Credit, Collections & Insolvency News
Research from the Federation of Small Businesses (FSB) has revealed that late customer payments are costing the UK economy £2.5billion a year, and are leading to 50,000 SME closures annually. Aamar Aslam, CEO of alternative lending firm Funding Invoice has commented on the news, urging the government to appoint the long-awaited Small Business Commissioner, promised…
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Duff & Phelps has announced that Phil Dakin is joining the firm’s Restructuring Advisory practice as a Managing Director in its London office. Dakin brings more than 15 years’ experience in the corporate restructuring and insolvency sector, having advised companies on procedures including independent business reviews, operational and financial restructuring, and formal insolvency appointments. Dakin…
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Jim Tucker and Richard Beard of KPMG LLP were appointed joint administrators of American Apparel (UK) Ltd and American Apparel (Carnaby) Ltd The companies run the UK retail and wholesale operations of the US branded high street fashion retailer American Apparel. The UK business trades from 13 stores. American Apparel’s brand and US business is…
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The number of business closures have risen since the Brexit vote, according to Quarter 3 insolvency statistics released by the HMRC. Business insolvencies are up by 2.2% and voluntary liquidations are up by 5.5%,. Simon Underwood, partner and business recovery specialist at Menzies said “Currency fluctuations and the challenging UK financial market have left many…
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Petitions have been issued and advertised in the London Gazette on the following: 09247972 LIMITED 2012 ADVOCATES LIMITED 21ST CENTURY CONSTRUCTION LIMITED A & D ROBINSON INVESTMENTS LIMITED A & S GLAZING SERVICES LIMITED A.C.E.E.I LTD A.M. CONTRACTORS CONSTRUCTION SERVICES LIMITED AARON ENGINEERING LIMITED AB SOUTH CONSTRUCTION LTD ABBEYLANDS TRANSPORT LIMITED ABBFAB ENGINEERING LIMITED ACCOUNTING…
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Research by Opus Restructuring has revealed that administration business rescue procedures are ineffective in over two thirds of cases. Using data and analytics supplied by Company Watch, Opus reviewed the outcomes of 4,581 Administration cases in England & Wales which started in the past five years. Almost 2,000 of the Administrations remain in progress. Out of the…
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The Insolvency has published the latest Insolvency statistics between July & September. The key finding from the statistics was that total company insolvencies were slightly higher than the previous quarter and also increased on the year. The trend for the past year has been broadly flat. Andrew Tate, president of insolvency and restructuring trade body…
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https://www.theguardian.com/business/2016/oct/25/britains-high-streets-under-strain-as-15-shops-close-every-day
Read moreNearly a third of Scotland’s professional services firms are considered to be at higher than normal risk of insolvency, according to research by insolvency and restructuring trade body R3. The research shows that 30.7% of businesses in the sector are considered to be at higher than normal risk of entering insolvency in the next year,…
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KSA Group, has appointed Stephen Jones as Regional Manager. Jones qualified in 1986 and has extensive experience in SME and owner-run businesses, including the turnaround of loss-making companies. Managing Director of KSA Group, Keith Steven, said “Stephen joining ‘plugs a gap’. We now have very experienced regional managers in every main business area delivering innovative turnaround…
Read moreThe Insolvency Practitioners Association (IPA) has appointed Lloyd Hinton as its next Deputy Vice-President Hinton has been a member since 2001 and an IPA licence holder since 2007, is a fellow of the Association, Chairman of the Examinations & Training Committee, member of the IPA Council and has been progressively active in the Association’s activities…
Read moreSidley Austin LLP has announced that Jifree Cader is joining the firm as a partner in its Corporate Restructuring and Bankruptcy practice. Cader, brings a wealth of experience in advising clients on all facets of European insolvency and restructuring. James Conlan Chairman of Sidley Austin said “Jifree has considerable experience in restructuring work, particularly on…
Read moreSixty two per cent of a cross section of the UK’s insolvency industry believes that Brexit will lead to an increase in the number of business failures over the next 12 months, according to a survey conducted by international law firm Pinsent Masons. Over 400 insolvency practitioners attended th Restructuring and Insolvency conference, hosted by Pinsent…
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