Credit, Collections & Insolvency News
The Insolvency Service has launched a new online information hub to support company directors. The hub hosts guidance and information on a range of business themes commonly faced by companies and aims to help company directors to push their business forward by being more aware of potential pitfalls. It is specifically designed for directors of micro,…
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Brendan Clarkson has joined PKF Littlejohn as a Director in the firm’s Advisory team Clarkson has more than 25 years of experience in corporate lending and insolvency, working with businesses of all sizes, lenders, creditors and government bodies. Clarkson will work across PKF’s London, Leeds and Manchester offices. His role will involve providing debt advice…
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Research analysis by Price Bailey shows that restaurants closed at their highest rate in a decade in the first three months of the year. A total of 569 restaurant businesses filed for insolvency in Q1, an average of 5.6 per day. The Quarter 1 data shows that over the last 12 months, 2,028 restaurants have…
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Acquisitions that go wrong are a top cause of business insolvency, according to Purbeck Personal Guarantee Insurance. Purbeck says an over-reliance on accountants, and bad debts or payment disputes, were also major reasons why business owner’s dreams ended in a nightmare. Firms window dressing their business to make it appear more secure than it actually is…
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The number of retail business insolvencies jumped 56% in the past year, to hit the highest levels in at least a decade – 1,942 in 2022/23, up from 1,243 in 2021/22 shows new research from international law firm RPC. Despite the challenges faced by the sector, the insolvency of financially weaker retail businesses is creating…
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The Insolvency Service has issued a reprimand against the Institute of Chartered Accountants in England and Wales (ICAEW) for regulatory failings. ICAEW is one of the four Recognised Professional Bodies which regulates licenced Insolvency Practitioners in Great Britain. The reprimand relates to failures by ICAEW after restrictions were imposed on Adrian Duncan, an Insolvency Practitioner…
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Cross-border advisory firm Quantuma has appointed restructuring expert, Craig Morrison as a Managing Director in its Scottish practice. Morrison will be based from Quantuma’s new premises in Edinburgh which is the firms second Scottish office and 18th in the UK. Morrison joins Quantuma from a national restructuring practice, where he held a senior role for…
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As the outlook for the UK economy continues to remain uncertain, business owners’ fears over insolvency have dropped considerably according to research by Evelyn Partners. The research finds that just under one in three (32%) UK businesses surveyed acknowledge there is a risk that they will become insolvent in the next 12 months. While a…
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Independent invoice finance provider, Bibby Financial Services (BFS) has announced that its has acquired Aldermore’s Working Capital Finance division. The move will see the working capital finance companies integrate into BFS operations over the coming weeks. Derek Ryan, UK Managing Director of Bibby Financial Services said “We are delighted to announce the acquisition of Aldermore’s…
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Pubs are closing at the quickest pace in a decade, according to analysis by Price Bailey which shows 620 shut in the year to the end of March. The rate of closures, marks a 68% increase from the 369 failures in the same period last year. In the first three months of 2023, 200 pub…
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Leonard Curtis Legal has announced it has appointed Rachael Bentley as a Restructuring and Insolvency Lawyer to its North-West team, Bentley joins as a Director with over 14 years’ experience advising on non-contentious insolvency matters – having held roles at Walker Morris, Gateley Plc and Clarke Willmott LLP throughout her career. Bentley specialises in all…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for May 2023 was 2,552, 40% higher than in the same month in the previous year (1,825 in May 2022). Th figures were at higher than levels seen while the Government support measures were in place in…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that Scottish business insolvency numbers (liquidations and receiverships) rose in April 2023. In May 2023 there were 97 business insolvencies registered in Scotland, the figures were 4% higher than the number in May 2022. The business was comprised of 35 compulsory liquidations, 57 CVLs and five administrations. There…
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