Credit, Collections & Insolvency News
Championship football club Wigan Athletic have entered administration. Wigan becomes the first club in professional English football to enter administration following the coronavirus pandemic. This comes just four weeks after Hong Kong-based consortium Next Leader Fund took over the Championship club, promising to secure its future. Paul Stanley, Gerald Krasner and Dean Watson from Begbies…
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The Covid-19 pandemic crisis is forcing British businesses to accept unfavourable payment terms, according to a white paper published by credit management group Intrum. The survey found that 80 per cent of the UK’s businesses have accepted longer payment terms than they are comfortable with as they do not want to damage client relationships. This…
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Shopping centre owner, Intu Group has entered administration. The company has announced that it has appointed James Tucker, Michael Pink and David Pike of KPMG LLP as joint administrators. Underlying group operating companies remain unaffected and all shopping centres are continuing to trade. The intu Group’s relationships with its tenants are with these operating companies,…
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The Federation of Small Business (FSB) is calling on policymakers and big corporations to bring a debilitating late payment crisis to an end as the business community looks to emerge from the current recession. The research indicates that the majority of small businesses (62%) have been subject to late or frozen payments in the wake…
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A number of key organisations from across the insolvency and restructuring framework have welcomed the passing of the Corporate Insolvency and Governance Act into law, following its Royal Assent on 26th June. The Act is the largest change to the UK’s corporate insolvency regime in more than 20 years. It introduces new corporate restructuring tools…
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UK businesses are returning to work this month with some trepidation, according to fintech business lender MarketFinance. The company’s latest research indicates that nine in ten businesses are waiting to be paid an average of £148,917 for work done pre-lockdown. With reportedly half of the companies that applied for CBILS loans being declined and cash…
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The government has announced that it will extend measures to prevent high street businesses facing eviction over summer. The extension, until the end of September, comes alongside further support to help local businesses plan for economic recovery following the coronavirus pandemic. A new code of practice has been developed with leaders from the retail, hospitality and property…
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Accountancy firm RSM has announced the appointment of Tyrone Courtman as a Partner in its Restructuring team. With more than 30 years’ experience, Courtman specialises in business rescue and performance improvement, turnaround without recourse to formal insolvency procedures, business refinance, debt advisory and accelerated mergers and acquisitions. His sector experience spans manufacturing, real estate and…
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More SMEs are changing their credit terms with their suppliers due to Covid-19, finds the latest results from the ACCA UK and The Corporate Finance Network (The CFN) SME Health Tracker. The survey of accountants, representing nearly 19,000 SME clients, also shows that the current business environment of opening up is slowly easing the intense…
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New research by Coface has predicted that the number of insolvencies is expected to rise across Europe in the second half of 2020, and in 2021. Germany, the least affected country, is still on track for a 12% increase in insolvencies between end-2019 and end-2021. France (21%) and Spain (22%) will be more affected by…
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Businesses are facing significant difficulties in the face of the coronavirus pandemic and are pessimistic about their growth once the crisis passes, according to a survey commissioned by UK Finance and undertaken by BVA BDRC. The research finds that the COVID-19 crisis has negatively impacted 69 per cent of businesses, with three out of five…
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The Insolvency Service has published its latest insolvency statistics which have shown a decrease in May, compared to a year ago, in England & Wales. There were 994 company insolvencies in May 2020, comprising of 790 creditors’ voluntary liquidations (CVLs) 32 compulsory liquidations, 110 administrations and 12 company voluntary arrangements (CVAs). There were no receiverships.…
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The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers company insolvencies in Scotland has published its statistics for May 2020 which indicated that there were 35 company insolvencies in Scotland. The figures showed a 55% reduction of 55% when compared to May 2019. This comprised of 16 CVLs, 10 compulsory liquidations, six administrations and three…
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