A new report published today by the British Retail Consortium (BRC) highlights the need for government to take immediate action to reduce the burden placed on retailers by business rates. According to the report, this would help to “unlock the industry’s potential to support the economic recovery from the pandemic, ensuring that retail remains a…
Latest figures from the Insolvency Service have indicated that business insolvencies increased by 22.9% to 1,348 in August 2021 compared to July’s figure of 1,097, and increased by 71.1% compared to August 2020’s figure of 788. In August 2021 there were 1,256 Creditors’ Voluntary Liquidations (CVLs), which is the highest level seen in the series…
As many as 15% of the UK’s SMEs are rated ‘fragile’ and risk insolvency during the next four years as Covid-19 state support schemes are withdrawn, according to research by Euler Hermes. State support softened the blow of the Covid-19 shock in 2020, reducing the number of fragile SMEs by more than 8,000 in Germany,…
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…
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…
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…
Business advisory firm Quantuma has announced it is growing its international footprint further as it opens an office in Dubai. Led by Managing dDrector Yaser Dajani, the office is the firm’s fourth international location – including Cyprus, the Cayman Islands and Mauritius – and 23rd office site globally, with 18 established across the UK since…
Over 8,700 chain stores disappeared from retail locations in the first six months of 2021. In total, 3,488 shops opened, compared to 8,739 closures, creating a net decline of 5,251, according to PwC research compiled by the Local Data Company (LDC). Tthere was some reprieve for both retailers and leisure operators, with the number of…
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…
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…