Credit, Collections & Insolvency News
In February the following administration notices have been issued and advertised in the London Gazette for the following companies: 1 CHIL (F1) LTD 146 TR LTD 152A LR LTD 152S LR LTD 154A LR LTD 154B LR LTD 154S LR LTD 16 CTR LTD 17 CTR LTD 20 – 24 LR (CH) LTD 20-24 LR…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in February: 0 DAYS OFF LTD 100 HANDS LTD 10729736 LTD 11 ENTERTAINMENT LTD 123 TRAVEL LTD FORMERLY KNOWN AS HOLIDAY WITH US (SPALDING) LTD 1ST BUSINESS ENERGY LTD 21ST CENTURY SIGNS AND DESIGNS LTD 365…
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In February Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 15:17 LTD 4PROPERTYUK LTD ACE RETAIL LTD AERPART HOLDINGS LTD AFC GLOBAL LTD AKT ASSET HOLDING LTD ALEXANDRA ASSOCIATES (U.K.) LTD AMTC LTD ANCHOR PROPERTY DEVELOPMENTS LTD ARABELLA BESPOKE INTERIORS LTD ARTIC COOL LTD ASHER HOLDINGS…
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January 2022 saw yet another rise in the number of corporate insolvencies, as UK companies continue to face a number of challenges on the back of the Covid-19 pandemic. According to recently published Government data, 1,560 company insolvencies were registered in January 2022, more than double the number in January 2021 (758). This figure is…
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High-cost lender company, Oakham has been placed into administration. The company trading as Oakam and Loal was placed loaned money to customers for between 6 to 36 months. All existing loan agreements remain in place, although the firm is no longer able to issue new loans. Andrew Tate and James Hopkirk of Kreston Reeves LLP were…
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EY-Parthenon has announced the appointment of Iestyn Matthews as Associate Partner to its turnaround & restructuring strategy practice. Matthews brings over 20 years’ experience and rejoins EY, having previously worked across its business risk and restructuring teams for almost ten years, where he predominantly focused on distressed restructuring and bank advisory work. He joins EY-Parthenon…
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Financial cooperative, Strathkelvin Credit Union has entered administration. Based in Dunbartonshire, the credit union, founded in January 1996, acts as a financial cooperative offering its members financial security through saving and borrowing. In 2019 SCU recorded a turnover of £86,000. The Credit Union entered administration on 22nd February as a result of regulatory breaches rendering the…
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The amount paid by the Government to workers because their employers went bust was cut in half last year, according to new analysis by of real estate advisory firm Altus Group. The Insolvency Service paid out £228.28 million last year to people who lost their jobs as a result of administrations, liquidations or other insolvencies.…
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Businesses choosing to voluntarily close has reached a new high as the long-term impact of coronavirus restrictions and concerns over imminent tax hikes hits business owners. Research by Price Bailey shows that a record 14,526 businesses in Britain voluntarily appointed liquidators last year, with this marking a 7% increase on the previous record set in…
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Over 10,000 chain store branches disappeared from Great Britain’s retail locations in 2021. In total, 7,160 shops opened, compared to 17,219 closures, a net decline of 10,059, according to PwC research compiled by the Local Data Company (LDC). Although the net change has worsened since 2020, the number of closures per day has remained stable,…
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Regional accountancy and business advisor to SMEs, Azets has boosted its expansion plans for the Thames Valley team, based in Newbury and Reading, with the appointment of Neil Elsden as Accounts and Business Advisory Partner in the Newbury office. Since qualifying in 2000, Elsden has advised a wide range of businesses from startups to corporates…
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Ofgem has confirmed that two small energy retailers have become the latest suppliers to exit the market. Whoop Energy and Xcel Power have announced they are ceasing to trade. Whoop Energy supplies 262 unique customer accounts, gas and electricity, 50 domestic and 212 non-domestic. Xcel Power has 274 unique customer accounts, gas only, and all…
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Latest figures from Accountant in Bankruptcy (AiB) has indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in January. In January 2022 there were 51 company insolvencies registered in Scotland, 122% (2.2 times) higher than January 2021 and 30% lower than in January 2020. The insolvencies comprised of 14 compulsory liquidations, 34 CVLs…
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