Credit, Collections & Insolvency News
Scotland lost almost 20,000 small businesses during a single year of the covid crisis, according to official statistics. As a consequence of this dramatic fall in business numbers, the Federation of Small Businesses (FSB) is urging the Scottish Government to outline new measures to aid the recovery of local businesses in the budget next week.…
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In November the following administration notices have been issued and advertised in the London Gazette for the following companies: A & D JOINERY LIMITED ACCUMULATE CAPITAL LIMITED ACCUMULATE LONDON SW LIMITED ACCUMULATE RESIDENCES LIMITED ACTON COACHWORKS SP LIMITED AFFINITI FINANCE LIMITED AMPOWERUK LIMITED ARCHITECTURAL FABRICATIONS LIMITED ARENA AIRCRAFT LIMITED ARENA AVIATION LIMITED ARENA HOLDINGS LIMITED…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in November: 1ST 4 LEISURE LTD 365 MANAGEMENT SERVICES LTD 5 SENSES MANAGEMENT LTD 85 LEISURE LTD 8701 SERVICES LTD 911 DREAM LTD 9BAR NORWICH LTD A & K CARPENTRY & BUILDING SOLUTIONS LTD A &…
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In November Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 2FOLD PRINT LTD. 3XY DEVELOPMENTS LTD 4 FUN LTD ABSOLUTE COMPANY SERVICES LTD AC PARL STREET LTD AFRICA SHIPPING SERVICES LTD ASSURED PAINTING CONTRACTORS LTD ATLAS TRAVEL & CULTURE LTD BETTER CHOICE BUILD COMPANY LTD BIG…
Read moreZog Energy has ceased trading, the company claimed that it was unable to secure the gas hedges it previously agreed with its gas shipper CNG. The energy company has served around 11,700 domestic gas customers, is the 27th energy retailer to exit via the Supplier of Last Resort process so far this year. Under Ofgem’s…
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Independent restructuring and advisory firms BM Advisory and Moorfields Advisory have announced a merger, enhancing their ambitious growth plans and providing a strong all-round service proposition to the market across the UK. The merged businesses will continue to operate under the Moorfields Advisory brand, bringing together two like-minded practices with a shared ethos of partner-led…
Read moreOfgem has announced the collapse of two more energy firms as number of households affected by a supplier failure nears 4 million. That brings the total number of suppliers that have failed to 24 in fewer than 12 weeks, Entice Energy, which comprises both Entice Energy Supply and Simply Your Energy, and Orbit Energy, are to…
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Government support of energy provider Bulb, which is set to continue to operate under a Special Administration Regime (SAR), is set to cost £1.7billion. The funds will allow Bulb to continue supplying energy to customers. Bulb will be run by administrator Teneo until a buyer can be found or until its customers have moved. A…
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Financial advisory business, Interpath Advisory has announced the appointment of Joshua Dwyer as Managing Director in its City and International Group. Dwyer joins Interpath from AlixPartners, and has more than 20 years’ experience guiding clients through the challenges and complexities of financial restructuring and formal insolvency situations, many of them with cross-border elements involving emerging…
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Bulb Energy, which has 1.7 million customers, has announced that the firm will be put into administration. The energy firm has confirmed it will enter the special administration regime (SAR), becoming the first energy supplier to do so. The decision to place a company into a Special Administration Regime is made by the court upon…
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The number of business insolvencies (liquidations and receiverships) in Scotland rose by 58% in October 2021 when compared with October 2020 according to latest Accountant in Bankruptcy (AiB) figures. In October 2021 there were 68 company insolvencies registered in Scotland, 58% higher than in October 2020 but 18% lower than in October 2019. This comprised…
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Latest statistics from the Insolvency Service have shown that Northern Irish business insolvencies increased by 75% whilst personal insolvencies declined by 1% in the latest monthly figures. In October 2021 there were 102 personal insolvencies in Northern Ireland, 11% lower than October 2020 and 56% lower than October 2019. This consisted of 95 IVAs, four…
Read moreLatest figures from the Insolvency Service has shown that the number of businesses in England and Wales that business insolvencies fell by 3% in October to a total of 1,405 compared to September’s total of 1,449, and increased by 63.6% compared to October 2020’s figure of 864. The increase in company insolvencies compared to October…
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