Credit, Collections & Insolvency News
Latest statistics from the Insolvency Service have indicated that Northern Irish business and personal insolvency figures increased the latest quarterly figures. In January 2022, there were 18 business insolvencies registered in Northern Ireland, six times as many as in January 2021, but 31% lower than January 2020. The insolvencies comprised of two compulsory liquidations, 12…
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Latest figures from the Insolvency Service have indicated that the number of business insolvencies in England and Wales doubled year-on-year last month, with 1,560 company insolvencies in January. The business insolvency numbers were up from 758 in January 2021 and exceeded the pre-pandemic total of 1,508 recorded in January 2020. Business insolvencies increased by 4.8%…
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High-cost lender TFS Loans has collapsed into administration following claims of ‘unaffordable lending.’ The company was a guarantor lender, requiring a family member or friend to cover repayments if the borrower couldn’t. TFS would lend between £3,000 and £15,000 on a one to five-year term basis at between 30% and 70% interest, with a representative…
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The food and beverages output is forecast to grow by more than 3% in 2022, but the outlook for food producers and processors is less positive according to a recent report from trade credit insurer Atradius. The report outlines how the UK food and beverages market rebounded after a 5.3% contraction in 2020. Last year…
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The Financial Services Compensation Scheme (FSCS) has named 12 firms to be in default and out of business, including one credit union and one mortgage adviser firm. All Flintshire Credit Union and mortgage advisor firm, Midland Independent Financial service (formerly The Mortgage Shop) are listed amongst the 12 firms the FSCS believes are unable to…
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More than £4.3 billion of Covid loans that may have to be written-off by The Treasury due to fraud and highlighted by the recent resignation of Lord Agnew, could be eclipsed by businesses failing to repay their CBILs and BBLs Covid support loans according to new analysis by regional accountancy and business advisor, Azets. Azets…
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A maximum 15-year ban has been imposed on a company director after he posed as a fake Insolvency Practitioner. Kevin Morris, also known as Kevin Gordon Sykes, from north London has been disqualified for the maximum 15 years after he was found to be a de facto director of Rigil Kent Acquisitions Limited (RKAL), while…
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In January the following administration notices have been issued and advertised in the London Gazette for the following companies: 10X PSYCHOLOGY LTD A/P RECOVERY UK LTD ACCUMULATE CAPITAL LTD ACCUMULATE COMMERCIAL LTD ACCUMULATE LONDON SW LTD ACCUMULATE RESIDENCES LTD ALL FLINTSHIRE CREDIT UNION LTD BEAUMONT MORGAN DEVELOPMENTS LTD BIG HOME SHOP LTD BIOSURE (UK) LTD…
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In January Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 09546590 LTD A.C.O.R.D (AGENCY FOR CO-OPERATION AND RESEARCH IN DEVELOPMENT) A3 MEDICAL LTD ADVANCED THERMAL SOLUTIONS LTD ALEXANDER JAMES COX LTD ALL FIVE HOLDINGS LTD ALPHA CONSTRUCTION MANAGEMENT LTD ANDY BOLTON GROUP LTD ARMITECH LTD ASCESIS…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in January: 11:11 ESTATES LTD 3PHASE GAS, WATER, OIL LTD 4 DESIGN & BUILD LTD 45 WEST BAR LTD 53 BO’ GROVE LTD 8080 SOLUTIONS LTD A & M ULTIMATE FASHION LTD A C C AIR…
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PKF GM has announced the appointment of Stratford Hamilton as a Director in the London team specialising in contentious insolvency. Hamilton is a licensed Insolvency Practitioner a member of the Association of Business Recovery Professionals (R3) and the Fraud Advisory Panel He has spent over two decades undertaking personal and corporate insolvency appointments mainly associated…
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High-cost short-term lender, Ounapuu (formerly Ferratum) has entered into a Creditors’ Voluntary Liquidation. The company was placed into a Creditors’ Voluntary Liquidation. Paul Boyle, David Clements and Anthony Murphy of Harrisons Business Recovery & Insolvency (London) were appointed as Joint Liquidators. The firm’s name was changed from Ferratum UK Limited to Ounapuu on 4th November…
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Business advisory firm Quantuma has confirmed plans to double the headcount of its North West operation from 20 to 40 in the next two years to meet growing client demand. With more than 18 bases around the UK and 23 globally, Quantuma arrived in the North West in 2019, and has since grown to become…
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