Credit, collections & insolvency news
Professional services firm Begbies Traynor has appointed insolvency specialist Kevin Mapstone as a Director based at its Edinburgh office. With over 25 years’ experience in financial services, Mapstone joins from an insolvency firm in Paisley where he spent almost four years as an Insolvency Practitioner, having previously worked for a number of other firms, including…
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Insolvencies of UK fashion manufacturers have risen 23% in the past year, with 106 companies going under in the year to July 2024, up from 86 companies in the previous year, says Forvis Mazars, the international tax and advisory firm. The fashion industry has been hit hard by the cost-of-living crisis in the UK whilst…
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Business insolvency levels rose by 10.6% year-on-year in Scotland in Quarter 2 according to new statistics from Accountant in Bankruptcy to a total of 313. Iain Fraser, Chair of the Scottish Technical Committee at R3, the UK’s insolvency and restructuring trade body, and a Partner at FRP Advisory, said: “Despite the increase in corporate insolvencies, Scotland’s…
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Leonard Curtis has announced it has acquired Newsource Commercial Finance (NCF) is a broker in the commercial property sector. Led by a management team of Mark Craven and Brian Walters, the business specialises in working with brokers and their clients on sourcing finance across residential BTL and property portfolios, commercial property investments, property developments, refurbishment…
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Latest figures from the Insolvency Service have shown that there were 1,973 business insolvencies in September a decrease of 7.4% when compared to August’s total of 1,943. The business insolvencies consisted of 226 compulsory liquidations, 1,575 creditors’ voluntary liquidations (CVLs), 155 administrations and 17 company voluntary arrangements (CVAs). CVLs accounted for 80% of all company insolvencies. The…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies fell by 16%. In September 2024, there were 73 business insolvencies registered in Scotland, 16% lower than the number in September 2023. The total number of business insolvencies was comprised of 48 CVLs, 18 compulsory liquidations and seven administrations. There were no CVAs…
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Latest monthly statistics from the Insolvency Service have shown that personal insolvencies increased by 20% and business insolvencies decreased by 24% in Northern Ireland. The data shows that in September 2024, there were 155 personal insolvencies in Northern Ireland. This was 20% higher than in September 2023. The personal insolvencies consisted of112 IVAs, 24 bankruptcies…
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Allianz Trade has forecasted an 11% rise in 2024, followed by an additional 2% increase in 2025, according to its latest Global Insolvency Report. In its latest report it reveals a more severe outlook for the global business landscape, with insolvencies projected to climb by 11% in 2024 – an even steeper rise than previously…
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Analysis by Price Bailey shows that a tenth of all UK pubs are at risk of closure, with one in five classified as technically insolvent. The study examined the credit risk scores and balance sheets of 37,961 pubs, finding that 7,445 have negative net assets, making them vulnerable to bankruptcy. Notably, 4,310 pubs are at…
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London law firm, Howard Kennedy has announced the appointment of Crispin Daly as Insolvency Partner. Daly focuses on complex domestic and cross-border insolvency and litigation mandates. He represents insolvency office holders, debtors, creditors and creditors’ committees, shareholders, and directors in a variety of contentious and non-contentious situations. Daly joins Howard Kennedy from Paul Hastings LLP…
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In September the following administration notices were issued and advertised in the London Gazette for the following companies: 11052310 REALISATIONS LTD ABILITY RECRUITMENT SOLUTIONS LTD ADVIZA PARTNERSHIP AJ GALAXY LTD AK MIDLANDS WHOLESALE LTD ALDERLEY FARMS LTD ALEXANDRA PETER LTD ANCESTREL WINES LTD ANGUS PRINT LTD AQUALUX PRODUCTS LTD ASSURANCE CARE LTD ATLAS COMMODITIES LTD…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in September: 10-12 RUSSELL SQUARE Q LTD 1A PIZZA HOUSE LTD 1ST CALL ELECTRICAL (UK) LTD 2012 LTD 27FIBRE LTD 290 PIZZA LTD 2NWEST BUILDERS AND DECORATORS LTD 365 PROTECT LTD 3D PRINTZ LTD 4 OFFICE…
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In September Winding Up Petitions (Companies) were issued and advertised in the London Gazette for the following companies: 18 BIKES LTD 24 SECURITY SERVICES LTD 2NBW INVESTMENTS LTD 3R ENERGY UK LTD A CANCAO DE LISBOA LTD A N R SPECIALISTS LTD ABBY LOGISTICS LTD ACTIVE NEURO LTD ADMIRAL CONSTRUCTIONS LTD AK&H TELECOMS LTD AKS…
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