UK business failures expected to rise by 32 per cent October 11, 2021 Researchers are predicting a wave of business insolvencies will hit the UK before the end of 2022 as the government rolls back Covid support. During the pandemic many businesses have been kept afloat by emergency government funding which spared an estimated 18,900 companies from insolvency in 2020. Euler Hermes expects 37,000 businesses to fail before [...]
Thousands of business face insolvency as ban on liquidating firms ends today October 1, 2021 As the Government is phasing out its restrictions on winding-up petitions, lenders and creditors can legally seek to liquidate a company that they believe is unable to pay their debts from today. According to Rebecca Dacre, partner at City-based tax and audit firm Mazars: “With the restrictions on winding-up petitions coming to an end within [...]
Why Spain’s LaLiga believes Uefa and other leagues should follow its lead October 1, 2021 Spain has a long and rich tradition of shaping how football is played. It has given us the great Real Madrid sides of the 1950s; Pep Guardiola and his all-conquering Barcelona; the national team who swept all major men’s international tournaments from 2008 to 2012; tiki-taka. Britain may be the birthplace of the game but [...]
Exclusive: End of furlough could be the ‘final ingredient in a catalyst for disaster’ September 30, 2021 The end of furlough payments could be the final ingredient in a catalyst for disaster for businesses, according to restructuring and insolvency lawyers City A.M. spoke to this morning. With the winding up of the job retention scheme today, they warned that the 1,348 registered company insolvencies in August could rocket in the months ahead. [...]
Thousands of UK businesses at risk of insolvency from this week, City auditor warns September 29, 2021 Thousands of UK businesses that have struggled during the pandemic are at risk of collapse as the government ends its temporary insolvency measures this Friday, a top audit lawyer has warned. From Friday, the Government is phasing out its restrictions on winding-up petitions, meaning lenders and creditors can once again legally seek to liquidate a company [...]
Small energy suppliers Green and Avro cease trading after pleading for support September 22, 2021 Green and Avro have announced they are leaving the energy market and will cease trading. The announcement from Green came just one day after it was reported the firm had lined up insolvency advisers. The supplier said it was “exiting the market due to the government failing to provide any support to smaller energy suppliers,” [...]
Small supplier Green eyes insolvency advisors as energy crisis bites September 21, 2021 Small energy supplier Green could be the next firm to go under amid rising costs as it is reportedly lining up insolvency advisors. It comes as the government decided against stepping in to help buoy struggling firms that are failing to keep up with surging prices for electricity and gas. Green’s collapse, which could happen [...]
High street bosses call on government to close ‘vindictive’ rent debt loophole September 9, 2021 Retail and hospitality bosses have criticised the government for not banning a loophole used by landlords to chase commercial tenants for unpaid rent. Industry representatives said new measures left a vindictive loophole in protections for commercial tenants. The groups welcomed news that protection from statutory demands leading to winding up petitions will be extended to [...]
Ikea set to take on Topshop flagship store on Oxford Street September 9, 2021 Ikea has reportedly agreed a deal to take on Topshop’s flagship store on Oxford Street for around £385m. The furniture conglomerate has also bought the 73,000 sq ft NikeTown and a 4,700 sq ft Vans shop, adjacent to the Topshop store, according to real estate publication React News. Ikea is thought to be planning a [...]
Exclusive: Haulage firm insolvencies highest since January 2019 as Brexit and driver shortages bite September 8, 2021 June 2021 saw 31 haulage firm insolvencies, the highest in a single month since January 2019 as Brexit and driver shortages bite, according to data from Tower Bridge-based audit firm Mazars that was shared exclusively with City A.M. this afternoon. The fall in shipments between the UK and EU and between Great Britain and Northern Ireland since Brexit has [...]