Credit, Collections & Insolvency News
In October, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ALL ENGLAND GAS SERVICES LTD ALPHA CONTRACTORS LTD ANDERSON MECHANICAL SERVICES LTD ANIMAL HEALTH TRUST ASERGIS TELECOM LTD BARROCHAN LT BB5 LTD BHB PARTNERSHIP LTD BIG SKY PRINT LTD. BLACK ISLE BUILDING SERVICES LTD BLOCKSOURCE LTD…
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The Insolvency Services has published the latest business insolvency figures for Q3 2020 which indicate a 39% fall in number to 2,672, down 9% on Q2 2020, and down 39% on Q3 2019. The fall in corporate insolvencies was driven by a decrease in Creditors’ Voluntary Liquidations (CVLs), though Administrations slightly increased (by 2%) and Company…
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The Insolvency Service has published its latest figures which indicate that in Q3 2020 Scottish company insolvencies decreased by 44%. The Accountant in Bankruptcy, Scotland’s Insolvency Service, administers company insolvency in Scotland showed that In Q3 2020, there were 139 total insolvencies in Scotland, a fall of 44% on the same quarter of 2019. This…
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The Insolvency Service has published its latest figures for Northern Ireland which indicate that in Q3 2020 there were 410 insolvencies, down 43% from the same quarter of 2019. This comprised 325 IVAs, 66 DROs and 19 bankruptcies. Company insolvency figures in the region showed that there were 24 company insolvencies in Northern Ireland in…
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County Court Judgments (CCJs) against businesses in England and Wales fell 58 percent in Q3 2020, compared to the same quarter in 2019, according to new figures by Registry Trust. The number of CCJs against businesses decreased from 37,589 in Q3 2019 to 15,970 in Q3 2020. The total value of CCJ debt owed by…
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The number of decrees against Scottish businesses fell, by 35 percent, from 805 to 525 in Q3 2020 according to Registry Trust’s latest figures. The total value fell by 43 percent from over £3.6 million to just over £2 million. Both the average and median values dropped by 13 percent. The average value fell from…
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The number of debt judgments registered against Northern Ireland businesses in the third quarter (Q3) of 2020 saw a very large fall according to the latest Registry Trust figures. The number of judgments registered in Q3 2020 was just 73, compared to 461 in Q2 last year, a fall of 84 percent. The total value…
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The number and total value of judgments registered against Irish businesses saw a huge fall in the third quarter (Q3) of 2020 compared to the same quarter last year, new figures released by registrar Irish Judgments show. Judgments against Irish businesses fell from 192 to 78, a decrease of 59 percent. The total value registered…
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The latest Red Flag Alert research for Q3 2020 has recorded that 557,000 businesses are now in ‘significant distress’ after the largest quarterly leap in financially distressed companies since 2017. This 6% increase (from 527,000 in Q2 2020) in the last three months comes despite a backlog of court action preventing many CCJs and winding…
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The Office for National Statistics (ONS) latest results of its Business Impact of Coronavirus Survey have found that that two-thirds of businesses currently trading have a ‘low to severe risk’ of insolvency. The ONS analysis shows that 64% of businesses are at risk of insolvency, with 43% running on less than six months’ cash reserves.…
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A change to business rates, and targeted support to industries most in need, will help limit the economic damage caused by the pandemic according to chartered accountancy body ICAEW. The results of a survey to ICAEW members, found that a third of businesses would need government support over the next six months – and some…
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Forecasts published by PwC have indicated that the hotel industry could take four years to return to 2019 levels of business. Occupancy rates are expected to average 45% next year, up from between a third and two-fifths in 2020 which is an unprecedentedly bleak outlook. Hotel trading performance is set to decline significantly in 2021…
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Fundamental risks to business continuity as a result of the pandemic mean that an estimated 193 airports face insolvency in the coming months if passenger traffic does not start to recover by the year end according to new research by ACI Europe. These airports between them facilitate 277 thousand jobs and €12.4 billion of European…
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