Credit, Collections & Insolvency News
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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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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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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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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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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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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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in August: 10 FLORA LDN LTD 100 CLIFTON PLC 100 WASP LDN LTD 110 HERO HELIPAD LDN LTD 189 SCHOOLHOUSE LDN LTD 1ST ELECTRICAL & FIRE LTD 3HREE 65 SERVICES LTD 8FX LTD A & C…
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In August, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: APPLIANCE GROUP LTD ASSOCIATED STONE GROUP LTD BARDA QUCH LTD BDC AGGREGATES LTD BELIZE LTD BENCHMARK DEMOLITION LTD BILLION LENNY EVENTS LTD BLACK DIAMOND BARS LTD BLUE GERANIUM FLORIST LTD D&B KW DEVELOPMENTS LTD EMC ENGINEERING…
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The Financial Reporting Council (FRC) has issued a formal complaint against KPMG, a former partner and some current and former employees over alleged misconduct. The formal complaint alleges Misconduct against KPMG and several individuals regarding the provision of allegedly false and misleading information and/or documents to the FRC by KPMG in connection with the FRC’s…
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A Peterborough-based mechanics and motor parts supplier has been banned for a total of 25 years after the pair provided false documents to secure £176,000 worth of loans. Adam Hughes received a 13-year disqualification order in the High Court before Judge Barber on 20th July 2021. His business partner, Andrew Wood had signed a 12-year…
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New figures from BDO show almost 32% of mid-sized businesses think they will need to substantially alter their business model to remain viable amid the new post-Brexit arrangements between London and Brussels. The survey of 500 firms showed 36% are prioritising adapting their company to align with the new trading arrangements. This compares with one…
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Latest monthly figures from the Insolvency Service have indicated that business insolvency numbers across England & Wales fell by 9.3% to 1,094 in July 2021 compared to June’s figure of 1,206, and increased by 13.4% compared to July 2020’s figure of 741. Of the 1,094 registered company insolvencies in July 2021 there were 1,007 CVLs,…
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The Government has revealed new insolvency legislation that will protect businesses that accrued debt and arrears as a result of the Coronavirus crisis. Under the new rules, new provisions will be introduced that will ringfence rent debt caused by ‘enforced closures’ and set out a process of binding arbitration to be undertaken between landlords and…
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