Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for September 2023 increased by 17% when compared to last year. The number of registered business insolvencies was 1,967, compared to 1,688 in September 2022. Of the registered business insolvencies in September 2023 there were 1,576 CVLs,…
Read more
Debt-laden companies across Europe, Middle East and Africa are facing a $500bn refinancing scramble in the first half of 2024. This challenge could lead to the demise of many zombie businesses, despite the expected peak in interest rates offering some relief. The value of company loans and bonds maturing during this six-month period is higher…
Read more
In September the following administration notices were issued and advertised in the London Gazette for the following companies: 6 TOWNS CREDIT UNION LTD ACELERON LTD ACTIVE SOLUTIONS UK LTD ACUITY SELECTIVE FINANCE LTD ANNAFIELD LTD APEX AERO LTD APEX BSJ LTD ATG – IT. LTD AUSTIN FRASER LTD AXIS SIGNS LTD BABY TV LTD BABYLON…
Read more
Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in September: 01437238 LTD 1111 HOLDINGS LTD 13 FUSION LTD 2020 HOTELS LTD 222 GROUP LTD 231 HOSPITALITY LTD 29 HIGH STREET EAST GRINSTEAD LTD 2B REFURBISHMENT LTD 365 HOSPITALITY & LEISURE GROUP LTD 7 &…
Read more
In September Winding Up Petitions (Companies) were issued and advertised in the London Gazette for the following companies: 1966 ENTERTAINMENT LTD 21 SOHO SQUARE LTD 333 RECORDS LTD A BRIGHT CARE LTD AC CARE SERVICES LTD ACORDD DOORS LTD ACTIVE ALLOYS LTD AERONA CLINICAL LTD AIRSOFT ANONYMOUS LTD AJH GROUP CONSTRUCTION LTD AJS SERVTECH LTD…
Read more
The former boss of failed outsourcing and construction company, Carillion has been banned by the Insolvency Service from leading a business for 8 years. Richard Howson, who was the Chief Executive Officer of Carillion Plc until 10th July 2017, Carillion collapsed in January 2018 amid debts worth £7 billion, leaving a string of projects in its wake across…
Read more
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for August 2023 increased by 19% (2,308) 19% higher than in the same month in the previous year (1,941 in August 2022). Business insolvencies increased by 33.6% in August 2023 to a total of 2,308 when compared…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have indicated that Scottish business insolvency numbers (liquidations and receiverships) increased by 6% in August. In August 2023 there were 112 company insolvencies registered in Scotland, 6% higher than the number in August 2022. The business insolvencies comprised of 33 compulsory liquidations, 71 CVLs and 8 administrations. There…
Read more
The Serious Fraud Office (SFO) has brought fraud charges against four individuals, including a former director, who oversaw the financial failure of a chain of almost 200 high street bakeries. The SFO has charged former director and Chief Financial Officer of Patisserie Holdings Plc for 12 years, Christopher Marsh, and his wife, accountant Louise Marsh,…
Read more
The charity behind National Debtline has responded to the Government’s decision to row back on plans to bring insolvency firms under independent regulation, calling the decision disappointing. The Money Advice Trust, which runs the free National Debtline and Business Debtline advice services, warns that the changes do not go far enough to protect people in…
Read more
The Government has announced an overhaul of insolvency regulation to modernise the framework, which it says will increase transparency, and bolster confidence in regulation. Central to the reforms are plans to introduce new rules requiring firms offering insolvency services to be regulated, in line with other regulated sectors such as audit and legal services. Currently,…
Read more
Insolvency firms face being formally regulated for the first time under reforms to be announced next week that will nevertheless fall short of a pledge to establish a new regulator according to Sky News. The news service says it has learnt that the Insolvency Service, which is part of the Department for Business and Trade,…
Read more
Corporate restructuring and insolvency firm, Begbies Traynor has announced it has promoted Keeley Lord to the position of Director at its office in Preston. Lord joined Begbies Traynor in 2009, qualified as a chartered certified accountant in 2014 and became a licensed insolvency practitioner in July 2023. In her new role as Director, she will…
Read more