Credit, Collections & Insolvency News
Business advisory firm Quantuma has announced that it has appointed Tim Sloggett as its new Managing Director to further strengthen its offering in the South West and Wales region. Sloggett brings with him more than 20 years’ experience of helping businesses that are underperforming or facing a crisis, across a range of sectors and from…
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Global CEO advisory firm, Teneo has announced the acquisition of KPMG’s Cayman and British Virgin Islands (BVI) restructuring business. KPMG’s Cayman and BVI restructuring business, comprising over 25 professionals, will add specialist expertise in local and international restructuring, insolvency, e-Discovery and forensic technology services to Teneo’s global Financial Advisory offering. The team joining Teneo represents…
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Aberdeen-based restructuring and insolvency expert Richard Bathgate has been appointed as the Chair of insolvency and restructuring trade body R3 in Scotland. Bathgate, who is Restructuring Partner at Johnston Carmichael, Scotland’s largest independent firm of accountants and business advisers, takes over as Chair from Tim Cooper, Partner at Addleshaw Goddard. In his new role, Bathgate…
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Credit risk in the automotive industry is set to deteriorate with an increase in payment delays and insolvencies according to new research by trade credit insurer Atradius. The report reveals several challenges facing the industry which stem from supply issues, decreased consumer demand and rising costs. Combined, these have led to the insurance company rating…
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Financial distress is now affecting a total of 34 football clubs in England and Wales, double the number before football grounds around the UK were closed in March 2020 according to latest research by Begbies Traynor. The latest Football Distress Survey has highlighted a continuing credit crisis among English clubs outside of the Premier League…
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The Government has set out new proposals to reform and simplify regulation of the insolvency sector. The new consultation is inviting views on creating a single regulator for Insolvency Practitioners and extending regulation to firms that offer insolvency services. Key changes set out in the consultation include: establishing a single independent regulator to sit within…
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The Insolvency Service can now investigate and disqualify directors who dissolve their own companies in order to avoid paying liabilities. If misconduct is found, directors can face sanctions, 15-year-long bans or, in the most serious of cases, prosecution. Rogue directors who dissolve their companies and avoid paying liabilities to staff, creditors and the taxpayer can now…
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Latest figures from the Insolvency Service has shown that the number of businesses in England and Wales that business insolvencies rose by 18.7% in November 2021 to a total of 1,674 compared to October 2021’s total of 1,410, and increased by 87.9% compared to November 2020’s figure of 891. For the first time since the start…
Read moreA study by insurance provider Simply Business has predicted that one in five small businesses will not survive 2022 unless their Christmas sales are strong. It was also found that 27% of SME staff are “not confident” about their trading fortunes, while one in ten expects to fare worse this month than they did last…
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Latest statistics from the Insolvency Service have shown that Northern Irish business insolvencies increased by 29% whilst personal insolvencies doubled when compared to 2020 in the latest monthly figures. In November 2021 there were 193 personal insolvencies in Northern Ireland, 11% more than double the number in November 2020, but 32% lower than November 2019.…
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The number of business insolvencies (liquidations and receiverships) in Scotland doubled in November. In November 2021 there were 104 company insolvencies registered in Scotland, more than twice the number in November 2020 and 18% higher than in November 2019. The insolvencies comprised of 21 compulsory liquidations, 76 CVLs and seven administrations. There were no CVAs…
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While company directors are generally protected by limited liability, recovery powers granted to HMRC in the Finance Act 2020 mean directors can face greater personal liability for tax debts held by the company in the event of insolvency. This has potentially huge ramifications for your clients if they intend to utilise an insolvency procedure to…
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Research by PwC and Local Data Company shows that over one in ten (11%) of chain shops in Scotland failed to reopen after the lockdown in the first months of this year. The overall picture showed that there were 99 units, 4.7% of the total, that closed permanently while a further 143, or 6.8%, did…
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