Credit, collections & insolvency news
Latest Statistics from the Insolvency Service show that the number of registered business insolvencies in England and Wales in December was 33% higher than the number registered two years ago, just before the pandemic. The data shows that there were 1,486 registered company insolvencies in December, with this 20% higher than a year earlier. The…
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The number of business insolvencies (liquidations and receiverships) in Scotland increased by 63% according to latest Accountant in Bankruptcy (AiB) figures. In December 2021 there were 93 company insolvencies registered in Scotland, 63% higher than December 2020 and 4% higher than in December 2019. This was comprised of 17 compulsory liquidations, 73 CVLs and three…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies decreased in December in the latest monthly figures. In December 2021 there were 81 individual insolvencies in Northern Ireland, 48% lower than in December 2020, and 42% lower than December 2019. This consisted of 63 IVAs, 11 DROs and seven…
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Brexit combined with the coronavirus pandemic has created a double-edged sword for businesses with its full-scale impact yet to be realised with Economists from Atradius predicting that insolvencies will rise by 33%. As the UK marks its first anniversary of the Brexit withdrawal, Atradius reports that the true ramifications of Brexit have been overshadowed by…
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In December the following administration notices have been issued and advertised in the London Gazette for the following companies: 19 RM LTD 316 ENGINEERING LTD. ACCUMULATE COMMERCIAL LTD ACICS LTD AIGENPULSE LTD ALPHA HOMES (LEICESTER) LTD AMTECH DEVELOPMENTS (UK) LTD ARTISAN INVESTMENT GROUP LTD BANANA KICK LTD BATES OF LONDON LTD BDL TOOL & DIE…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in December: 07696043 LTD 10 COMPUTERS LTD 110 CHESTERGATE HAIR LTD 112 (SPEKE) LTD 2020 DESIGN & BUILD LTD 2105 CATERING LTD 23LSI LTD 30 PERCY STREET LTD 365 HOSPITALITY CATERING LTD 3RD DIMENSION HOUSING LTD…
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In December Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 09192621 LTD 111 WOODBRIDGE LTD 4 LESS GROUP UK LTD 4U FASHIONS LTD A1 PLASTICS (WXM) LTD ABACI LTD ABP RAD ESCO LTD ACCUEIL NEW HOMES LTD ADCOMAT STORAGE LTD AHR HALAL POULTRY (UK) LTD AKDENIZ…
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Global CEO advisory firm, Teneo has announced the acquisition of KPMG’s Cayman and British Virgin Islands (BVI) restructuring business. KPMG’s Cayman and BVI restructuring business, comprising over 25 professionals, will add specialist expertise in local and international restructuring, insolvency, e-Discovery and forensic technology services to Teneo’s global Financial Advisory offering. The team joining Teneo represents…
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Credit risk in the automotive industry is set to deteriorate with an increase in payment delays and insolvencies according to new research by trade credit insurer Atradius. The report reveals several challenges facing the industry which stem from supply issues, decreased consumer demand and rising costs. Combined, these have led to the insurance company rating…
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Financial distress is now affecting a total of 34 football clubs in England and Wales, double the number before football grounds around the UK were closed in March 2020 according to latest research by Begbies Traynor. The latest Football Distress Survey has highlighted a continuing credit crisis among English clubs outside of the Premier League…
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The Government has set out new proposals to reform and simplify regulation of the insolvency sector. The new consultation is inviting views on creating a single regulator for Insolvency Practitioners and extending regulation to firms that offer insolvency services. Key changes set out in the consultation include: establishing a single independent regulator to sit within…
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The Insolvency Service can now investigate and disqualify directors who dissolve their own companies in order to avoid paying liabilities. If misconduct is found, directors can face sanctions, 15-year-long bans or, in the most serious of cases, prosecution. Rogue directors who dissolve their companies and avoid paying liabilities to staff, creditors and the taxpayer can now…
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Latest figures from the Insolvency Service has shown that the number of businesses in England and Wales that business insolvencies rose by 18.7% in November 2021 to a total of 1,674 compared to October 2021’s total of 1,410, and increased by 87.9% compared to November 2020’s figure of 891. For the first time since the start…
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