Credit, Collections & Insolvency News
Accountancy firm Wylie & Bisset, has said that the reintroduction of preferred creditor status for HMRC in insolvencies is a regressive ‘stealth tax’ that will ultimately be paid for by SMEs and is simply another way of raising revenue for the government. Preferred creditor status for HMRC was withdrawn in 2003 as part of the…
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New research released by Nucleus Commercial Finance has revealed that 74% of UK SME leaders are fearful about what 2019 holds. The majority of SME leaders have concerns about the impact one or more external factors will have on their business. Brexit leads the way (27%) and is closely followed by: The sudden loss of…
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Accountancy firm Moore Stephens says in 2017/18 there were 1,219 restaurant insolvencies, up 24% on the year before and nearly double the rate seen in 2010/11. Higher demand for ready-to-eat delivered food means that the marker is growing ten times faster than dine-out. Due to this, the UK restaurant sector is facing major disruption according…
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Insolvency litigation financing specialist, Manolete Partners has began trading on AIM from today (14th December 2018). AIM is the London Stock Exchange’s international market for smaller growing companies. The IPO raises over £16.25m for the company and £13.1m for selling shareholders, and values the newly-listed company at approximately £76.25m. Manolete Partners was established by Steven Cooklin in 2009…
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New research by Moore Stephens suggests that signs of a downturn in the UK housing market is causing distress in the sectors that rely on “a buoyant housing market”. The report says that this could be the start the trigger that increases corporate insolvencies. Lee Causer, Partner at Moore Stephens, said “It seems the impact…
Read moreAfter ten years of growth (2008-2018), it has been suggested that we may have reached the peak in the global construction growth cycle: 2018 will be the turning point according to Euler Hermes’ unique proprietary data on millions of companies across 70 countries. Growth in this industry should gradually cool down to +3.0% in 2019,…
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New data released by Creditsafe, examining the rate of company failures across 12 UK business sectors, reveals 0.33% of companies in the Hospitality sector failed in Q3 2018. Across the Hospitality industry – inclusive of hotels, restaurants and bars – there were 591 company failures, compared to 330 in the same time period in 2017.…
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The UK’s smallest businesses are facing a bill of £6.7 billion, up from £2.6 billion in 2017 – just to collect money they’re already owed, according to research by Bacs Payment Schemes (Bacs), part of leading UK retail payments authority Pay.UK. This latest research, from the people behind Direct Debit and Bacs Direct Credit, shows…
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One Select, an energy supplier with about 36,000 domestic customers, has ceased to trade. Under Ofgem’s safety net, the energy supply of One Select’s customers will continue as normal. The outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to take on One Select’s customers as quickly as possible.…
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Administration notices have been issued and advertised in the London Gazette for the following companies: ACKRILL NEWSPAPERS LTD ADD PRECISION LTD AIR TRAMPOLINE (CARDIFF) LTD AIR TRAMPOLINE (SWANSEA) LTD AJ WAY LTD ALFA ENGINEERING GROUP LTD ANGLIA NEWSPAPERS LTD ASPIRE CRAFTS LTD ATKINSON PRECISION LTD ATLAS BUSINESS INTERIORS LTD AUTILLA LTD BANDERA LTD BENITA FOOD LTD…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies: 1ST DOT COM LTD 1ST VENTURE LTD 2NDS FURNITURE LTD 3RD GENERATION LTD 3RD LEG LTD 5 OAKS WINDOW CLEANING COMPANY LTD A-Z ACCESSORIES LTD A. J. MOTORS (PLYMPTON) LTD A.H.Y HOTELS LTD A.J. ELECTRICS LTD A&A…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 0161 LETTINGS AND MANAGEMENT LTD 1ST PLATINUM INVESTMENTS LTD 2M PRINT LTD 2W CONSTRUCTION LTD 360 BUSINESS PARTNERS LLP 3B LOGISTICS LTD 3RD LEG LTD 404 ENTERPRISES LTD 44 LONDON LTD 777 FOODS LTD 7HILLS MECHANICAL LTD A…
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The Government should introduce a tougher regime to tackle larger companies who treat small businesses ‘disgracefully’ by enforcing long payment terms or paying their suppliers late, says the Business, Energy and Industrial Strategy (BEIS) Committee in a report published today. The Small businesses and productivity report says that for a small and medium-sized enterprise (SME) to succeed…
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