Credit, Collections & Insolvency News
Latest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies rose by 36% in July 2021. The figures show that there were 72 company insolvencies registered in Scotland, this was 36% higher than in July 2020 but 26% lower than in July 2019. The business insolvencies comprised of 14 compulsory liquidations,…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers decreased in July. In July 2021 there were 142 personal insolvencies in Northern Ireland, the figures were 11% lower than July 2020 and 28% lower than July 2019. The insolvencies consisted of 121 IVAs, 14 DROs and seven bankruptcies. There were…
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Research by the LSE’s Programme on Innovation and Diffusion (POID) has found that one in sixteen businesses say that they are at risk of closure in the next quarter. The research notes that this period is set to see the Government withdraw critical coronavirus support, such as the furlough scheme. The research found that during…
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The Government has revealed new insolvency legislation that will protect businesses that accrued debt and arrears as a result of the Coronavirus crisis. Under the new rules, new provisions will be introduced that will ringfence rent debt caused by ‘enforced closures’ and set out a process of binding arbitration to be undertaken between landlords and…
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A survey of small businesses has found that 59% used government loans or furlough schemes during the pandemic, around 3.5 million businesses. The YouGov poll commissioned by Lawbite also revealed that at least 10%, which could represent as much as 354,000 SMEs, could not now afford to repay the loan due to the impact of…
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Interpath Advisory has announced that it has appointed consumer market and retail specialist Christine Cross as a Special Advisor for the business. Formerly KPMG’s Restructuring practice, Interpath is an independent financial advisory business with a broad range of specialisms that helps organisations facing challenge or opportunity to navigate what’s next. As an independent business advisor,…
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Two thirds (66%) of SME leaders who received financial support from the Government’s Covid loan schemes say it’s likely their business will default on the loan, according to new research1 from Nucleus Commercial Finance. This equates to 2.3 million SMEs who anticipate never repaying their loan. The anticipated default rate increases to 75% for small…
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The Financial Reporting Council (FRC) has fined KPMG £13 million over the firm’s role in the sale of the mattress company Silentnight to the private equity firm HIG. The accounting watchdog also severely reprimanded KPMG and ordered it to appoint an independent reviewer to establish ‘root causes’ of its failings. David Costley-Wood, former Partner and…
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Experts have assessed that £5 billion of state-backed government Covid-19 emergency loans are at risk of not being repaid, far less than feared due to the strong economic recovery. Analysis has suggested that between 5% and 10% of SME businesses that have used the government’s £47.4 billion emergency loans support scheme have missed repayments. although…
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Tax and business advisory firm Azets has announced that it has acquired Moore South’s restructuring & insolvency (R&I) team. As part of the deal, current leaders of Moore South’s R&I practice, Duncan Swift and Chris Tate, will move to Azets. The acquisition includes the team’s current clients and will enhance Azets’ restructuring and insolvency national capabilities established…
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In July the following administration notices have been issued and advertised in the London Gazette for the following companies: 24 LIVE UK LTD ADEO CONSTRUCTION SERVICES LTD ADRECK DIAGNOSTICS LTD ADVANCED GLASS FACADES LTD ALUMINIUM FRANCE INDUSTRIES UK LTD ARVIA TECHNOLOGY LTD AVANTA LONDON LTD BITUMINA INDUSTRIES LTD BRISTOL & LONDON PLC CALVERLEY HOUSE LTD…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in July: “SKELBKITES” ADVERTISING LTD 1 THIRTY3 DESIGN LTD 1ST CALL LOCKSMITHS LTD 1ST CHOICE MANAGEMENT SERVICES LTD 1ST SCAFFOLDING (UK) LTD 2EDDIES TRAVEL SERVICES LTD 3 PIERS BREWERY LTD 5 STAR SITE SERVICES LTD 54…
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In July, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ABBEY FENCING LTD ACOS FE LTD ACUMEN GROUP LTD ADDINGTON EQUESTRIAN 2019 LTD AG SAFEBOOTHS UK LTD AVONHALE LTD BEASONS CONSTRUCTION AND DEVELOPMENT LTD BPL BUILD LTD BUSINESS BRAIN LEADERS LTD COUNTRY BUILD SW LTD DELTA…
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