Credit, Collections & Insolvency News
The insolvency and restructuring profession rescued 297,000 jobs and returned £1.82 billion to creditors in insolvency cases in 2019 – the equivalent of around 800 jobs and £5 million a day, according to a new report from R3, the insolvency and restructuring trade body. The report, The value of the profession: how insolvency and restructuring…
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Law firm Harrison Clark Rickerbys (HCR) is in ‘advanced stages’ of merger talks with Hewitsons. The merger is expected to complete by the end of May, resulting in a firm of approximately 780 people and £65m turnover. The combined Cambridge teams will move into new premises while the Hewitsons London team will move into HCR’s…
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The Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a strong deterrent against the misuse of the dissolution process. The process will no longer be able to be used as a method of fraudulently avoiding repayment of Government-backed loans given to…
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The date for the third Commercial Credit & Collection conference has been confirmed as Thursday 17th June. The conference starting at 9.30 am will tackle issues across the full life-cycle of business credit and collections. The conference series also aims to provide insight into new technology advancements that can help Credit Manager and Finance Directors…
Read moreAtradius’ latest Insolvency Forecast reports Polish insolvencies are expected to grow by 7% this year after remaining static in 2020. As a response to the pandemic, comprehensive stimulus measures supported many Polish businesses, enabling them to sustain their cash position. However, this support is expected to expire this year as the economic rebound gains momentum.…
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A new trading report into the Turkish market has revealed an expected decline in insolvencies this year. The report by trade credit insurer Atradius has revealed that the economic impact of the Covid-19 pandemic had upon the country which managed to avoid recession in 2020. Turkish GDP grew 1.8% in 2020 despite the adverse conditions of…
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In April the following administration notices have been issued and advertised in the London Gazette for the following companies: AS REALISATIONS 2021 LTD BETINDEX LTD BLACKFRIARS LTD BLACKPOOL CENTRAL HOTEL LTD BROOKS BROTHERS UK LTD BROWN MECHANICAL SERVICES LTD BUSINESS LOAN NETWORK LTD BV9 LTD C.F. LABELS LTD. CBS BUSINESS FURNITURE LTD COMPLETE ENGINEERING GROUP…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in April: 11:11 MEDIA LTD 19TEN LTD 29TEN FITNESS LTD 312 SW3 LTD 360COMPUTING LTD 3MILES LTD 6CATS UK LTD. A LISTER TRANSPORT 80 LTD A ONE PRO STYLE LTD A SLIM LTD A W LEWIS…
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In April, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ACCUTOR LTD ALL2020 LTD ASSEGAI DESIGN AND BUILD LTD BERRY BROW CONVENIENCE STORE LTD BOHEMIA WORLD TRADING LTD CITYWIDE ELECTRICAL SERVICES LTD COUNTER SOLUTIONS U.K. LTD DWHA LTD EESA &CO LTD EUROPA CLUB LTD FORD NEWS…
Read moreOver half (54%) of SME businesses need cash to survive with over half are banking on the Recovery Loan Scheme according to new research by Purbeck Personal Guarantee Insurance. The survey of 1000 SME business owners and directors has found that over half will seek new finance in 2021. 54% of these businesses plan to…
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Ahead of submitting its formal evidence, UKHospitality has written to the Government urging it to adopt its proposals to help tackle the £2.5 billion rent debt crisis that threatens to wreck the hospitality sector’s recovery and risks further widespread job losses. For more than a year, the trade association has been highlighting the existential threat…
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Legal and professional services business, Knights has announced that it has agreed to acquire independent commercial law firm Keebles. Established in Sheffield over a century ago, Keebles is a full-service independent law firm with a strong corporate and real estate offering. The acquisition sees 138 fee earners joining Knights, providing entry into Sheffield and complementing…
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The Insolvency Service has released its latest Quarterly business insolvency for England & Wales, figures which have indicated that there were 2,384 seasonally adjusted corporate insolvencies in Q1 2021, a reduction of 21.9% compared to Q4 2020’s figures of 3,053 and a fall of 38.3% compared to Q1 2020 (3,863). Colin Haig, President of insolvency and…
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