat said “We are now stepping in to use our powers under the Interim Supply Code to ensure customers have a new water retailer as…
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The number of business insolvencies across the UK has risen by a fifth over the past three years, according to the latest figures from the Insolvency Service. 17,439 businesses entered into insolvency procedures last year — up approximately 100 from 2017 and an increase of 2,851 insolvencies from the figure in 2015. The number of…
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The inaugural Commercial Credit & Collections conference has confirmed its agenda for its forthcoming event at the Leadenhall Building on Friday 5th April. CVR Global and Aon’s Commercial Credit & Collections conference agenda includes speakers from Chartered Institute of Credit Managers (CICM) and Eversheds Sutherland. With Brexit on the horizon, the event will open with…
Read moreSmall businesses across the UK are facing major cash flow pressure, leading to increased financial instability as a direct result of a late payments culture. This is according to Duff & Phelps, the global advisor that protects, restores and maximises value for clients. With recent research showing that small businesses in the UK are facing…
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Outsourcing specialist Interserve has entered into administration after the company’s shareholders voted against a rescue plan Shareholders voted 59.38% against the plan, which would have seen their stake reduced to just 5%, with lenders being handed the largest share of the business. Last month it outlined a plan to reduce its net debt to £275m…
Read moreLaw firm Freeths has announced it has appointed Isobel Callaghan as a senior associate to its restructuring and insolvency team in Sheffield. Callaghan has joined from Lupton Fawcett, bringing more than nine years’ experience in dealing with both contentious and non-contentious insolvency matters. Callaghan has advised on corporate insolvencies, including administrations, liquidations and CVAs, and…
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Large companies will have to report on their payment practices every year in the first step of a crackdown to end small businesses being paid late, the Chancellor has announced as part of the Government’s spring statement. Philip Hammond said the Government will require companies to review their payment practices through their audit committees, with…
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The UK’s thriving creative industries are being undermined by late payments. Findings from business finance company MarketInvoice reveal that 48% of businesses in the creative industries were paid late in 2018. Businesses that make up the creative industry are typically smaller companies (usually agencies and consultancies) that provide services to a range of sectors from…
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A report by Moore Stephens has revealed that there has been a 10% rise in the number of businesses liquidated in just 12 months. From 13,010 cases in 2017 to 14,270 in 2018, there is a clear pressure being placed on businesses the face of rising interest rates and Brexit disruption. The report says that…
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The Government are not acting quickly enough to introduce a tougher regime to tackle larger companies who enforce long payment terms or pay their suppliers late, says Rachel Reeves MP, Chair of the Business, Energy and Industrial Strategy Committee as she commented on the Government’s response to the BEIS Committee Small businesses and productivity report. The BEIS Committee report,…
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