Credit, Collections & Insolvency News
The repercussions of the Covid-19 pandemic on the global economy could have an impact on Business to Business (B2B) payment behaviour worldwide, and knowledge of country-specific practices and legislation regarding debt collections is necessary to increase recoveries and minimise write-offs. according to Atradius. The latest economic research by the company forecasts a 26% increase in…
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Around one in seven UK companies say they were at risk of collapse, according to a new report from the Office for National Statistics (ONS). The study saw 14% of UK companies say they have “low or no confidence” that they will survive the next three months. While 40% had moderate confidence that their business…
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ICAEW’s Business Confidence Monitor (BCM) for Q4, has found that the proportion of companies struggling from a lack of demand had increased from more than a third in Q4 2019 to half this quarter. Late payments were a rising concern for a third of businesses, indicating financial distress in the market as customers were either…
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The Government is being urged to delay new Insolvency rules to protect distressed SMEs as Small business owners face failure and also face increased risk of losing their home. according to Purbeck Insurance Services. This December, HMRC is set to become a preferred creditor in a business insolvency, putting thousands of owners and directors of…
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One million UK freelancers have been pushed into debt since the pandemic hit, according to a report released by IPSE (the Association of Independent Professionals and the Self-Employed) and digital bank, Starling. The research, undertaken to assess the impact that COVID-19 has had on the UK’s self-employed, found that one in four (23%) freelancers have…
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Independent law firm, Actons has welcomed a senior insolvency lawyer back to the firm. Victoria Dunstall has re-joined the firm as a Directo, following a year as a senior law lecturer at Nottingham Trent University. Dunstall initially joined the firm in 2012 and specialises in all aspects of corporate and personal insolvency, both contentious and…
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Latest figures from the Insolvency Services have shown that corporate insolvencies decreased to 856 in October 2020 compared to September’s figure of 925, and remained well below October 2019’s figure of 1,485. The overall number of company insolvencies decreased by 42% in October 2020, when compared to the same month last year. This was primarily…
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The Insolvency Service has published its latest figures which indicate that in October 2020 Scottish company insolvencies decreased by 47%. The figures show that. In October 2020 there were 44 company insolvencies in Scotland, a reduction of 47% in comparison to October 2019. The insolvency figures comprised of 11 compulsory liquidations, 27 CVLs, five administrations…
Read moreNorthern Irish personal insolvencies fell by over a half (51%) according to the latest Insolvency Service figures which indicate that in October 2020 there were 114 individual insolvencies in Northern Ireland, down 51% from October 2019. The figures consisted of 77 IVAs, 18 DROs and 19 bankruptcies. Meanwhile, company insolvency numbers showed that there were…
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Accountancy firm RSM has called on the Chancellor to urgently consider a twelve-month delay to the introduction of HMRC’s preferential creditor status. This change, due to come into effect on 1st December 2020, will have the dual effect of limiting funding and restructuring options for businesses, which RSM believes will undermine the current rescue culture…
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Business advisory firm Quantuma has appointed Fred Satow as Director at its London office as it continues its expansion across key regions. A chartered accountant and licensed insolvency practitioner, Satow has gained over 30 years of experience in the restructuring and insolvency arenas, at a range of Big 4, top 20 and boutique firms. Most…
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Research by PwC and the Local Data Company has indicated that up to 5,552 retail outlets that closed in March have not managed to reopen over the summer, leaving over one in eight shops in limbo. A total of 36,209 of the 43,766 shops across Britain reopened after the lockdown, whereas more than 2,000 closed…
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In October the following administration notices have been issued and advertised in the London Gazette for the following companies: AEQUITAS INVESTMENTS LTD ANDREW’S HOMES (ABERDEEN) LTD APEX ENGINEERING SOLUTIONS LTD APPAREL GROUP LTD ARL 011 LTD ARL O09 LTD ARMONDI UK LTD BAYLEAF CLEANING LTD BE THE HOUSE LTD BERKELEY ASSET FINANCE LTD BIOMECANN PLC…
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