Archive | Insolvency

Corporate insolvencies fall 7.5 per cent

The level of corporate insolvencies in the second quarter of 2015 has fallen 7.5 per cent year on year, as many practitioners continue to see fewer formal appointments. The Insolvency Service’s latest statistics show that a total of 3,908 companies entered into formal insolvency between April and June 2015, which was 2.9 per cent less […]

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HMRC halves its DCA spend

HMRC has halved its spend on debt collection agencies (DCAs) during the past year, with £6.8m spent on them in 2014 compared to £14.8m in 2013, according to new research. The study by chartered accountants UHY Hacker Young tracks HMRC’s usage of DCAs, since it started outsourcing tax collection to external agencies in 2009. The accountancy firm said […]

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Blockbuster to enter administration again

DVD and game rental chain Blockbuster is to enter administration for the second time this year, according to owner Gordon Brothers. TS Operations Ltd, a subsidiary of TS 1973 Investment Holdings Limited which trades as Blockbuster in the UK and is owned by a subsidiary of global private equity and investment company Gordon Brothers Europe, today […]

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HMRC adopts distraint tactics

The number of petitions issued by HM Revenue & Customs (HMRC) to wind up companies and place them in liquidation has decreased 42% over the last year to reach its lowest figure in five years. According to new figures from legal services firm Pinsent Masons, HMRC issued 3,733 petitions for winding up companies in 2012/13, compared to […]

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Scottish insolvencies on the rise

The number of people and companies going bust in Scotland has gone up, according to official figures. The Accountant in Bankruptcy (AiB) has revealed that nearly 4,000 people were declared insolvent between April and June this year. More than 180 companies entered liquidation or receivership during the period. Although an increase on the previous quarters […]

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Vince Cable: Make directors liable for failure

Business Secretary Vince Cable has proposed making fraudulent or negligent directors of UK companies personally liable for the firm’s debts as part of an overhaul of company rules. He also said that directors deemed to be reckless should be disqualified from being able to work at another firm. Mr Cable also wants to allow individual […]

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Ticket scam artist banned for 13 years

The director of five companies that sold non-existent tickets for music festivals has been banned for 13 years following an investigation by The Insolvency Service. John Lupton was disqualified for ripping off the public and claimed that the companies involved were run by his girlfriend using the identity of a deceased woman. Paul Titherington, official […]

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