Credit, Collections & Insolvency News
Business insolvencies have jumped 70%, from 11,261 to 19,191 in the last year according to analysis by international audit, tax and advisory firm Mazars. The company says the highest interest rates in 13 years have made businesses’ debts more expensive to service and has led to an even greater number of indebted businesses falling into…
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The number of housebuilders going bust surged to a record quarterly high in Q1 2022 (117), jeopardising the much-needed supply of new homes, according to data obtained by Price Bailey. According to data obtained from the Insolvency Service under the Freedom of Information Act, a record 360 housebuilders went bust in 2021/22 (year ending 31st…
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KMPG has announced that Brian Horn, Chris Coley and Paul Richards have joined the firm and will be working within its Special Situations and Turnaround team based in London. Their primary focus will be on helping to preserve and restore value to organisations that may be facing a period of financial uncertainty. The team’s expansion…
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In June the following administration notices have been issued and advertised in the London Gazette for the following companies: 08804168 LTD 1-9 KINGS ROAD LLP 4D PHARMA PLC AAT EVENTS LTD ACB DEVELOPMENT LTD ADMIRALTY ARCH (UK) LTD AIM ALTITUDE LTD AIM ALTITUDE UK LTD APPLEBY CASTLE (OUTBUILDINGS) LTD AUTORESTORE LTD BFS REALISATIONS LTD BLUE…
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In June Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: &BUILD LTD 112786 LTD 123 AP LTD 2030 LTD 3804242 LTD 90 KENSINGTON PARK ROAD MANAGEMENT COMPANY LTD A & C CIVILS LTD A WORD IN YOUR SHELL-LIKE LTD AB & M TRANSPORT LTD ABBEY MORGAN…
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Business recovery group Begbies Traynor has warned that the number of zombie companies is set to reach a record high. Zombie firms are usually defined as low-growth or heavily-indebted firms barely able to cover interest payments on company debt. Companies are also grappling with soaring energy bills, diminishing consumer confidence and supply chain shocks caused…
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Business advisory firm, Quantuma, has announced that it has partnered with the UK’s first corporate credit ratings advisory service, Lightbulb Credit, to expand the range of support it can offer to the professional advisory community and their clients across the UK. Lightbulb is the UK’s only advisor offering businesses the opportunity to review, better understand,…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 79.2% compared to May 2021’s figure of 1,014 but dereased by 8.9% in May 2022 to a total of 1,817 compared to April’s total of 1,995. Of the 1,817 registered company insolvencies in May 2022…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in May by 82% In May 2022 there were 93 company insolvencies registered in Scotland, 82% higher than May 2021 and 19% higher than in May 2019. This was comprised of 19 compulsory liquidations, 68 CVLs, and…
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A poll by PayPal UK saw two-thirds of SME bosses who have been running their business since before the pandemic say the last two years have been the most challenging for their business. Almost half (47%) fear that the next 12 months could prove even more difficult, with 12% saying there is a strong possibility…
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In May Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST ADVANCED SCAFFOLDING SYSTEMS LTD 9 WINDMILL STREET LTD A & R PLUMBING AND HEATING LTD A A RECLAIM LTD A CUT ABOVE CONSTRUCTION LTD A.C.E. (SOUTH WEST) LTD ABU DESIGN & BUILD LTD ACES AUTO…
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In May the following administration notices have been issued and advertised in the London Gazette for the following companies: A.C. CANOE PRODUCTS (CHESTER) LTD A1 SUPA SKIPS LTD ALL OUTDOOR LTD ALMA DE CUBA HOTEL LTD AMBIENT FOODS LTD ANDRON HANDLING LTD ASHCROFT DEMOLITION (CUMBRIA) LTD BARLOWS SERVICES LTD BAYSCAPE RESIDENTIAL (NUMBER 2) LTD BENTLEY…
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The Government has announced that it will revamp the UK’s corporate reporting and audit regime through a new regulator, with the aim of providing greater accountability for big business and addressing the dominance of the main audit firms. The Business Secretary announced the plans to provide a new effective corporate reporting and audits to ensure…
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