Credit, Collections & Insolvency News
Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased by 23%. There were 114 company insolvencies registered in Scotland, 23% higher than the number in December 2021 and 28% higher than in December 2019. The insolvencies. comprised of 22 compulsory liquidations, 85 CVLs and seven…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies and personal insolvency increased. The figures in December 2022 indicated that there were 15 business insolvencies registered in Northern Ireland, 67% higher than December 2021, but 53% lower than December 2019. The business insolvencies comprised of 11 CVLs, two compulsory liquidations…
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In December the following administration notices have been issued and advertised in the London Gazette for the following companies: 8 BALL MAIL ORDER LTD AINSDALE PRESTIGE AUTOMOTIVE LTD ALBANY BRENT GROUP LTD AMARA LIVING LTD AMPLIFY LTD AR (SURVEYORS) LTD ARTHOUSE HOLDING LTD ARTHOUSE LTD ASK PRODUCTS LTD ASPIRE DEVELOPMENTS PARTNERSHIP LTD AUTO CAR SOR…
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In December Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 17 CIVILS LTD 21ST CENTURY CONTRACTS LTD 229CREATIVE LTD A & S TILING LTD ABINGDON OAK BUILDINGS LTD ACE DELIVERY SOLUTIONS LTD AD CONTRACTORS LTD ADANZZ LTD ADRIAN VICOL LTD AGHP LTD ALIQ LTD ALPHADEAN 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 December: 1080 LONDON LTD 18 DESIGN & BUILD LTD 1ST CHOICE WINDOWS NE LTD 1ST FIX MAINTENANCE SERVICES LTD 1UPSEARCH LTD 23 HOPE STREET LTD 32 ENTERTAINMENT LTD 36-44 LODGE ROAD LTD 360 CAPITAL CONSULTANCY…
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A new report from Red Flag Alert has predicted that a perfect storm of factors could lead to more than 6,000 company insolvencies in the UK construction sector during 2023. The report has estimated that there is currently around £300 million of bad debt within the UK construction sector, which it says could rise to…
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The Insolvency Service has given a ten year bankruptcy restrictions to an Uxbridge clothes wholesaler who abused Bounce Back Loans. Muhammad Arif from Uxbridge, has been made subject to ten years of bankruptcy restrictions for claiming a £50,000 Bounce Back Loan to which he was not entitled. Arif had run a wholesale clothing business in…
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New figures from the Centre for Retail Research (CRR) showed that there was a sharp rise in the number of shops closing on the high streets, shopping parades, and out-of-town shopping parks in 2022. More than 17,000 sites shut up in 2022, the highest number for five years. Total closures were nearly 50% higher than…
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Professional services firm PKF Littlejohn has announced that it has appointed James Linton to its new creditor services team. Linton has spent more than 20 years in the sector, including spells with BDO and Begbies Traynor. Linton brings over 15 years of experience to the role, and will help the team serve credit managers, local…
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The UK economy is estimated to have entered a recession in the third quarter of 2022, which could last until the end of 2023 and see output fall by 1.9% during that period according to new research by KPMG. The squeeze on incomes is the main driver, with higher inflation and interest rates significantly reducing…
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Insolvencies involving residential care businesses have increased 59% in the past year from 56 to 85, as they struggle to cope with mounting debt servicing costs and steep rises in energy bills according to research by international audit, tax, and advisory firm, Mazars Rebecca Dacre, Partner at Mazars said “The margins which care homes operate to…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies doubled whilst personal insolvency numbers fell. In November 2022 there were 20 business insolvencies registered in Northern Ireland, this is more than double the number in November 2021, but 35% lower than in November 2019. The business insolvencies comprised of 16…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased by 13% in November 2022. There were 118 business insolvencies registered in Scotland, 13% higher than the number in November 2021 and 36% higher than in November 2019. The business insolvencies comprised of 42 compulsory liquidations,…
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