Credit, Collections & Insolvency News
The number of companies entering administration in March rose to 130, the highest figure since the Covid-19 pandemic first hit according to analysis by Kroll. The figures show that a rise in administrations continued in March, hitting the highest level since March 2020, when lockdowns made trading impossible for many firms. In Quarter 1 (Q1) of 2023,…
Read more
New data analysis has revealed that over half a million UK businesses dissolved in 2022. The research from NerdWallet showed that 534,777 businesses dissolved in the 12 months of 2022 with the year seeing the second-highest number of business closures in a decade. The figure companies with 601,773 dissolved companies in 2021 as a result of…
Read more
Global insolvencies are set to surge by 21% in 2023 and 4% in 2024, while insolvencies in the UK are expected to increase by 16% and 9% in the same period as businesses are tested by weak demand, prolonged pressure on profitability, weaker cash buffers and tighter-for-longer financial conditions, according to latest analysis by Allianz Trade.…
Read more
In March the following administration notices have been issued and advertised in the London Gazette for the following companies: 11D REALISATIONS LTD ABS RESTORATION LTD ABSOLS LTD ACCOUNT TECHNOLOGIES HOLDINGS LTD ACCROFAB LTD ACKIO (UK) LTD AIRTEK WORLD LTD ALLTEKS LTD ALOMORA GROUP LTD AQUILA FACILITIES LTD ARM AUTOMOTIVE YORKSHIRE LTD ASK INCLUSIVE FINANCE LTD…
Read more
In March Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 4D ELECTRICAL SERVICES LTD 7DJ LTD 9CK SPORTS HOLDINGS LTD A 2 Z RUG LTD A HAMILTON CONSTRUCTION LTD A3 MANAGEMENT LTD ACCOUNTING SUPPORT SERVICES LTD ADVANCE MACHINING SOLUTIONS LTD ADVANCED MECHANICAL PROJECTS LTD AFP REALISATIONS…
Read more
Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in March: (STAFFS) DRIVEWAYS LTD 06442711 LTD 1 MOMENTO BARNSLEY LTD 10TH FLOOR IT CONSULTING LTD 118 PORTLAND ROAD LTD 121 SYSTEMS LTD 1ST ELITE TRADING LTD 1ST FITTINGS LTD 2050 ENGINEERING LTD 21 DEGREES DIGITAL…
Read more
Alternative lender, ThinCats is forecasting a rise in business insolvencies during 2023 as the effects of pandemic support programmes dwindle and more recent economic challenges take precedence. ThinCats expects current high demand for funding to continue in support of businesses seeking to grow organically or through acquisition. The data found that insolvency rates among mid-sized…
Read more
Latest figures from the Insolvency Service have shown that the number of business insolvencies in February 2023 was 1,783 in England & Wales, a rise of 17% (1,783) which is higher than in the same month in the previous year (1,518 in February 2022), and 33% higher than the number registered three years previously (pre-pandemic…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland rose by 11% in February 2023. The figures showed that that there were 81 business insolvencies registered in Scotland, 11% higher than the number in February 2022 but 5% lower than in February 2020. The insolvencies comprised…
Read more
Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies personal insolvency fell. In February 2023 there were nine business insolvencies registered in Northern Ireland, 50% lower than February 2022 and 67% lower than February 2020. The insolvencies comprised of six CVLs, one compulsory liquidation and two CVAs. There were no administrations…
Read more
Moorfields have announced the appointment of Mark Delaney as Partner. Delaney has more than 23 years’ experience supporting clients on a broad range of corporate and personal restructuring and insolvency matters across a wide variety of sectors. He is well regarded across the North West and a vastly experienced chartered accountant and insolvency practitioner recognised…
Read more
Leonard Curtis has announced the acquisition of Sheffield insolvency and recovery firm Graywood, increasing its presence in the South Yorkshire region. Graywoods will be incorporated into the Leonard Curtis brand with owners Adrian Graham and Deborah Lockwood welcoming the ‘excellent opportunity’ to become part of a well-renowned national firm in the business recovery sector. Deborah…
Read more
In February the following administration notices have been issued and advertised in the London Gazette for the following companies: 3F PELLETS LTD AARTEE BRIGHT BAR LTD AARTEE BRIGHT BAR PROPERTY LTD ADVANCED CRATES LTD AQUASTRADA LTD ARCH REALISATIONS 2023 LTD ARCTIC CIRCLE LTD. ASPEN PHOENIX NEWCO LTD BEDLAM BREWERY LTD BOB & LUSH LTD BOXCAR…
Read more