Credit, Collections & Insolvency News
In October Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1012 LTD 360 SPORTS TV LTD A & R CARRIAGES LTD A&K MACHINERY LTD AB KHAN LTD ABLE SURFACING LTD ABODE D&B LTD ABSOLUTE LIVING DEVELOPMENTS (ORCHID POINT) LTD ADNANRAFIQ LTD. AEROTEK DESIGN LTD AIR ON…
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Latest quarterly figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales, fell by 0.9% compared to Quarter 2s (Q2) figures of 5,645 and a 40.3% increase compared to Q3 2021 (3,987). Q3 2022’s figures were also 27.9% higher than Q3 2019’s figure of 4,375. The number of…
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New research from Allianz has found that the rebound in global business insolvencies is already a reality with insolvencies set to rise 10% in 2022 and they predict to rise a further 19% in 2023. Allianz says that 2023 will see a catch up with pre-pandemic levels by the end of next year. High energy…
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Brendan Gaughan, from Glasgow has been disqualified as a director for 12 years, after using his companies to take out Bounce Back Loans totalling £135,000 that the companies were not eligible for after an investigation by the Insolvency Service. Gaughan was director of three separate property management companies, Gaughan Group Ltd, Gaughan Property Ltd, and…
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Analysis by Mazars has found that energy providers have forced 20 businesses to close over unpaid energy bills in the last four months. This marks a 186% increase on the same period last year. If an energy firm is owed money by a commercial customer, they can use a “winding up petition” to close the…
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The UK’s Supreme Court has dismissed a claim calling for the law to be changed to force company directors to start taking creditors into account at the first risk of insolvency. The ruling clarifies the current legal position under which directors’ duties to creditors are triggered only when a company is either insolvent or on…
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In September the following administration notices have been issued and advertised in the London Gazette for the following companies: 21K FOOTWEAR LTD 4 EARTH INTELLIGENCE LTD ADMIN ALL RETAIL LTD ARENA TOURS LTD ARJOWIGGINS CHARTHAM MILL LTD ARJOWIGGINS TRANSLUCENT PAPERS LTD ARRIVAL SERVICES LTD AURORA PROJECTS (UK) LTD AVONSIDE GROUP SERVICES LTD AVONSIDE ROOFING LTD…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in September: (UK) CITY APARTMENTS LTD 1 RAPID CLINICS LTD 24 TRANSPORT SERVICES LTD 4DETELINA LTD 4PMO LTD A & A RESTAURANTS MIDDLESTOWN LTD A GJOKA LTD A.S.A. TRADING (UK) LTD ABC ENGINEERING LTD ABSOLUTE RESIN…
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In September Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1 RAPID CLINICS LTD 161 PROPERTIES LTD 4PUBLIC SECTOR LTD A & S WHEELS LTD A W CLEAVER HAULAGE LTD A.B.V SOUTHEAST LTD ACCENTIA FRANCHISE CONSULTANTS LTD ACCURATUS GREEN LTD. ACTIMUS LTD ACTION FIRST MARKETING LTD…
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A company director has been given 200 hours community service on top of 20 months suspended sentence for breaches of Company Directors Disqualification Act 1986 and Insolvency Act. Daniel Ross Patchett from Kingsthorpe in Lincolnshire, pleaded guilty at Lincoln Crown Court of acting in the management of a company whilst an undischarged bankrupt. Bankrupts must…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in August. The figures showed that there were 105 company insolvencies registered in Scotland, 18% higher than the number in August 2021 and 33% higher than in August 2019. The insolvencies comprised of 37 compulsory liquidations…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies decreased in August. The figures showed that there were 125 personal insolvencies, 16% lower than in August 2021, but 39% lower than August 2019. The personal insolvencies consisted of 111 IVAs, 10 DROs and four bankruptcies. Business insolvencies consisted of…
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The Insolvency Service has announced that the up-front petition deposit fee paid by those initiating creditor bankruptcy and compulsory liquidation proceedings is rising from 1st November 2022. The Insolvency Service is introducing changes to the deposits paid to initiate creditor bankruptcies and compulsory liquidations. The petition deposit, the amount that needs to be paid up-front…
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