Government support of Bulb set to cost £1.7bn

25th November 2021 Business | #utilities

Government support of energy provider Bulb, which is set to continue to operate under a Special Administration Regime (SAR), is set to cost £1.7billion. The funds will allow Bulb to continue supplying energy to customers. Bulb will be run by administrator Teneo until a buyer can be found or until its customers have moved. A…

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Bulb Energy announces administration measures

Bulb Energy, which has 1.7 million customers, has announced that the firm will be put into administration. The energy firm has confirmed it will enter the special administration regime (SAR), becoming the first energy supplier to do so. The decision to place a company into a Special Administration Regime is made by the court upon…

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Savants Restructuring enters administration

15th November 2021 Business | #insolvency

Savants Restructuring and Savants Covenant Advisory have appointed Quantuma to oversee their own administration with immediate effect. The company has ceased to trade with immediate effect, after Adrian Duncan, a sole practitioner and Director of Savant, had his insolvency licence withdrawn by the Insolvency Service. Carl Jackson and Michael Hall of business advisory firm Quantuma…

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New insolvency laws could spell trouble for suppliers

8th November 2021 Business |

Recent changes to laws around insolvency could cause major problems for suppliers according to Bishop & Sewell. The London law firm is recommending that companies proactively review their commercial relationships and, where necessary, take steps to re-negotiate contracts and reduce their exposure to creditors. George Marques, a Senior Associate Solicitor in Bishop & Sewell’s Corporate…

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Business insolvencies rose in September

18th October 2021 Business | #business insolvencies

The number of businesses in England and Wales that failed last month was the largest since the pandemic began, with Insolvency Service data showing that 1,446 company insolvencies were logged in September.  Business insolvencies increased by 7.2% in September 2021 compared to August’s figure of 1,349, and increased by 55.8% compared to September 2020’s figure…

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Furlough support scheme ends

30th September 2021 Commercial Credit Management |

The UK’s furlough support scheme, introduced in March 2020 and helped pay the wages of 11.6 million workers after Covid-19 forced large parts of the economy to close, is to end today (Thursday 30th September). HMRC figures indicated that at the end of July it was still supporting the incomes of around 1.6 million workers. The…

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New data highlights insolvency ‘early warning sign’ for companies with outstanding CCJs 

29th September 2021 Commercial Credit Management |

New data from the Registry Trust has indicated that 47% of businesses that became insolvent in May and June 2021 had an outstanding county court judgment (CCJ) against them. Whilst 78% of those who became insolvent with an outstanding CCJ had received their first CCJ within the previous 999 days. With the Insolvency Service’s latest…

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Grant Thornton fined £2.34m over Patisserie Valerie audit

28th September 2021 Business |

Audit accountancy firm Grant Thornton (GT) has been fined £2.34 million after an investigation found ‘serious lack of competence; in its audits of cake chain Patisserie Valerie. The audits carried out in 2015, 2016, and 2017 gave the company a clean bill of health – before it disclosed potential fraud in 2018 and subsequently collapsed,…

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APPG calls for independent insolvency regulator

15th September 2021 Commercial Credit Management |

MPs on the All-Party Parliamentary Group (APPG) on Fair Business Banking have voiced concern over the insolvency profession after an inquiry found evidence of alleged widespread misconduct, saying it has received ‘startling’ evidence about the sector. Kevin Hollinrake, Co-Chairman of the Parliamentary Group, said that sections of the insolvency industry were “operating in a manner…

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Insolvency Service launches five-year strategy

14th September 2021 Commercial Credit Management |

The Insolvency Service has outlined a new five-year strategy with the aim to develop its services to support businesses, consumers and deliver economic confidence The strategy sets out how the Insolvency Service will develop its services over the next 5 years to strengthen the UK’s insolvency regime and contribute to the UK being the best place in…

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Insolvency Service announces end of temporary measures

9th September 2021 Business |

The Insolvency Service has announced that temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1st October. Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was…

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Bank debt write-offs to hotels and restaurants rise by £60m

7th September 2021 Business |

Research by Mazars has revealed that banks have written off £99 million in loans to restaurants and hotels in the past year, up from £60 million a year earlier. The research indicates that Banks are increasingly writing unpaid loan repayments off as bad debts with a 65 per cent increase in write-offs of loans to…

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INSOLVENCY NOTICES: Appointment of Administrators – August 2021

3rd September 2021 Business |

In August the following administration notices have been issued and advertised in the London Gazette for the following companies: 00510285 REALISATIONS LTD (FORMERLY GISSING & LONSDALE LTD) A.M. FABRICATION (NORTHERN) LTD ABG COURIERS LTD ALL FOUNDATIONS (UK) LTD ALL-COUNTIES SUPPLIES LTD ARTHUR M.GRIFFITHS & SON LTD ASA CRUSHING & SCREENING LTD BERWICK STREET SECURITIES LLP…

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