Credit, Collections & Insolvency News
Audit accountancy firm Grant Thornton (GT) has been fined £2.34 million after an investigation found ‘serious lack of competence; in its audits of cake chain Patisserie Valerie. The audits carried out in 2015, 2016, and 2017 gave the company a clean bill of health – before it disclosed potential fraud in 2018 and subsequently collapsed,…
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Begbies Traynor has announced that experienced Insolvency Practitioner, Michaela Daly will be stepping up to lead the company’s operation in Staffordshire alongside partner Diane Dunion. Begbies Traynor says that since the acquisition of Dunion and Co in March 2019, Begbies Traynor has gone from strength to strength in Staffordshire and is now a six-strong specialist…
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Following news of an 18 month high in registered company insolvencies, Purbeck Personal Guarantee Insurance, is urging the owners of small and medium-sized businesses to ensure their personal assets such as their home, bank account and savings, are protected if their business should become insolvent. Purbeck estimates that over 420,000 small business owners in the…
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Derby County Football Club (FC) have formally entered into administration after owner Mel Morris failed to find a buyer willing to spend £50 million to clear the club’s debts. Derby will be automatically deducted 12 points under EFL rules, sending them to the bottom of the table but a further points deduction is on the…
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Energy companies, Avro Energy and Green Supplier energy companies have announced they are ceasing to trade. The collapse of two energy companies means nine energy suppliers have been exited the sector this year with more expected to collapse soon. The closures mean that the UK gas crisis has claimed another two energy companies, bringing the…
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Barrow & District Credit Union (BDCU) has announced that it has entered into administration James Sleight and Peter Hart of PKF GM have been appointed as Joint Administrators of the Credit Union The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that savers are entitled to receive their…
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A new report published today by the British Retail Consortium (BRC) highlights the need for government to take immediate action to reduce the burden placed on retailers by business rates. According to the report, this would help to “unlock the industry’s potential to support the economic recovery from the pandemic, ensuring that retail remains a…
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Latest figures from the Insolvency Service have indicated that business insolvencies increased by 22.9% to 1,348 in August 2021 compared to July’s figure of 1,097, and increased by 71.1% compared to August 2020’s figure of 788. In August 2021 there were 1,256 Creditors’ Voluntary Liquidations (CVLs), which is the highest level seen in the series…
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Latest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies rose by 36% in August 2021. In August 2021 there were 89 company insolvencies registered in Scotland, approximately double the number than in August 2020 and 13% higher than in August 2019. This was comprised of 11 compulsory liquidations, 76 CVLs…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers increased in August when compared to 2020’s figures. In August 2021 there were 148 personal insolvencies in Northern Ireland, 38% higher than August 2020 but 28% lower than August 2019. This consisted of 127 IVAs, 15 DROs and six…
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As many as 15% of the UK’s SMEs are rated ‘fragile’ and risk insolvency during the next four years as Covid-19 state support schemes are withdrawn, according to research by Euler Hermes. State support softened the blow of the Covid-19 shock in 2020, reducing the number of fragile SMEs by more than 8,000 in Germany,…
Read moreEY-Parthenon has appointed a new Partner, Claire Gambles, to further strengthen its Turnaround & Restructuring Strategy practice. Gambles joins EY-Parthenon from Deloitte where she led their Managed Exit business. She has over 20 years’ experience in the industry, and works across a multitude of sectors and geographies, supporting clients nationally and across the globe. In…
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MPs on the All-Party Parliamentary Group (APPG) on Fair Business Banking have voiced concern over the insolvency profession after an inquiry found evidence of alleged widespread misconduct, saying it has received ‘startling’ evidence about the sector. Kevin Hollinrake, Co-Chairman of the Parliamentary Group, said that sections of the insolvency industry were “operating in a manner…
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