Credit, Collections & Insolvency News
Moore Kingston Smith has announced the appointment of Neil Mather as a Partner in the firm’s business recovery and insolvency team. Mather is a licensed insolvency practitioner with over 25 years’ experience in taking both local and cross-border appointments. He advises lenders, directors, creditors and shareholders across many industries. With particular experience in the insurance…
Read more
Christina Fitzgerald from Edwin Coe LLP has been appointed the new President of insolvency and restructuring trade body R3. As President, Fitzgerald will work with the R3 senior management team to help shape R3’s direction, as well as supporting its day-to-day operations. Her main areas of focus for her year in office will be supporting…
Read more
Latest quarterly statistics from the Insolvency Service have shown that Northern Irish business insolvencies increased by 273% whilst personal insolvency figures also rose slightly. The figures indicated that there were 56 company insolvencies in Northern Ireland in Quarter 1 2022 (Q1), nearly four times higher (an increase of 273%) than in the same quarter of…
Read more
Latest quarterly figures from the Insolvency Service have indicated that the number of business insolvencies in England & Wales rose to its highest levels since 2012. The figures show that there were 4,896 company insolvencies registered in Q1 2022, 6% higher than the number of company insolvencies registered in the previous quarter and more than double…
Read more
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 39.4% in March 2022 to a total of 2,114 compared to February’s total of 1,517, and increased by 111.6% compared to March 2021’s figure of 999. The increase in company insolvencies was driven by an…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland doubled in March. In March 2022 there were 86 business insolvencies registered in Scotland, 100% (2 times) higher than March 2021 but 11% lower than in March 2019. The insolvencies comprised of nine compulsory liquidations, 71 CVLs…
Read more
Latest statistics from the Insolvency Service have indicated that Northern Irish business insolvencies increased whilst personal insolvency figures declined in the latest monthly figures round-up. In March 2022 there were 20 business insolvencies registered in Northern Ireland, almost three times as many as in March 2021, but 35% lower than March 2019. This was comprised…
Read more
Despite a return to normal for many economies in 2022, insolvencies are set to rise according to trade credit insurer, Atradius. The company predicts that the global economy will emerge gradually from the Covid pandemic in 2022, with restrictions unwound in most countries and regions. But despite a return to normality for many, Atradius reports…
Read more
The Insolvency Service has announced secured new restrictions to tackle Bounce Back Loan abusers. The regulator has successfully secured restrictions against a gym operator and roofer after they falsely applied for bounce back loans. In separate applications, Junaid Dar from Birmingham, and David Godderidge from Tamworth, falsely applied for close to £60,000 from the Bounce…
Read more
A company Director has been given a six-year ban by the Insolvency Service. Mason was director of Angel Contracting, a recruitment agency specialising in providing contractors to the construction industry. The company was incorporated in 2017 but went into liquidation two years later. At this point the Insolvency Practitioner made repeated requests for the company’s…
Read more
The Insolvency Service has announced that it has appointed Frances Coulson as a new Non-Executive board member. Coulson is a practicing lawyer, with more than 26 years of experience in insolvency law, and a senior partner, board member and Head of Insolvency & Restructuring for the city-based law firm Wedlake Bell. Together with the other…
Read more
Compulsory liquidations of struggling businesses have increased by 76% from 139 to 245 in the last three months according to new research by Mazars. The company predicts that there will be even more liquidations are expected in the next three months as the last temporary government measure to protect companies from insolvency during the pandemic…
Read more
More than half a million people are working at small companies which are at heightened risk of insolvency, according to analysis by Quantuma using Clarity’s proprietary insolvency propensity model. Companies faced with late payments, rising prices, higher taxes, the fallout from Brexit and pandemic-related staff shortages, around 6,500 SMEs are at higher than average risk…
Read more