Credit, Collections & Insolvency News
Analysis of figures from the Insolvency Service shows that 1,123 restaurant companies have become insolvent so far this year. This compares to 833 in the first nine months of 2017 and 1,075 in the whole of last year. Further analysis from accountancy firm Price Bailey shows insolvency rates within the sector have risen by 35%…
Read more
The lack of improvement in the UK’s standing in the World Bank’s latest insolvency rankings underlines the need for UK corporate insolvency reform, says insolvency and restructuring trade body, R3. For the second year running, the UK is at 14th place in the “Resolving Insolvency” table in the World Bank’s Doing Business report (published on 31 October).…
Read more
Changes in the Autumn Budget which will see HM Revenue & Customs (HMRC) take up a position as a preferred creditor in insolvency cases, could see smaller firms lose out on money they are owed, warns insolvency firm, Gibson Hewitt. Gibson Hewitt says that changes in the Budget to the pecking order for creditors could…
Read more
Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST CALL SUPPORT LTD 1ST CRT GROUP LTD 3 COUNTIES DAMP & TIMBER (UK) LTD 3473 LTD 365 CATERING LTD 3N MANAGEMENT LTD 5MU PROPERTIES LTD A & C SOLUTIONS LTD A FRANCE INDUSTRIAL ROOFING & WALL CLADDING…
Read more
Administration notices have been issued and advertised in the London Gazette for the following companies: 93 MILESPIT HILL LLP AMERICAN GOLF DISCOUNT CENTRE LTD ARCH ANGELZ LTD ARENSIS ENERGY ONE LTD ASSURED STORAGE SOLUTIONS LTD ATTICROSE LTD BANHAM GROUP LTD BANHAM POULTRY LTD BEACH HOLIDAY HOMES LTD BENTLEY HARRINGTON LTD BETA DISTRIBUTION PLC BLOCKLAB LTD BLUE…
Read more
The time it takes to pay suppliers across the UK has improved by 14 percent, with payments taking on average 42 days in 2018 compared to 49 days in 2016. The data compiled by Tungsten Network, shows that the time from invoice submission on its network to payment has steadily improved since 2016, coinciding with…
Read more
Company insolvencies in Northern Ireland stood increased to 65 in the last quarter – up 14 percent on the same period in 2017 but almost half that of the last quarter (125). Of these, 30 were compulsory liquidations (down from 35 on the same period a year ago), and 24 were creditors’ voluntary liquidations (up…
Read more
The Government has announced that HMRC will become a preferred creditor in insolvencies as part of the measures in the Autumn 2018 budget. The preferred creditor status in insolvencies change will begin in 2020. Currently, an official ‘hierarchy’ laid down by the Insolvency Act, 1986, determines which creditors are paid first during an insolvent liquidation.…
Read more
The Insolvency Service has published the latest business insolvency statistics for Q3 (July to September 2018) for England and Wales. The statistics show that total business insolvencies increased by 9% in Q3, and rose by 19% compared to Q3 2017. This was driven by a rise in underlying creditors’ voluntary liquidations which increased to their…
Read more
Businesses in Britain have a higher proportion of overdue invoices compared to their counterparts across Western Europe, new research by trade credit insurer Atradius reveals. The annual Atradius Payment Practices Barometer for Western Europe found almost half of all British business invoices (48.7%) were overdue. This compares to an average across the region of 41.8%,…
Read more
Accountant in Bankruptcy (AiB) has released official statistics reporting corporate insolvencies Scotland for the second quarter (July to September 2018) of 2018-19. The number of corporate insolvencies in Scotland fell by 5% in Q2 2018-19 (July-September 2018) compared with Q1 2018-19 (April-June 2018), but rose by 4% compared with Q2 2017-18 (July-September 2017). Commenting on the…
Read moreFewer large Scottish businesses are failing as more adapt to tough trading conditions, according to newly-released data by KPMG. The number of large companies collapsing in Scotland fell by almost a third (29%) in the last quarter (July-September) compared to same period in 2017 (17 down from 24). Total administrations in 2018 have fallen by…
Read more
William Brooks, Managing Director at Eximus Capital, has been announced at the next Vice President of ICAEW and will take office from June 2019. Brooks completed his training in 1980 with Dearden Farrow. He then joined Peat Marwick Mitchell & Co (now KPMG) in 1981 where he stayed for five years, specialising in banking and…
Read more