Credit, Collections & Insolvency News
The reduction of the limit for sequestration proceedings at the end of this week (30th September), could lead to a wave of smaller businesses in Scotland being made bankrupt, according to full-service legal firm Gilson Gray. The limit for pursuing sequestration will be lowered from £10,000 to £5,000. It was originally increased from £3,000 to…
Read more
Azets has appointed Jonathan Amor as a Partner to lead the firm’s new restructuring and insolvency team for its Yorkshire offices. Amor specialises in helping companies experiencing financial distress or facing closure with restructuring and rescue options. He offers specialist advisory services to assist organisations in making better long term and effective, strategic business decisions.…
Read more
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 5.5% in August 2022 to a total of 1,933 compared to July’s total of 1,832, and increased by 43.4% compared to August 2021’s figure of 1,348. August 2021’s business insolvency figures were also 41.6% higher than…
Read more
UK company insolvencies have increased by 72% in the past year with over 20,000 companies going out of business according to analysis from international audit, tax and advisory firm Mazars. The figures show that insolvencies increased from 11,949 to 20,512. Latest Insolvency Service figures indicated that 1,933 companies entered insolvency with pubs, bars and restaurants…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in August. The figures showed that there were 105 company insolvencies registered in Scotland, 18% higher than the number in August 2021 and 33% higher than in August 2019. The insolvencies comprised of 37 compulsory liquidations…
Read more
Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies decreased in August. The figures showed that there were 125 personal insolvencies, 16% lower than in August 2021, but 39% lower than August 2019. The personal insolvencies consisted of 111 IVAs, 10 DROs and four bankruptcies. Business insolvencies consisted of…
Read more
New UKHospitality, has highlighted the sector’s struggle to survive, with one in five businesses saying they will not survive the current crisis and t in five operators admitting they are no longer profitable. The figures emerged from a recent survey of operators in the sector, which showed that, on top of energy price rises, the…
Read more
International audit, tax and advisory firm, Mazars has appointed Rebecca Dacre as Office Managing Partner in Milton Keynes. Dacre who was promoted to Partner in 2021, has worked in Milton Keynes for over 15 years and is a well-known part of the city’s business community. A restructuring and insolvency expert, working across a wide range…
Read more
The Insolvency Service has announced that the up-front petition deposit fee paid by those initiating creditor bankruptcy and compulsory liquidation proceedings is rising from 1st November 2022. The Insolvency Service is introducing changes to the deposits paid to initiate creditor bankruptcies and compulsory liquidations. The petition deposit, the amount that needs to be paid up-front…
Read more
In August the following administration notices have been issued and advertised in the London Gazette for the following companies: 9 WHOLESALE LTD ACCESS COMMERCIAL INVESTORS 4 PLC ALITECH PRECISION LTD ALMONDSBURY CARE LTD AQUAHEAT PLUMBING HEATING AND GAS SERVICES LTD ARDULA LTD AROMAWORKS LTD AURORA DISTRIBUTION LTD AURORA LTD AVNI KENSINGTON HOTEL LTD AWESOME MERCHANDISE…
Read more
Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in August: 00510285 REALISATIONS LTD (FORMERLY GISSING & LONSDALE LTD) 07836 LTD 1 STOP SCHOOL SHOP LTD 10 XL (EUROPE) LTD 100 MODE CONSULTING LTD 100ANDEIGHT LTD 119 TSG LTD 17MEDIA LTD 1CA LTD 2 CLICKS…
Read more
In August Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 122 LR LTD 1ST MAINTENANCE LTD 3 G TRADE AND SERVICES LTD A.B.G. ELECTRICAL & MECHANICAL SERVICES LTD. ABACUS FINANCIALS LTD ABC ENGINEERING LTD ABP (LONDON) INVESTMENT LTD ABSTRACT LONDON LTD ACCIDENT & INJURY HELPLINE LTD…
Read more
UK film and TV production company insolvencies have jumped 69% in the past year, from 67 to 113 according to new research from Mazars. The research found that many of those insolvencies were of financially weaker production companies that missed out on last year’s UK film & TV industry boom as they couldn’t recruit staff.…
Read more