Credit, Collections & Insolvency News
In October Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1012 LTD 360 SPORTS TV LTD A & R CARRIAGES LTD A&K MACHINERY LTD AB KHAN LTD ABLE SURFACING LTD ABODE D&B LTD ABSOLUTE LIVING DEVELOPMENTS (ORCHID POINT) LTD ADNANRAFIQ LTD. AEROTEK DESIGN LTD AIR ON…
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Professional services firm KPMG UK has made two senior appointments within its Deal Advisory practice. The firm has appointed Sharon Taylor and Lloyd Williams as Managing Directors within its Special Situations and Turnaround Group. Their primary focus will be on helping to preserve and restore value to organisations that may be facing a period of…
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Audit, tax and consulting firm RSM has appointed Tom Straw as Restructuring Partner in its growing London team. Straw joins RSM after spending nine years at Moorfields Advisory and over three years at BDO as a restructuring specialist. He has more than 15 years’ experience spanning debt advisory, M&A, financial advisory and restructuring, and a…
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Portland Business Recovery has announced that it has changed its name following its acquisition by the national Leonard Curtis business services group. The company was formed to provide business recovery and regulated insolvency services to businesses mainly located in Hampshire and Dorset. Alex Cadwallader, Director and Head of South for Leonard Curtis, said “Portland has…
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Latest quarterly figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales, fell by 0.9% compared to Quarter 2s (Q2) figures of 5,645 and a 40.3% increase compared to Q3 2021 (3,987). Q3 2022’s figures were also 27.9% higher than Q3 2019’s figure of 4,375. The number of…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies increased in Quarter 3 (Q3) of 2022. The figures showed that there were 50 business insolvencies in Q3 2022, an increase of 47% from the same quarter of 2021. The business insolvencies comprised 38 CVLs, five compulsory liquidations,…
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New research from Allianz has found that the rebound in global business insolvencies is already a reality with insolvencies set to rise 10% in 2022 and they predict to rise a further 19% in 2023. Allianz says that 2023 will see a catch up with pre-pandemic levels by the end of next year. High energy…
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The number of Scottish companies entering insolvency increased during the third quarter of 2022 according to new analysis of the Accountant in Bankruptcy (AiB) data by Gilson Gray. The Scottish figures reflect the UK market generally, with 265 UK companies going into administration between July and September, up from 176 during the same period in…
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Brendan Gaughan, from Glasgow has been disqualified as a director for 12 years, after using his companies to take out Bounce Back Loans totalling £135,000 that the companies were not eligible for after an investigation by the Insolvency Service. Gaughan was director of three separate property management companies, Gaughan Group Ltd, Gaughan Property Ltd, and…
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Analysis by Mazars has found that energy providers have forced 20 businesses to close over unpaid energy bills in the last four months. This marks a 186% increase on the same period last year. If an energy firm is owed money by a commercial customer, they can use a “winding up petition” to close the…
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A dramatic spike in company insolvencies in England & Wales is the start, not the peak, of more mid-market business fatalities according to a prediction by Azets. Latest statistics released by The Insolvency Service show the annual rate of company insolvencies in England & Wales is now the highest it has been in eight years.…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 16% in September when compared to the same month in the previous year (1,453 in September 2021), and 11% higher than the number registered three years previously (pre-pandemic; 1,508 in September 2019). In September 2022…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in September. The figures showed that there were 103 company insolvencies registered in Scotland, 47% higher than the number in September 2021 and 36% higher than in September 2019. This was comprised of 25 compulsory liquidations,…
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