Credit, Collections & Insolvency News
Four in ten (37%) small businesses that made successful finance applications last quarter used the sums raised to manage cashflow rather than invest in their firms, according to new figures from Federation of Small Businesses (FSB’s) full Q4 2019 SBI latest report. Fewer than one in four (23%) used finance to update equipment, while even…
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Eleven firms – including several big names within the military, aerospace and defence sectors – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. BAE Systems (Operations) Limited, Leonardo MW Limited, and Smiths Detection are among those who have failed…
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The number of companies falling into administration across England and Wales increased by just under 5% over 2019, highlighting the number of high street failures according to new analysis from KPMG. A study of notices in the London Gazette shows that a total of 1,403 companies went into administration during 2019, compared to 1,341 in…
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In January, the following administration notices have been issued and advertised in the London Gazette for the following companies: A.R.G. (MANSFIELD) LTD AMG DEVELOPMENTS LTD ATLAS CITY GLOBAL LTD BEALE LTD BOTLEIGH GRANGE LTD BREEZE ENERGY SUPPLY LTD BROCKET HALL (UK) LTD BUTTIMER ENGINEERING UK LTD C.E.M.PRESS LTD C45 LOGISTICS LTD CARTERS HAULAGE LTD CCL35…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in January: 2 X 2 LTD 32 DEGREES TANNING LTD 389LOG LTD 6 MUSTARD LTD 607 ENGINEERING LTD 786 EXPRESS LTD A & S WINDOWS LTD ABALAN LTD ABBEY GARDEN MACHINERY LTD ABBOTTS BUILDING CONTRACTORS LTD…
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In January, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 4500 MILES FROM DELHI LTD 4D ELECTRICAL SERVICES LTD AA STAR CLEANING LTD ABACUS ESTATES (LONDON) LTD ABBEY INNS LTD ABSOLUTE ROOFING CONTRACTORS LTD ABUELO COVENT GARDEN LTD ADMIN HELPERS LTD ADVANCED HAIR DESIGN LTD AEMCA…
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Duff & Phelps has appointed Chris Coley as Managing Director, further strengthening its Global Restructuring Advisory practice. Coley, who will be based in London, joins Duff & Phelps after nine years at FTI Consulting within the firm’s Corporate Finance and Restructuring practice, in both London and Singapore. He had previously trained within the corporate restructuring…
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Business Insolvencies can be expected to continue to rise in the UK, up 7% or higher in 2020 following Brexit’s confirmation (on Friday 31st January) according to predictions by Atradius. Atradius says, we can expect to see a rise in business failures throughout most of Europe, albeit at a more moderate rate. Insolvencies in the…
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The number of companies that entered insolvency in Northern Ireland during the run-up to Christmas is significantly up on last year. There were 114 company insolvencies in the final three months of 2019. It represents a 56.2 per cent rise in company insolvencies compared with the same quarter in 2018. Some 79 were cases of…
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Regulator, the Institute of Chartered Accountants in England and Wales (ICAEW) has issued a £925,000 fine to the administrators involved in the collapse of electrical goods retailer Comet. ICAEW has fined Deloitte £925,000, plus costs, for failings in its procedures relating to the administration of the company in 2012. ICAEW found that Deloitte’s client take-on…
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There was a 20 percent rise in the number of judgments recorded against consumers in the Republic of Ireland in Q4 2019, compared to the same period last year, figures released by registrar Irish Judgments show. Consumer judgment numbers rose from 516 in Q4 2018 to 618 Q4 2019, while the total value grew by…
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Judgments taken out against consumers in Northern Ireland rose 16 percent in Q4 2019 compared to the same period in 2018, according to figures released today (27th January 2020) by Registry Trust. 1,732 judgments were taken out against consumers compared to 1,494 in Q4 2018. The average value rose by 7 percent pushing up the…
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The Insolvency Service has released its annual figures on business insolvencies which show that excluding one-off ‘bulk insolvency events’, seasonally adjusted corporate insolvencies in 2019 rose 6.8% from 2018. Excluding these one-off events, there were 17,196 business insolvencies in 2019 – the highest since 2013 Underlying Creditor Voluntary Liquidations were at their highest annual level…
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