Credit, Collections & Insolvency News
Latest statistics from the Insolvency Service have shown that personal and business insolvencies continue to remain low in comparison to previous years. In February 2021 there were 144 individual personal insolvencies in Northern Ireland, 46% lower than February 2020; this consisted of 107 IVAs, 27 DROs and 10 bankruptcies. Business insolvency figures In February 2021…
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New data has indicated that nearly 135,000 companies were showing strain this month, roughly three times the pre-pandemic average according to new analysis by Mazars. Businesses in the services and retail sectors accounted for almost three-fifths of those showing distress, with sectors that are allowed to reopen faring better, with construction and manufacturing businesses making…
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Wylie & Bisset has announced the appointments of Senior Managers Craig Allison and Elaine Ramage, to its business recovery and insolvency team.. Allison joins from French Duncan while Ramage takes up her new position following the firm’s recent recruitment of the management team from MLM Solutions. Last month Wylie & Bisset appointed former MLM Solutions…
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Almost 10,000 chain stores disappeared from UK retail locations in 2020. In total, 7,655 shops opened, compared to 17,532 closures, a net decline of 9,877, according to PwC research compiled by the Local Data Company (LDC). Although a decline was to be expected in a pandemic this is the worst ever seen with an average…
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PCB Litigation and Byrne and Partners have announced that both companies will merge on 1st April. The deal will bring together two dispute resolution specialist firms to create PCB Byrne. In a statement, the companies said that the merger will bring together two companies with many years of experience in dealing with complex UK and…
Read moreBegbies Traynor has agreed to buy insolvency practice David Rubin & Partners, in a deal worth up to £25 million. The company has announced that it has raised £22 million through equity fundraising to help pay for its acquisition of London and Guernsey-based David Rubin & Partners. David Rubin & Partners has a team of…
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The global economy is forecast to recover almost fully from the pandemic-driven recession but there are major divergences in the pace of recovery across the world, according to a new report from trade credit insurer Atradius. The report reveals the emergence of several bright spots in the global economy as the world battles to overcome…
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The Government has launched a call for evidence seeking stakeholders’ views on the Insolvency Rules that set out the detailed requirements for company and individual insolvency procedures in England and Wales. Stakeholders are being asked to share their views on the Insolvency Rules as they currently stand, including whether they provide an appropriate framework for…
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Insolvency and restructuring firm, Begbies Traynor, has bolstered its senior team in Bristol with the appointment of a new Partner. Dan James rejoins the firm he left in 2018, following the recent acquisition of CVR Global, where he will be responsible for further expanding Begbies Traynor’s range of advisory services to financially distressed businesses and…
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Record levels of smaller businesses sought external financial support in 2020, with further significant demand expected in 2021, British Business Bank research has found. The report highlights a surge in applications for external financial support, including government and local grants, among small and medium sized businesses (SMEs), with almost half (45%) of all SMEs surveyed…
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Business advisory firm Quantuma has appointed Mike Horton as a new Director to its financial advisory practice. Horton has over 18 years’ experience working in the financial services sector, spending over half of his career advising businesses exhibiting signs of financial distress or entering a formal insolvency process. His expertise spans refinancing, new lending for…
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The Insolvency Service and R3 have announced plans for a joint-project reviewing diversity and inclusion across the insolvency profession. The project is aimed at understanding and promoting diversity and inclusion across the insolvency profession. A Steering Group statement said “A data-gathering exercise is planned to baseline levels of diversity and inclusion, and both bodies will work…
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Professional services firm, KPMG has reached an agreement to sell its Restructuring practice to Interpath Advisory, a newly-formed company, which is backed by alternative investment firm H.I.G. Europe. KPMG says that the decision to sell the business was driven by the significant changes in the Insolvency and Restructuring market in the UK over recent years. …
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