Credit, Collections & Insolvency News
The latest figures from the Insolvency Service have shown that personal and business insolvencies decreased in Northern Ireland in May 2020 There were 5 company insolvencies in Northern Ireland down from 40 in May 2019, this consisted of 2 CVLs, 2 CVAs and one administration. There were no compulsory liquidations or administrative receiverships. Meanwhile, there…
Read more
A record number of housebuilders are continuing to go bust, according to data obtained by Price Bailey, 368 developers filed for insolvency last year compared with 207 in 2016, with the increase said to be threatening the supply of new homes. Price Bailey obtained data from the Insolvency Service under the Freedom of Information Act,…
Read more
A report by TheCityUK has predicted that the Government’s three lending schemes will see borrowing boom from the current £27 billion to £123 billion by Q2 next year. The task force has proposed several ways the debt burden could be reduced, including exchanging troubled debt at larger businesses for preference shares, or swapping small businesses…
Read more
In May the following administration notices have been issued and advertised in the London Gazette for the following companies: ADELIE FOODS BIDCO LTD ADELIE FOODS GROUP LTD ADELIE FOODS LTD ADELIE HOLDCO UK LTD AHS COMMERCIAL LTD ALDO UK LTD ANTLER (HOLDINGS) LTD ANTLER LTD ARLINGTON AUTOMOTIVE HOLDINGS LTD ARLINGTON AUTOMOTIVE NE LTD ARLINGTON ENGINEERED…
Read more
Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in May 2AM DESIGN LTD 624 SEACROFT AND MAYWEATHER PRODUCTS LTD A-Z STATIONERS LTD AAC AIR CONDITIONING LTD AB TRAFALGAR SQUARE LTD ACTIVE ORTHOTICS LTD AEGIS ENVIRONMENTAL SOLUTIONS LTD AFFORDABLE HOME FURNISHINGS LTD AIR RISK INTERNATIONAL…
Read moreIn May, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ACCESSIBLE SCAFFOLDING LTD AGB DEVELOPMENTS DARTFORD LTD ALLIANCE PREMIER LTD ARAB FASHION COUNCIL ARMTHORPE SKIPS LTD BLUE ROCK GROUP LTD BRISCOE OFF LICENCE LTD CASTLE PARK PROPERTY LTD CHINA TOWN LEISURE LTD CITY EXPRESS TRANSPORT LTD…
Read more
Losses at the UK’ top 100 restaurant groups increased 94% to £151 million last year, growing from a loss of £78 million the year before new research at UHY Hacker Young indicates. The top 100 restaurant groups have seen losses worsen in recent years and this trend is expected to continue as restaurants grapple with…
Read more
A survey of Scottish businesses has revealed the full impact of the coronavirus lockdown – with confidence so badly damaged that six in ten (61%) fear they will go bust, despite government support. More than 400 companies, working across 17 broad sectors, took part in the survey. Results saw 93% stating they had been adversely…
Read more
Changes to the insolvency law will give businesses flexibility according to Duff & Phelps which also says that the new measures will provide options for businesses in difficulty as Britain exits lockdown. Introduced on 20 May 2020, the Corporate Insolvency and Governance Bill the company says that the legislation is a welcome development that will…
Read more
British retail sales plummeted by a record amount in April as many stores closed amid the coronavirus outbreak. The latest Office for National Statistics (ONS) showed that the number of goods sold fell by 18.1% last month. Clothing sales also halved as many High Street shops were shut under the lockdown measures introduced by the…
Read more
Travel agencies and tour operators are the worst hit of all major industries by the coronavirus crisis, with turnover of the sector in the UK falling 56% from £2.6 billion in March 2019 to just £1.2 billion in March 2020. Research by UHY Hacker Young has shown that the lockdown has already hit the prime…
Read more
Duff & Phelps has announced that Rob Armstrong has joined the firm as a Managing Director (MD) in its Global Restructuring Advisory practice in London. Armstrong has over 15 years of insolvency experience assisting clients with allegations of fraud, misfeasance and other financial misconduct or improper behavior. He specialises in contentious insolvency litigation, providing solutions…
Read more
The Government has introduced the Corporate Governance and Insolvency Bill in Parliament, which will put in place a series of measures to amend insolvency and company law to support business and to address the challenges resulting from the impact of coronavirus (COVID-19). The Bill consists of 6 insolvency measures and 2 corporate governance measures. The…
Read more