Credit, Collections & Insolvency News
The latest Corporate Insolvency statistics from The Insolvency Service have been released. The report shows that the total number of company insolvencies was higher in 2016 than the previous year, primarily caused by 1,796 connected personal service companies entering liquidation on the same date following changes to claimable expenses rules. The underlying number of company insolvencies…
Read moreThe number of Scottish businesses becoming insolvent or entering receivership fell from 218 in the second quarter of 2016-17 to 209 in the current quarter. The latest figures are from Accountant in Bankruptcy (AIB) which reports on the number of corporate insolvencies and member voluntary liquidations logged. As a consequence of the time taken between…
Read moreLeonard Curtis Business Solutions Group (LCBSG) has opened its first Scottish office in Glasgow. The Group’s new Glasgow office is headed up by Stuart Robb who joined LCBSG from a Big Four practice in Scotland where he gained a wealth of experience of the Scottish insolvency market. Stuart has already been joined by a number…
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Azher Quyoom has joined Andrew Jackson as Restructuring and Turnaround Partner. Quyoom joins Bond Dickinson. Mark Pearson-Kendall, managing partner of Andrew Jackson,: “We’ve had an exciting start to the year, with some big developments over the last two months that add real strength and depth to our restructuring and insolvency offering. The valuable expertise Azher…
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Over 760 businesses ceased trading in December 2016 with 1093 small businesses scheduled to cease trading in January according to research, carried out on behalf of London insolvency practitioners Hudson Weir. The research reveals that 14.5 per cent of these companies were operating in the retail and food and drink sectors. This means at least another 110…
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New analysis from KPMG reveals that 2016 saw the reversal of a six year downward trend in levels of insolvency for British businesses, following an uptick in companies entering into administration in the second half of the year. The numbers, taken from notices in the London Gazette, show that 1,174 companies, or groups of companies,…
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A report coming out later this month will show that nearly four in 10 travel companies are now in ‘significant’ financial distress. Data analysed by insolvency firm Begbies Traynor found 2,679 businesses in the travel sector – thought to be made up of around 7,000 companies – were experiencing significant distress in the last thee…
Read moreAccording to a new report commissioned by Amicus Commercial Finance, well over half (61%) of invoices issued by UK small and medium sized enterprises (SMEs) remain unpaid within the debtor day period. Of these, almost three-quarters (70%) of firms say they rely on getting paid during their debtor day period to avoid facing a shortage…
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Winding up Petitions have been issued and advertised in the London Gazette for the following companies: A-CLASS GENERAL BUILDERS LTD ABBEYGATE ROOFING LTD ACE AIR CONDITIONING EXPRESS LTD ADMIRAL LAND & ESTATES LTD AEGIS ENVIRONMENTAL SOLUTIONS LTD ALPHA 1 SECURITY SERVICES (G.B) LTD ALPHABET CITY TRADING LTD BRITISH RAILWAYS NORTHAMPTON (L.M.R.) SPORTS AND SOCIAL CLUB BROMSHIRE…
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Administration notices have been issued and advertised in the London Gazette for the following companies: A & R ELECTRICAL AND SOLAR SUPPLIES LTD A-BELCO PROPERTY LTD ACQUISITION 3953278 LTD ACQUISITION 3957865 LTD ADAMS ADVERTISING & DESIGN LTD ALPHACARE NW LTD APPIANGATE LTD B D MANTELS LTD BARKER BROOKS MEDIA LTD BB UK OPERATIONS LTD BLUCHIE LTD…
Read moreAn overwhelming majority of insolvency and restructuring experts believe the UK’s decision to leave the EU will lead to a rise in corporate insolvencies in the next year, and that the referendum result has already hurt businesses’ finances, according to a survey of its membership by insolvency and restructuring trade body R3. 72% of those…
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More than 5000 restaurant companies are at risk of insolvency as a result of the Brexit vote and business cost increases. A total of 5,570 restaurant companies have at least a 30% chance of going insolvent within the next three years according to Moore Stephens. Higher costs and stagnating incomes have put a strain on businesses, and…
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Scottish laws on insolvency have been brought together for the first time in a generation as the new Bankruptcy (Scotland) Act 2016 comes into force. The Act captures all of the amendments made to the primary legislation governing bankruptcy in Scotland, the Bankruptcy (Scotland) Act 1985, including the wide-ranging reforms introduced in April 2015 through…
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