Credit, Collections & Insolvency News
Debt owed to UK businesses across eleven core business sectors was £580m higher in the last three months than in Q4, 2017 according to latest figures from a Creditsafe. After falling to a 12-month low in Q4 2017 with £157.9m being filed, bad debt (debt owed to businesses) filed in the first quarter of 2018 reached…
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The Government has called for evidence as part of a consultation to review airline insolvency procedures in the wake of the collapse of Monarch. The Airline Insolvency Review “will look to ensure airlines can wind down with the minimum impact on passengers and the taxpayer”, according to the Department for Transport. Peter Bucks, Chair of…
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Just 11% of the £416 billion in the total stock of loans to businesses are now being provided on a fixed rate – dropping by a third from 18% two years ago – leaving businesses with huge exposure to rising interest rates, says Hadrian’s Wall Capital, the London-based specialist debt adviser. The drop came as…
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The Insolvency Practitioners Association (IPA), the membership body and regulator for those specialising in insolvency practice, has appointed Lloyd Hinton as its new President for the coming year. Hinton takes office with immediate effect and serves as the Association’s figurehead and Chair of its board of directors for the next twelve months. Hinton is a Licensed…
Read moreA new study of over 1600 larger UK retailers with total assets of £5 million or over by Company Watch, the financial analytics firm, found over a quarter were financially vulnerable to rises in interest rate costs this year. Company Watch reviewed the latest published full-year financial accounts of 1625 UK retailers. It found that 392 (24.1%) companies…
Read moreScotland has the lowest proportion of firms at greater than average risk of insolvency of anywhere in the UK, although the percentage of Scottish companies at elevated risk has risen sharply over the last six months, according to research from insolvency and restructuring trade body R3. In the April figures, Scotland has the lowest overall…
Read moreHarrington Brooks has announced on its website that it has that its Debt Management Plan (DMP) portfolio has been transferred to Gregory Pennington from HB Financial Solutions Limited (Harrington Brooks). In addition, IVA portfolios have been transferred to Freeman Jones Limited which were managed by One Advice Limited, trading as Harrington Brooks IVA. As part…
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Sixteen shops are closing on the high street every day. The rate has doubled in a year, with the retailers blaming a perfect storm of rising prices, online competition and a slump in consumer confidence according to research by PwC. New figures compiled by PWC and Local Data Company, a retail analytics company, have shown…
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Insolvency accountancy firm Thomas Westcott has appointed Jon Mitchell as a new Partner. Mitchell was recruited in 2015 as a director to launch and head our business recovery and insolvency service. Thomas Westcott’s chairman, Richard Thomas, said “Jon has performed superbly since he joined us, launching and growing our business recovery and insolvency service and…
Read moreWinding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 09247906 LTD 10294997 LTD 123 RENTALS LTD 360 LOCATIONS LTD 4 PROPERTIES LTD A. GULEC CONTRACTORS LTD A.P.L.E. (OXFORD) LTD A&O CONSULTANCY LTD ABBA NORTH EAST LTD ACA A LTD ACCESSORY TRADING LTD ACCIDENT LAWYERS LTD ACCRUED EQUITIES…
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Administration notices have been issued and advertised in the London Gazette for the following companies: A TEAM DISTRIBUTION LTD AAA LINEN SUPPLIES LTD AB ABRASIVES LTD ABRASIVE BLADES LTD ACORN FIT OUT LTD AGE CONCERN NEWCASTLE UPON TYNE ALMAREN HOMES (ANGLIAN) LLP ALMAREN HOMES (CAMBRIDGE) LTD ALMAREN HOMES LTD ALMAREN LTD ALPHA BUILDING SERVICES (SOUTH) LTD…
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Half of businesses have faced issues with late payments in the last year, a new survey of 787 company directors reveals. The poll by the Institute of Directors shows that 3 in 10 business leaders see ‘excessively bureaucratic payments system’ as the main reason for late payment and just over a fifth said it was…
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Corporate recovery and business advisory firm Quantuma has announced that it has acquired south coast insolvency practice.Ashtons Business Recovery. The teams will continue to operate through its Ringwood and Weymouth offices, with all of its existing team of seven, as part of Quantuma. David Meany was one of the founder partners of the original practice…
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