Credit, Collections & Insolvency News
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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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in August: 00510285 REALISATIONS LTD (FORMERLY GISSING & LONSDALE LTD) 07836 LTD 1 STOP SCHOOL SHOP LTD 10 XL (EUROPE) LTD 100 MODE CONSULTING LTD 100ANDEIGHT LTD 119 TSG LTD 17MEDIA LTD 1CA LTD 2 CLICKS…
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In August Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 122 LR LTD 1ST MAINTENANCE LTD 3 G TRADE AND SERVICES LTD A.B.G. ELECTRICAL & MECHANICAL SERVICES LTD. ABACUS FINANCIALS LTD ABC ENGINEERING LTD ABP (LONDON) INVESTMENT LTD ABSTRACT LONDON LTD ACCIDENT & INJURY HELPLINE LTD…
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Directors of Scunthorpe headstone company have been disqualified as directors by the Insolvency Service. The husband and wife directors were disqualified after taking customers’ payments while knowing the business was insolvent. Paul Hubbard and Susan Hubbard have been disqualified as directors for eight and six years respectively, after taking deposits in excess of £30,000 from…
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A company director has been banned after each of his four companies wrongly claimed Bounce Back Loans and overstated turnover of his construction contractor companies to secure £200,000 Covid 19 financial support to which he was not entitled. Stephen Burke, has been disqualified as a director for 11 years. Burke was director of four companies…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 7.5% in July 2022 to a total of 1,827 compared to June’s total of 1,699, and increased by 66.7% compared to July 2021’s figure of 1,096. The figures 67% higher than in the same month…
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Five individuals have separately been made subject to bankruptcy restrictions totalling 48 years as the Insolvency Service continues to identify and tackle abuse of the Bounce Back Loan scheme. In each of the five separate cases, the Bounce Back Loans were either wrongfully obtained through overstating their businesses turnover, or on behalf of a company…
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The Insolvency Service has used its new powers to investigate and sanction directors who dissolved their companies to avoid repaying bounceback loans. The Service has begun using new powers, given to it last December, to crack down on company directors that dissolve their firms to avoid making repayments on government-backed loans. The crackdown has seen…
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A shortage of workers and surging inflation are pushing more restaurants into insolvency with the number jumping by more than 60% in the past year according to new data from UHY Hacker Young. The data analysis shows that 1,406 restaurants in the UK closed their doors in the 12 months to May, up 64% (856)…
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The Government has launched a call for evidence seeking stakeholders’ views and evidence on the personal insolvency framework and whether it serves the needs of debtors and creditors in the 21st century. The last fundamental review of personal insolvency was carried out 40 years ago. The government is seeking views and evidence on the overall purpose…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in June: 3D ENTERPRISES LTD 3D IT ENGINEERING LTD 3H&M LTD 6969 LTD 72 CONSULTANCY LTD A & A PRESTIGE CHAUFFEURS LTD A & MP LTD A B MEDIATION LTD A H A EVENTS. LTD. A…
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