Credit, Collections & Insolvency News
61% of consumers are worried that the high street as we know it is at risk of disappearing, with store closures permanently changing the retail landscape, according to research by KIS Finance. The company says that with the news of the collapse of the Arcadia Group, Debenhams and Bonmarche hitting the headlines, the future of…
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The Government has announced that it intends to reinstate the temporary suspension of the use of statutory demands and winding-up petitions, extending the measures until 31st March 2021. On 25th November the government announced it intends to reinstate the temporary removal of the threat of personal liability for wrongful trading from directors until 30th April…
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A new paper jointly authored by risk consultancy business Wiserfunding and invoice insurance business Nimbla has claimsed that ‘unsustainable debt’ is accelerating the growth of a credit bubble. The company’s warn that the Government’s current economic strategy will exacerbate the problem, and call for alternative measures to aid the UK’s recovery. While SMEs’…
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In November the following administration notices have been issued and advertised in the London Gazette for the following companies: A SKIPS & WASTE LTD A.C.K. MATERIALS HANDLING LTD A2B PLASTICS LTD AIRPORT PARKING RENTALS (GATWICK) LTD AIRPUSH INC AJS PROPERTIES 2018 LTD APB INVESTMENTS (EAST YORKSHIRE) LTD APS-SELECT LTD AUTOMOTIVE BEARINGS LTD BALL. ROLLER &…
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In November, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ARLEX ONLINE LTD ASHDAN GLASS STRUCTURES LTD BALMORAL FUNERAL DIRECTORS LTD BC SYSTEM ENGRAVING LTD BEMUS CONSTRUCTION SERVICES LTD BLACK ROOSTER PERI PERI CATHCART LTD BLACK ROOSTER PERI PERI GOVAN LTD BLACK ROOSTER PERI PERI LTD…
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Business advisory and restructuring house, ReSolve is expanding its business with the appointment of Myles Jacobson as Partner. Jacobson will help to further develop ReSolve’s business advisory and restructuring services. A licensed insolvency practitioner, Jacobson has over twenty-five years’ experience of restructuring and business recovery, advising businesses across a wide range of sectors including automotive,…
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Law firm JMW Solicitors has warned of a flood of insolvencies in Spring 2021 which risks paralysing the Courts. The firm’s analysis shows that corporate insolvencies adown circa 42% year-on-year in October 2020; whils Creditor Voluntary Liquidations, are down 36%, there is a decrease of 76% for Compulsory Liquidations and a decrease of 35% for…
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Department store chain Debenhams is to be wound down after Christmas, with the loss of up to 12,000 jobs and closure of 124 stores. The first branch closures are expected in the new year, with all expected to close down by the end of March. Debenhams has been trying to find a buyer but its…
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Law firm Shoosmiths has made an appointment to its corporate restructuring team in Leeds. Lizzy Wood has joined from DLA Piper as Restructuring Partner and will work with Partner Lemi McAuley to help Shoosmiths grow its national restructuring team, as well as establishing its profile in Leeds and beyond. Wood brings experience in big-ticket distressed…
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Sir Philip Green’s Arcadio retail group is on the brink of collapse with around 15,000 jobs at risk. The Arcadia Group, which runs the Topshop, Dorothy Perkins and Burton brands, is expected to appoint Deloitte as administrators within days. The group has more than 500 retail stores across the UK with the majority of these…
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Nucleus Commercial Finance has revealed that a quarter (23%) of SMEs in the UK had little or no savings before the pandemic hit earlier this year, including 42% of sole traders, according to new research. The research showed that many UK SMEs are deeply concerned about the lasting effects of COVID-19 on their business, with…
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The Institute of Directors (ioD) has welcomed the reinstatement of a key insolvency protection for company directors, the suspension of liability for so-called ‘wrongful trading’, through a statutory instrument laid before parliament. In June, the Government introduced emergency coronavirus legislation to facilitate a time-limited suspension of director liability for ‘wrongful trading’ applying from 1 March…
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Late payments have escalated since the onset of the coronavirus pandemic, according to the latest UK Payment Practices Barometer by trade credit insurer Atradius.. The new report reveals that nearly half the value of Business to Business (B2B) bills are being paid late, while half of the businesses surveyed have been hit by revenue loss…
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