Credit, Collections & Insolvency News
The UK’s economic recovery faltered in September due to the Eat Out to Help Out scheme ending and the renewal of lockdown restrictions. Business profits remained unchanged from a month earlier, down 21 per cent, while businesses on average reported that profits were down 42 per cent on what they would normally expect for the…
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The Government has announced new plans for laws that will require mandatory independent scrutiny of pre-pack administration sales where connected parties, such as the insolvent company’s existing directors or shareholders, are involved in the purchase. The new laws will improve confidence and transparency in pre-pack administration sales, giving the general public and creditors reassurance that…
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Britain’s biggest hospitality groups have warned that more than 500,000 job losses will emerge across the sector within weeks unless government support materialises. The Events Industry Alliance (EIA), comprising ESSA, the AEV and the AEO has, last night, delivered an open letter to the Prime Minister, Boris Johnson, and the Chancellor of the Exchequer, Rishi…
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EY announces seven senior promotion in Turnaround and Restructuring teams (TRS). The seven new EY TRS team partners collective experience includes; creditor and debtor advisory, distressed corporate advisory, debt restructuring, solvent restructuring, pensions strategy and insolvency. Henry Beech, who specialises in advising creditors in challenging restructurings has been promoted to equity Partner along with fellow…
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The Government is risking a substantial increase in company collapses by not extending a key insolvency measure, the Institute of Directors (IOD)has warned. In its Winter Economy Plan last week, the Government failed to renew the suspension of ‘wrongful trading’ rules for company directors. Under normal circumstances, directors have a strict duty to cease trading…
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Insolvency Practitioners (IPs) could potentially face huge fines for non-deletion and management of data belonging to the insolvent companies they act for according to IT asset disposal DSA Connect. The company says that unless the data has been permanently removed from the technology hardware the IP’s could well be legally exposed under GDPR. The company…
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Business rescue and recovery services specialist, Leonard Curtis Business Solutions Group has announced that Sean Ward has joined the company as Manager. Ward has in excess of 12 years’ experience in the restructuring industry, three years of which have been spent working offshore in both the British Virgin Islands and the Channel Islands. Ward is…
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The Government has announced a new extension to breathing space measures which will be used to protect businesses from insolvency during the coronavirus (COVID-19) pandemic. A raft of changes to protect businesses from insolvency were introduced in the Corporate Insolvency and Governance Act and were due to expire on 30th September 2020. The new temporary…
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Trade body UKHospitality has said 900,000 jobs would be at risk if the sector was forced to close again without financial support. The trade body has called on the Government to offer a sector-specific package of employment support that helps businesses retain valuable workers. Giving evidence to the House of Lords Economic Affairs Committee, Chief…
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UK firms have racked up around £70 billion worth of unsustainable debt, according to a new report from The City UK, with more than £20 billion of that coming from government-backed coronavirus loan schemes. TheCityUK’s Recapitalisation Group (RCG), supported by EY, has published updated projections for levels of unsustainable debt faced by SMEs. The report…
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The Ministry of Housing, Communities & Local Government (MHCLG) has announced that it has extended support to prevent business evictions until the end of 2020. The new measures mean that businesses will be protected from the threat of eviction until the end of year, providing commercial tenants with greater security and protecting vital jobs, The…
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The Insolvency Service has published its latest business insolvency statistics for England & Wales which have revealed that the overall numbers of business insolvencies numbers continue to fall. Corporate insolvencies fell to 778 in August 2020 compared to the previous month’s figure of 961 and are significantly lower than they were in August 2019 (1,369).…
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The Insolvency Service has published its latest figures which indicate that in August 2020 Scottish company insolvencies decreased by 43%. There were 44 company insolvencies in Scotland, a reduction of 43% in comparison to August 2019. This comprised of 19 compulsory liquidations, 21 CVLs, three administrations and one CVA. There were no receivership appointments. Historically…
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