Credit, Collections & Insolvency News
The Insolvency Service has published its latest figures which indicate that in August 2020 that company and personal insolvencies continued to decrease. There were four company insolvencies in Northern Ireland, down from 22 in August 2019. This consisted of two CVLs and two administrations. There were no compulsory liquidations, CVAs or administrative receiverships. Whilst there…
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The process for companies that have applied to be struck off the Companies House register has now resumed (from Thursday 10th September 2020) following changes to temporary measures announced in April 2020. Due to the coronavirus (COVID-19) outbreak, Companies House paused all strike off activity to relieve the burden on businesses and to protect creditors…
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The Covid-19 pandemic has caused an increase in finance professionals dealing with outstanding invoices from customers, according to nearly half (48%) of respondents surveyed by fintech company, Onguard. Cash flow problems were cited by nearly two-thirds (65%) as being the most common reason why customers are failing to pay on time. This represents an increase…
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The Institute of Directors is has called for an extension to emergency insolvency measures to prevent company collapses and job losses. Under normal circumstances, directors have a strict duty to cease trading if their company is facing insolvency and may face financial or legal liabilities if they seek finance instead of doing so. In June,…
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Over half (54%) of businesses who had not permanently ceased trading said they were owed outstanding invoice payments according to the latest results from the Business Impact of Coronavirus [COVID-19] Survey (Bics), published by the Office for National Statistics (ONS). One in ten businesses reported being at moderate (9%) or severe (1%) risk of insolvency,…
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In August the following administration notices have been issued and advertised in the London Gazette for the following companies: AA LIGHTING CONTRACTORS LTD ACCESS RENTAL HIRE UK LTD AERO TECHNICS DESIGN LTD ARLINGTON INFRASTRUCTURE LTD AVNI KENSINGTON HOTEL LTD B.D. (S/W) LTD BAGEL NASH LTD BAR FIBRE LTD BELEM DEVELOPMENTS LTD BISHOP & SONS’ DEPOSITORIES…
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In August, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ABBOTTS WILLS & PROBATE SERVICES LTD ALE CONSTRUCTION LTD ALPHAMED REPORTING LTD ARLWM LTD ASTON DARBY GROUP LTD BDC AGGREGATES LTD BELMAR CARE HOMES LTD BIRCHCLAY LTD CAVERN WALKS CAPITAL LTD CIRCLE AUTOMATION LTD COMMERCIAL BRAKE…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in August. 24/7 SUPER MARKET LTD 3RD ELEMENT LTD 4 BODYMIND LTD 4UK LTD 5SPICES (LEEDS) LTD A & A (MELTON MOWBRAY) LTD A.BARLEY PLANT LTD A.M. STRAFFORD AND SONS LTD AB DRAINAGE LTD ACTION PETZ…
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Insolvencies in the UK are forecast to jump by 27% this year, slightly higher than the global average rise of 26%, reveals a new economic research report by top trade credit insurer Atradius. The latest Atradius Insolvency Report analyses the economic impact of the Covid-19 pandemic and the knock-on effect on insolvencies. Every major economy, except…
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The full economic and business impact of the Covid-19 crisis is yet to be felt, with the preservation of cashflow and investment in new technologies to predict risk being issues that will shape the agenda of business leaders over the coming months, according to Euler Hermes Chairman Wilfred Verstraete. In a letter to the company’s…
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Brazil’s economy is forecast to contract by more than 6% this year with business insolvencies up by 20%, reveals leading trade credit insurer Atradius in its updated country reports. The new County Report details how the current economic decline has put an end to the modest economic rebound Brazil has experienced since 2017 following its…
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One in 10 businesses have admitted they are at risk of insolvency due to the pandemic. The figure is revealed in the latest business impact of coronavirus survey from the Office for National Statistics (ONS) which shows 10 per cent said their enterprise is at ‘moderate risk of insolvency’ and one per cent put the…
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Barclaycard Payments’ quarterly SME Barometer has indicated that small and medium businesses (SMEs) have exceeded their revenue predictions for Quarter 2 (Q2). At the start of April, SMEs predicted a 28 per cent decline for the quarter, but now that Q2 is in the books, the research reveals the average reported loss of 14 per…
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