Credit, collections & insolvency news
More than one in ten (12%) restaurants are at imminent risk of closure as their financial position has worsened over the last 12 months, according to an analysis of financial data by Price Bailey. The research analysed the credit risk scores and balance sheet information of all 50,900 British restaurants. It found that 10,388 (20%…
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Insolvencies in the hospitality sector have increased year-on-year, according to analysis by RSM UK. The insolvency statistics show accommodation and food services insolvencies were up 5% in the year to September 2024 (from 3,490 in the 12 months to September 2023, to 3,679 in the 12 months to September 2024. Insolvencies in the sector saw…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England and Wales was 1,747 in October 2024, 10% lower than in September 2024 (1,950) and 24% lower than the same month in the previous year. The business insolvencies figures consisted of 188 compulsory liquidations, 1,445 creditors’ voluntary liquidations (CVLs), 100…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies increased by 18% In October 2024, there were 116 business insolvencies registered in Scotland, 18% higher than the number in October 2023. The total number of business insolvencies comprised of 50 CVLs, 60 compulsory liquidations, five administrations and one receivership appointment. There were…
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Latest monthly statistics from the Insolvency Service have shown that personal and business insolvencies rose in October 2024. The data showed that there were 155 personal insolvencies in Northern Ireland. This was 24% higher than in October 2023. The insolvencies consisted of 99 IVAs, 23 bankruptcies and 33 DROs. Business insolvency figures showed that there were…
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Latest data from the Insolvency Service showed that the construction industry experienced the highest number of insolvencies in the 12 months to September 2024, reaching a total of 4,264. Commenting on the data, Kelly Boorman, National Head of Construction at RSM UK, said “Challenges remain for the construction industry following the collapse of several major firms…
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Research by Forvis Mazars has found that insolvencies of logistics companies’ have risen 14% in the past year, from 464 in 2022/23 to 530 in 2023/24. Many logistics businesses were set up during the pandemic to meet the sudden rise in demand for home delivery. As this surge in demand reversed, some of these companies…
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In October the following administration notices were issued and advertised in the London Gazette for the following companies: 10463817 LIMITED A. M. C. (U.K.) FASTENERS LIMITED A3D2 LIMITED ACTIVE ARENA CIC ADVANCED BACTERIAL SCIENCES LIMITED AFFINITY CLASSICS & ENGINEERING (ACE) LTD AFFINITY LEASING LIMITED ARMSTRONG TEASDALE LIMITED ARMSTRONG TEASDALE MANAGEMENT LIMITED ASHTON BESPOKE LIMITED BELA…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in October: 18 BIKES LIMITED 1ST FOCUS LIMITED 1ST STOP CLEANING LTD 2020TRADES LTD 29 HIGH STREET EAST GRINSTEAD LTD 2ASTAR DRYLINING LTD 30 AGINCOURT LTD 3RIT LTD A.D.G. CONSULTANCY LIMITED A.E. TRANSPORT LIMITED A1WEBSTATS LTD…
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In October, Winding Up Petitions (Companies) were issued and advertised in the London Gazette for the following companies: 10408929 LTD 123 EMPLOYEES LTD 13268073 LTD 2GO COURIERS LIMITED 3RD SECTOR ASSIST LIMITED 77 PROPERTY 4 LIMITED 77 PROPERTY LIMITED 85 GRACE CAFE LTD A & M PAKISTAN CATERING LTD A & R HAULAGE (UK) LIMITED…
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Insolvencies of UK fashion manufacturers have risen 23% in the past year, with 106 companies going under in the year to July 2024, up from 86 companies in the previous year, says Forvis Mazars, the international tax and advisory firm. The fashion industry has been hit hard by the cost-of-living crisis in the UK whilst…
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Business insolvency levels rose by 10.6% year-on-year in Scotland in Quarter 2 according to new statistics from Accountant in Bankruptcy to a total of 313. Iain Fraser, Chair of the Scottish Technical Committee at R3, the UK’s insolvency and restructuring trade body, and a Partner at FRP Advisory, said: “Despite the increase in corporate insolvencies, Scotland’s…
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Latest figures from the Insolvency Service have shown that there were 1,973 business insolvencies in September a decrease of 7.4% when compared to August’s total of 1,943. The business insolvencies consisted of 226 compulsory liquidations, 1,575 creditors’ voluntary liquidations (CVLs), 155 administrations and 17 company voluntary arrangements (CVAs). CVLs accounted for 80% of all company insolvencies. The…
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