Credit, Collections & Insolvency News
Latest figures from Accountant in Bankruptcy (AiB) has indicated that business insolvency numbers (liquidations and receiverships) in Scotland nearly tripled in February. In February 2022 there were 73 business insolvencies registered in Scotland, 181% (2.8 times) higher than February 2021 but 15% lower than in February 2020. The business insolvencies comprised of 10 compulsory liquidations,…
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Latest statistics from the Insolvency Service have indicated that Northern Irish business and personal insolvency figures increased the latest quarterly figures. In February 2022 there were 18 business insolvencies registered in Northern Ireland, this was over three times as many as in February 2021, but 33% lower than February 2020. The insolvencies comprised of 10…
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Restaurant insolvencies increases by a fifth to reach highest levels since pandemic began according to new research by UHY Hacker Young. The data shows that restaurant insolvencies rose to 354 in the last quarter of 2021, up from 296 in the previous three-month period. UHY Hacker Young says that restaurants will also have to contend…
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In February the following administration notices have been issued and advertised in the London Gazette for the following companies: 1 CHIL (F1) LTD 146 TR LTD 152A LR LTD 152S LR LTD 154A LR LTD 154B LR LTD 154S LR LTD 16 CTR LTD 17 CTR LTD 20 – 24 LR (CH) LTD 20-24 LR…
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In February Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 15:17 LTD 4PROPERTYUK LTD ACE RETAIL LTD AERPART HOLDINGS LTD AFC GLOBAL LTD AKT ASSET HOLDING LTD ALEXANDRA ASSOCIATES (U.K.) LTD AMTC LTD ANCHOR PROPERTY DEVELOPMENTS LTD ARABELLA BESPOKE INTERIORS LTD ARTIC COOL LTD ASHER HOLDINGS…
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January 2022 saw yet another rise in the number of corporate insolvencies, as UK companies continue to face a number of challenges on the back of the Covid-19 pandemic. According to recently published Government data, 1,560 company insolvencies were registered in January 2022, more than double the number in January 2021 (758). This figure is…
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The amount paid by the Government to workers because their employers went bust was cut in half last year, according to new analysis by of real estate advisory firm Altus Group. The Insolvency Service paid out £228.28 million last year to people who lost their jobs as a result of administrations, liquidations or other insolvencies.…
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Businesses choosing to voluntarily close has reached a new high as the long-term impact of coronavirus restrictions and concerns over imminent tax hikes hits business owners. Research by Price Bailey shows that a record 14,526 businesses in Britain voluntarily appointed liquidators last year, with this marking a 7% increase on the previous record set in…
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Ofgem has confirmed that two small energy retailers have become the latest suppliers to exit the market. Whoop Energy and Xcel Power have announced they are ceasing to trade. Whoop Energy supplies 262 unique customer accounts, gas and electricity, 50 domestic and 212 non-domestic. Xcel Power has 274 unique customer accounts, gas only, and all…
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Latest figures from Accountant in Bankruptcy (AiB) has indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in January. In January 2022 there were 51 company insolvencies registered in Scotland, 122% (2.2 times) higher than January 2021 and 30% lower than in January 2020. The insolvencies comprised of 14 compulsory liquidations, 34 CVLs…
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Latest figures from the Insolvency Service have indicated that the number of business insolvencies in England and Wales doubled year-on-year last month, with 1,560 company insolvencies in January. The business insolvency numbers were up from 758 in January 2021 and exceeded the pre-pandemic total of 1,508 recorded in January 2020. Business insolvencies increased by 4.8%…
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The food and beverages output is forecast to grow by more than 3% in 2022, but the outlook for food producers and processors is less positive according to a recent report from trade credit insurer Atradius. The report outlines how the UK food and beverages market rebounded after a 5.3% contraction in 2020. Last year…
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The Financial Services Compensation Scheme (FSCS) has named 12 firms to be in default and out of business, including one credit union and one mortgage adviser firm. All Flintshire Credit Union and mortgage advisor firm, Midland Independent Financial service (formerly The Mortgage Shop) are listed amongst the 12 firms the FSCS believes are unable to…
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