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January sees 96 companies declared insolvent

96 companies were declared insolvent in January, but figures show that this is a 13% drop on January 2010.

With statistics from reporting that more than three companies a day went out of business last month, it does look as though the economy is not quite out of the woods yet. (more…)

Category : Corporate Insolvency — Tags: , , , — admin @ 11:17 am February 2, 2011

Financial health of large companies deteriorates

A report from Experian has noted that food retailers and large companies in general have seen their financial credit ratings fall considerably from August last year. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , , — admin @ 3:36 pm September 29, 2010

UK insolvency down as economy stabilises

The UK economy is starting to stabilise. According to reports by Experian, company insolvencies decreased by more than 13 per cent during June 2010, compared with data from the same period last year. This trend shows that the UK is coming out of the recession.

The data states that 1,771 UK businesses declared themselves insolvent last month, compared with 2,044 in June of 2009. (more…)

Nice work if you can get it

Lehman Brothers administrators, PwC, have dropped their average hourly rate for partners and staff from £329 to £309 over the past six months.

Despite this ‘general downward’ trend in PwC fees, they will be racking up a bill for £154m for their first year of work on winding up the failed bank. This is record territory for professional accounting and legal fees. The bill equates to 0.6 per cent of managed, realised and returned assets. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , — admin @ 1:51 pm December 9, 2009

Sales to Connected Parties – HMRC Power to Require Security for VAT

Under paragraph 4(2)(a) of Schedule 11 to the VAT Act 1994, HM Revenue & Customs (HMRC) may require businesses bought in a pre-pack administration to pay up to six months of VAT before starting up again. It is a criminal offence to trade without providing the security. Without its provision, businesses may incur fines of up to £ 5,000 for each taxable supply made. Security may be provided in the form of cash or bank guarantee. (more…)

Franchise owners challenge First Quench administration

First Quench, who own the Threshers franchise chain, went into administration two weeks ago. KPMG have been administering the sale of the franchises.

But the Threshers franchise owners disagree with the sale and have formed their own action group to fight it. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , — admin @ 4:06 pm November 27, 2009