Welcome to our June Newsletter
First there was Covid and the lockdowns, then the ill thought out Brexit Trade Deal, a war in Ukraine and now inflation. And I haven't even mentioned business rates. 2022 does seem to be the year that we would prefer to forget - although we said that about 2020 and 2021!
With inflation running at close to double figures these are headaches we could all do without. And I haven't mentioned the huge rise in energy costs and the tax hikes - whether Rishi Sunak's cash handouts to all and sundry stem the rises we will have to wait and see.
ICSM has had its ear to the ground predicting which businesses are likely to struggle, who may be paying their suppliers late and who may be about to go bust. One major bad debt can set a business back years at best or send it to the wall at worst so it is vital to get credit intelligence from ICSM to stay one step ahead.
Don't write off debts
If customers begin to pay late then ICSM's FREE legal letters are available for members to use online to chase up late payers and chase down long overdue invoices which have around an 80% success rate. (See how easy it is with this video: https://youtu.be/AIycysoFhYo.)
We even have a micro debt service which nets those smaller unpaid invoices which you may have given up on. Even if an invoice for, say for instance of £95, has not been paid for months or even years this service has settled many overdue accounts - indeed ICSM has brought in thousands of pounds of lost invoices for our members.
We have an excellent record in debt collection with a diplomatic but effective service led by Paul Carrotte who has successfully brought in tens of thousands of pounds for members last year - if you have a problem debt contact Paul on 0844 854 1850.
NEW! Struck off notice
And a new service we have introduced this year is an early warning if one of your customers receives a Companies House “Notification of intent to strike them off the records.” Don't forget a business can be struck off even if it is still trading due to not filing accounts and failing to reply to warnings, and will simply not exist officially. It's seen as an early sign of trouble ahead and you will be the last to know. If this is of interest – email Ian.carrotte@icsmcredit.com or call him on 0844 854 1850 to see if this could be a benefit and save you money when customers go bust.
In this issue we have stories that illustrate the times we live in from the effects of the Ukraine war on business to what you can do to prevent problems due to the economy.
As always we have a list of the Runners and Riders - firms who have gone bust recently - broken into different industry sectors to make it easier to read.
These are difficult times but those who are of an age will have been through a lot worse in the past - and come out the other side.
Kind regards
Ian Carrotte
Proprietor of ICSM Credit
PS: Please note as part of our systems maintenance and upgrade to the new API, we will be carrying out a ‘Spring clean’ on old archived saved reports. All old reports saved prior to December 2019 will be deleted as they are obviously out of date. If anyone has a specific requirement to keep their 'Old Reports' in an archive, please let us know so that we can discuss.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com
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NEWS
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Suppliers apply for a compulsory liquidation order in court for troubled online fashion store that is teetering on the brink of collapse
Suppliers have turned up at the headquarters of online fashion company Missguided demanding to be paid but things look bleak for them as the company teeters on the brink of collapse.
Some will go bust if Missguided goes down which is on the cards as it struggles to pay debts built up in the last couple of years. On Tuesday they demanded payment using the age old technique of turning up in reception and refusing to leave until paid. Managers at Missguided called the police and sent the staff home early as the chaotic scene played out.
Their next move has been to apply for compulsory liquidation with a petition lodged against the firm in the high court in Manchester although the hearing may not happen for weeks. Sadly, it appears to be too late with some suppliers admitting they will themselves go to the wall if they are not paid immediately.
If that wasn’t bad enough the company may well be trading while insolvent already and according to the i-newspaper the company is still taking orders and sending orders to suppliers.
The i said in a report online: “Supply chain disruption, overspending and inflation have combined to leave the company on the brink of collapse, with the boost in online sales during the pandemic failing to translate to profits because of rising costs.
“In December, the company made redundancies and tried to stay afloat by selling a 50 per cent share of the business to private equity firm Alteri, which focuses on underperforming businesses. Soon afterwards, clothing suppliers were told they would have to cut their prices by 30 per cent, even on orders they had already delivered, according to multiple sources.”
With a partnership with the TV reality show Love Island it was thought the company would be highly profitable but the rag trade is notoriously competitive with very slim margins. Ian Carrotte of ICSM said members of the credit intelligence group had sounded alarm bells weeks ago as rumours of non payment of invoices by Missguided began to circulate.
“I understand one supplier is owed two million pounds,” he said, “and I’ve heard of another selling personal jewellery so as to be able to pay staff. The moment a customer fails to pay on time then credit to them should stop. I know that is difficult with a large order so we always advise breaking orders into chunks so invoices are going out as a large amount of work is taking place. That way the whole order isn’t lost if the client goes into administration.”
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Concerns mount as print group YM collapses
The last month has seen one of Britain’s largest printing empires collapse into administration amongst recriminations, bitterness and the loss of millions of pounds, writes Harry Mottram.
One of the last parts of the YM Group that escaped the initial collapse has its future now in question after the landlord of Leeds-based Lettershop took possession of the factory site.
Writing for the trade website Print Week, journalist Jo Francis reported: “On 1 May an enforcement notice was posted on the factory stating that Learmonth Property Investment Co had entered the Whitehall Park site in accordance with its powers under clause 5.1 of the lease.
“Printweek understands that over the weekend Paragon Group – widely viewed as the most likely future owner of Lettershop – has been working urgently with FRP Advisory and the landlord to come up with a solution to the situation. It's not known how much work in progress is effectively trapped in the factory.”
The reporter added: “Vehicular access to the site was also blocked off.” And: “A source close to the situation said they believed Lettershop was months behind with the rent.”
The trade publication has followed the demise of the YM Group with interest due to its size and the shadow of an even larger collapse of a similar company a few years ago when Polestar went under. The reverberations of that calamity also echo with YM as the company took over the loss making Chantry from Polestar in 2016 without (according to Print Week) gaining assurances from the existing customers of an ongoing commitment to work.
ICSM have noted the downfall of the YM Group through its vast network of member companies engaged in the printing industry and its allied sectors as well as their clients who became increasingly concerned over print deadlines not being met.
Jo Francis in a piece on the collapse raised some of the questions of what went wrong. She noted the board of directors had two accountants in the shape of CEO Stephen Goodman and CFO Lee Richardson who would have been able to spot trouble in advance. Somehow, they didn’t spot until the last minute there wasn’t enough cash to pay the 500 plus workers their wages this spring which heralded the final shut down. There was also the calamity of buying Chantry along with its press when there was not enough business to keep it running and finally the Daily Mail contract that was won only because they pitched an uneconomical price.
Now administrators FRP Advisory are in charge and will make a report to reveal the reasons, which ICSM believes will show a string of poor management decisions. A spokesperson for ICSM said this was a classic case of ego getting in the way of basic business sense which has resulted in suppliers and workers left unpaid.
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ICSM NEWS: Young fundraisers could lose all their cash as sustainable development charity Raleigh International goes bust owing suppliers, staff and teenagers tens of thousands of pounds
Young fundraisers could lose all their cash as sustainable development charity Raleigh International goes bust writes Harry Mottram.
A charity launched by Prince Charles in 1978 has gone bust leaving up to 50 staff out of work, suppliers unpaid and hundreds of young people in the lurch with their hard-earned cash from fund raising lost.
Raleigh International is a so-called sustainable development charity linked to the Royal Family and is seen by critics as the charity for the well-heeled who want to do their bit for the poor around the world. Both Prince William and Kate Middleton have taken part in the scheme in previous years. Young people sign up and pledge to raise thousands of pounds to pay for their travel and accommodation in countries in Africa, Asia and South America where they will spend several weeks helping on projects to help struggling communities. Some 55,000 people have used the charity to help others around the globe with projects from building community buildings, digging wells and introducing innovative farming methods to remote villages.
Last week the charity suddenly announced they were ceasing operations and entered Creditors’ Voluntary Liquidation having appointed Carter Backer Winter as liquidators.
In a statement they said: “It is with enormous sadness that we report Raleigh International Trust will cease operating from Thursday 19 May 2022. Raleigh International Trust is inclusive of Raleigh Nepal and Raleigh Nicaragua. Raleigh Tanzania and Raleigh Costa Rica have independent status, and we are currently exploring the future viability of them operating without Raleigh International Trust.”
The charity blamed the effects of Covid cancelling a number of projects and trips and the reduction in overseas aid from Governments.
However, that is cold comfort for the hundreds of young people who have already raised tens of thousands of pounds ahead of their trips having sent their cash to the charity. All of that cash could now be lost.
The Times reported a typical case of a volunteer losing out. They quoted Rosie Giesler, 20, from Cambridge, who was due to fly to Costa Rica at the end of July for a ten-week sustainable development programme. She had raised £3,800 by the fundraising deadline on May 16, three days before the announcement. Another victim they reported on was Will Chubb who is only 17 and had raised £2,300 for the charity having also paid for vaccinations, flights and a visa for Nepal ahead of his now cancelled trip.
His mother was furious with the charity as they must have known things were about to collapse but still accepted cash from the volunteers. The Charity Commission said they were looking into the case and were in talks with the administrators.
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As economies dip the cryptocurrency bubble bursts as values slide in virtual currencies
What has tipped cryptocurrencies into a dramatic drop in value is almost certainly a mixture of reasons as experts scratch their heads over the collapse.
The Ukraine war, rising inflation in the UK, an increase in interest rates, oil prices over $100 a barrel, fears of a recession in the USA, the British economy hitting the rocks in the final month of the last quarter and the Chinese economy stalling due to the Shanghai Covid shutdown are all possible factors.
The most well-known one is Bitcoin and that is down in value by more than 10% with Ethereum down 20%, Luna 90% and Coinbase possibly worthless. Meanwhile on traditional markets the FTSE 100 is down 2.5% today (Thursday 12 May) while every major market from Europe to the USA and India and Japan were down by around the same figure.
The jitters suggest global fears of an economic slump with the first casualties being the so-called alternative investment market in cryptocurrencies. Bitcoin is the largest one with its value sliding from $25,400 to $13,000, a drop of 45% so far this year.
Another factor behind the downward trends is a drop in household spending as inflation and rising oil and power prices begin to bite. Ebay, Amazon and Etsy are sharply down in value heralding fears of a return to the 1970s of stagflation: inflation, a cut in wages and an economic slump.
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More stories: check our website for news on logistics, construction, hospitality, printing and publishing - and much more
PLUS: Huge rise in insolvencies as firms struggle with debts and repaying Covid loans ICSM - ICSM - Take Control Of Your Finances (icsmcredit.com)
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PLUS: Reforming Insolvency Laws ‘can’t come soon enough’ as a court shuts down rogue Individual Voluntary Arrangement firm - ICSM - Take Control Of Your Finances (icsmcredit.com)
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PLUS: Morrisons confirmed as the new owner of beleaguered McColls – but doubts remain over the viability of some of the stores and whether all suppliers will be paid - ICSM - Take Control Of Your Finances (icsmcredit.com)
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PLUS: Drama college was ‘potentially insolvent’ while banking fees from students days before collapse - ICSM - Take Control Of Your Finances (icsmcredit.com)
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Who has gone bust lately?
Runners and Riders
Below is a collated list taken from the Government’s London Gazette of various businesses who are experiencing problems in the last few weeks. It is not a completely comprehensive listing but gives most of those who have hit the rocks.
We have broken them into different sections to make it easier to see and we have included the company number in each case.
CONSTRUCTION: BUILDING TRADES, DEVELOPERS, SURVEYORS
ADMINISTRATORS APPOINTED
ALPHA HOMES (LEICESTER) LIMITED 04594955
DELTA FABRICATION AND GLAZING LIMITED 08618545
HIGH STREET GRP LIMITED 07831810
MURFET GROUP LIMITED 09837943
P3ECO (BICESTER) HIMLEY LIMITED 07361204
P.D.R. CONSTRUCTION LIMITED 10811082
PROJECT7 CONSTRUCTION LIMITED 04467754
QSSQ LIMITED 11782264
STILEBRIDGE GROUNDWORK LIMITED 07474343
ST LEDGER LIMITED 10012554
THE COOL WALLS COMPANY (UK) LIMITED 10409465
THE GREAT GEORGE STREET PROJECT LIMITED 09623621
TWENTY 1 CONSTRUCTION LIMITED 08238064
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
I VISION CONSTRUCTION LIMITED 13004536
A1 RESTORATIONS LIMITED 06275239
ASH CONSTRUCTION LIMITED 09752822
BATHROOMS SPECIALIST LEICESTER LIMITED 12162894
BMK RIGGING SERVICES LIMITED 10755865
BULLDOG ENGINEERING & CONSTRUCTIONS LIMITED 10688574
CRYSTAL CLICK CONSTRUCTION LIMITED 10116725
CHRISTAL DESIGNS LIMITED 09730355
DASC CONSTRUCTION LIMITED 09958377
DEVISE CONSTRUCTION LIMITED 10635012
ECORE CONSTRUCTION MANAGEMENT LIMITED 10090538
G.B. BUILDERS (MIDLANDS) LIMITED 11733435
GOODWOOD CONSTRUCTION LIMITED 10654170
HARFREY CONSTRUCTION LIMITED 10503848
JFL BUILDING LIMITED 10498659
HILLWOOD PRECAST FINISHING LIMITED 06417328
OPTION CONSTRUCTION AND INTERIORS LIMITED 10100180
SIMAN CONSTRUCTION LIMITED 09992052
ST GEORGE’S PAVING LIMITED 11689897
LIQUIDATORS APPOINTED
AM BUILDING & ROOFING LIMITED 12315890
ANGLO ITALIAN TILE BATHROOMS & FLOORS LIMITED 09593214
ASH CONSTRUCTION (NORTH) LIMITED 08753596
ASH CONSTRUCTION LIMITED 09752822
BEST CHOICE BUILDERS LIMITED 08138759
BRIM HOMES LIMITED 07931637
BRL CONSTRUCTION LIMITED 11723118
CLEARSTONE HOMES LIMITED 12204839
DENMARK & WHITE LIMITED 04158866
GINTE DRIVING SERVICES LIMITED 10439649
H R CEILINGS LIMITED 09747719
KRC CONSTRUCTION LIMITED 10659634
P & F CONSTRUCTION LIMITED 11511856
KL RAIL CONSTRUCTION LIMITED 12250874
LIVERPOOL ONE CONSTRUCTION LIMITED 10676881
MIDAS GENERAL BUILDING CONTRACTORS LIMITED 12742149
POLBRIT CONSTRUCTION LIMITED 12027724
SL CONSTRUCTION SERVICES LIMITED 06103635
SUFFOLK CLADDING LIMITED 10901033
MEMBERS VOLUNTARY LIQUIDATIONS
A AWCS LIMITED 06527426
ALDIS HOMES LIMITED 03541568
AMPLIFORTH LIMITED 02604651
BARNS R US LIMITED 04542583
BONDS FARM (DEVELOPMENTS) LIMITED 12290520
C & J GRIFFITHS DEVELOPMENTS LIMITED 06014838
CEMEON CONSTRUCTION LIMITED 09851446
CN CONSTRUCTION SERVICES LIMITED 04490886
FLINT HOMES LIMITED 09573167
FLORA PROPERTY DEVELOPMENTS LIMITED 11026789
LONDON ROAD MEWS PROJECT LIMITED 09986856
NOVABRIK (SOUTH WEST) LIMITED 05445898
STACE DEVELOPMENTS LIMITED 09487699
PETITIONS TO WIND UP
A J SMITH (TELFORD) LIMITED 07150340
EMERALD CONSTRUCTION (NORTH WEST) LIMITED 12467656
RES LAND AND NEW HOMES LIMITED 10113293
LORS HOMES LIMITED 08008835
WINDING UP DISMISSAL
MAR CITY PLC 05181121
WINDING UP ORDERS
DS CARPENTRY ROOFING AND BUILDING LIMITED 11819434
HARRISON CONSTRUCTION N.E. LIMITED 13200093
HOLMES CONSTRUCTION (CUMBRIA) LIMITED 10191432
FOOD AND DRINK: BREWERIES, BUTCHERS, FARMS, FOOD PRODUCERS, FORESTRY, GREEN GROCERS, GROCERS
ADMINISTRATORS APPOINTED
THE WEST BERKSHIRE BREWERY PLC 03667842
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BEST BRITISH PRODUCE LIMITED 12787045
DOCKERS SPIRIT COMPANY LIMITED 11586879
ELINA FOODS LIMITED 08480668
GUD BURGER LIMITED 12323624
ITCHEN VALLEY BREWERY LIMITED 03813496
LIPTONS FOOD & WINE LIMITED 03048008
KGN FOODS LIMITED 12252977
K & R COFFEE LIMITED 11982247
PREMIER FOODS & WINE LIMITED 09561963
ROCKSTAR DRINKS LIMITED 08675325
SUPER SPORTS NUTRITION LIMITED 10166576
THE GRAINSTORE BREWERY LIMITED 07241477
LIQUIDATORS APPOINTED
BABA MEAT MARKET LIMITED 11814803
BARGAIN FOODS HOLDINGS LIMITED 10864429
CENTRUM CAMPAIGN LIMITED 11247918
D & M MEATS LIMITED 08651470
DOCKERS SPIRIT COMPANY LIMITED 11586879
E.H.N.R HALAL MEATS LIMITED 07525149
ECCLESHALL INDIAN CUISINE LIMITED 11405934
FOOD SERVICES (EP) LIMITED 09849058
FOOD & WINE (LONDON) LIMITED 08395714
FRESH PIZZA ON DEMAND LIMITED 12366489
HOP & STAGGER BREWERY LIMITED 07929536
KAIRON DAIRY LIMITED 07981014
MALPASS LIMITED 05856996
PAPAS TOPS PIZZA SW17 LIMITED 11554056
KM FOODS (LONDON) LIMITED 11164854
PIZZA CALDO LIMITED 11171048
RAMO FAST FOOD LIMITED 12026346
R FINE FOODS LIMITED 12224849
SUB SPORTS LIMITED 06943826
TAPESTRY BREWERY LIMITED 09562555
THE NUMBER ONE FOOD COMPANY LIMITED 07139645
VITOS PIZZARIA LIMITED 11635483
WALLERS BREWERY LIMITED 10141920
MEMBERS VOLUNTARY LIQUIDATIONS
CHOCOLATE AND CHILLI LIMITED 04676517
ELDWICK FOOD & WINE CENTRE LIMITED 04746876
GEORGE HERD SHIPS STORES LIMITED 04640101
CHEF`S TROLLEY LIMITED 03938203
CHILDHAY MANOR ICE CREAM LIMITED 05423900
CHURCHILL`S FINE FOODS LIMITED 05083976
DIRECT SEAFOODS SCOTLAND LIMITED 06014697
F.LEY & SONS LIMITED 00520123
PULLMAN FOODS LIMITED 05847307
PETITIONS TO WIND UP
FLYIN MILKMAN LIMITED 12561852
GLOBAL WINE EXCHANGE LIMITED 11312862
STRETTON HALL FARM LIMITED 06935332
WINDING UP ORDERS
CHOCO COFFEE LIMITED 12176664
GIS FORESTRY LIMITED 08923733
LEWIS CATERING (MIDLANDS) LIMITED 10458388
STRETTON HALL FARM LIMITED 06935332
TEA FOODS LIMITED 06034706
HOSPITALITY: CAFES, ENTERTAINMENT, HOLIDAYS, HOTELS, LEISURE, PUBS, RESTAURANTS, TRAVEL
ADMINISTRATORS APPOINTMENTS
BIR HOTELS PRIVATE (UK) LIMITED 10737765
FYRE RESTAURANTS LIMITED 07447415
SAIRAM HOTELS LIMITED 10480890
ADMINISTRATORS MEETINGS PARA 51
SMOKE CLUB LIMITED 06506979
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
CAMELOT CONFERENCES INTERNATIONAL LIMITED 10016885
CHERRY TREE BAR & GRILL LIMITED 11306371
COIN GAMES LIMITED 05778813
EDWARDS VILLAGE INNS LIMITED 12680946
INNSPIRED LEISURE (BIRMINGHAM OT) LIMITED 10739437
INNSPIRED LEISURE (MANCHESTER) LIMITED 09903867
KOALA PUB COMPANY LIMITED 12857480
LEMON RESTAURANTS LIMITED 11565534
LONDON CITY BREAKS LIMITED 07818973
LONDON LIONS BASKETBALL CLUB (UK) LIMITED 09191073
MCDAMBI CATERING AND EVENTS LIMITED 12179709
NANIGEL HOSPITALITY LIMITED 13287923
ROSEPINK RESTAURANT LIMITED 07687085
SPECIAL EVENTS (BRISTOL) LIMITED 03823558
THE CURTAIN MILL (WATFORD) LIMITED 06901205
THE EDGBASTON HOTEL LIMITED 08151595
THE LION HOTEL-IH LIMITED 11736721
TRAVEL GENIE LIMITED 12326285
TRENT TRAVEL LIMITED 08778774
TRIP TRAVEL LIMITED 11786579
ULTIMATE CAFE THE INTERESTING EATING COMPANY LIMITED 09034027
LIQUIDATORS APPOINTED
365 HOSPITALITY CATERING LIMITED 08580373
AGLOW TRAVEL LIMITED 08679326
A.M.A. HOSPITALITY LIMITED 10368534
A B COACH TRAVEL LIMITED 10580858
BORNEO BISTRO LIMITED 10295486
BRIDGE THE GAP CAFÉ LIMITED 09538396
CHARTERHOUSE LEISURE LIMITED 11570040
DISCOVERY TRAVEL LIMITED 03945325
DS RESTAURANT LIMITED 07393051
FINE FOODS RESTAURANTS LIMITED 11988743
FLAMES GOURMET GRILL LIMITED 10987048
G B PUBS (MIDLANDS) LIMITED 10978932
HEAT AFRICAN BAR & RESTAURANT LIMITED 11976116
HOLME VALLEY INNS LIMITED 08753701
KOSMOS TAVERNA LIMITED 04624356
NUMBER 1 ENTERTAINMENT LIMITED 12003243
OXYGEN ENTERTAINMENT LIMITED 09571249
PELHAM BAR & RESTAURANTS LIMITED 10344774
PARAGON RESTAURANTS LIMITED 11101715
PIZZA PRONTO (LONDON) LIMITED 12354952
PIZZA PLAZA 2 LIMITED 10426295
PL CATERING LIMITED 08563402
RAILWAY INN IRELETH LIMITED 08891892
RED HOUSE WORKMENS CLUB LIMITED IP15108R
RITCHIE HOSPITALITY LIMITED 10734450
RK SOUTHWEST LIMITED 12243374
ROYEL HOTELS (UK) LIMITED 08320961
SIXTY SHILLING PUBS LIMITED 08062518
ST AIMIE’S SPORTS ACADEMY COMMUNITY INTEREST COMPANY 10534175
SNA MIDLANDS LIMITED 12109995
SORANO PIZZERIA LIMITED 10553308
SPRINGFIELD INN LIMITED 11901764
SWINDON KARTING ARENA LIMITED 08975795
STATE OF THE ART RESTAURANTS LIMITED 02931276
THE AFFORDABLE TRAVEL GROUP LIMITED 06753436
THE CAXTON PUB LIMITED 11378060
THE OLD GOLF HOUSE HOTEL LIMITED 10917365
PLOUGH INN (DISEWORTH) LIMITED 08606696
URBAN ARCADES LIMITED 11786633
WALPOLE RESTAURANTS LIMITED 12130655
WEST MIDLANDS BRIGHT BAR LIMITED 07007041
WHARFE INNS LIMITED 12418285
MEMBERS VOLUNTARY LIQUIDATIONS
CORNICHE EVENTS LIMITED 05246902
CROFT HOTEL (TENBY) LIMITED 00530962
EAST MEETS SOUTH WEST LIMITED 09839265
HERO HOSPITALITY VENTURES (ELGIN HOUSE EDINBURGH) LIMITED 12317735
THE HISTORIC PUB COMPANY LIMITED 02796368
IFIELD GOLF CLUB LIMITED 00504890
IML PUBS LIMITED 05032496
JHF EVENTS LIMITED 11904733
KELLY LEISURE LIMITED 07846476
KFG RESTAURANTS LIMITED 06358999
L & C LEISURE LIMITED 04947398
OAKTREE PARC HOTEL AND RESTAURANT LIMITED 01979341
PEAK ESCAPES LIMITED 09876955
TRIUMPH PROSCENIUM PRODUCTIONS LIMITED 02217641
THE WHITE SWAN (FETTER LANE) LIMITED 04846832
WILLIAM HILL (PRODUCTS) LIMITED 03760422
WILLIAM HILL (SUPPLIES) LIMITED 03272450
PETITIONS TO WIND UP
BROADWAY BAR AND GRILL LIMITED 10605023
GOLDEN BRICK PUBS LIMITED 11573621
SPICE LOUNGE BAR & GRILL LIMITED 12328724
WHYTELEAFE FOOTBALL CLUB
WINDING UP ORDERS
ESTON LABOUR CLUB LIMITED 11159135
WESTGATE CLUB AND INSTITUTE (GRANTHAM) LIMITED IP12154R
LOGISTICS: COURIERS, HAULAGE, ROAD, RAIL, SHIPPING, STORAGE
ADMINISTRATORS APPOINTED
PYRAMID SELF STORAGE LIMITED 10057251
SMV TRANSPORT LIMITED 09792159
STERLING SHIPPING AGENCIES LIMITED 11228478
TMA COURIERS LIMITED 12457011
WILSON’S EXPRESS SAME DAY LIMITED 03899942
COMPULSORY LIQUIDATOR APPOINTED
BKW TRANSPORTATION LIMITED 10048726
CMP THAMES LIMITED 03797240
D & S STORAGE LIMITED 01470681
E&R TO B TRANSPORT LIMITED 11014618
IPSWICH VEHICLE REFINISHERS (UK) LIMITED 09151033
JSK HAULAGE LIMITED 10108218
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ACL HIGHWAY SERVICES LIMITED 07846798
TRANSPORT92 LIMITED 09780461
GLT TRANSPORT LIMITED 11787033
KAST LOGISTICS LIMITED 07196372
RSH HAULAGE LIMITED 11908033
RUSS TRANSPORT SERVICES LIMITED 10886069
SPECIALIST STORAGE SOLUTIONS LIMITED 11695851
STREAMLINE DISPATCH UK LIMITED 09782046
WORLDWIDE CHAUFFEUR DRIVE LIMITED 06951104
LIQUIDATORS APPOINTED
ALAN HAULAGE LIMITED 09599528
ABNA TRANSPORT LIMITED 09792345
ABSL LOGISTICS LIMITED 11065448
A&Z TRANSPORT LIMITED 09168560
A B COACH TRAVEL LIMITED 10580858
BASRA TRANSPORT LIMITED 11238549
CHAUFFEUR SERVICES DIRECT LIMITED 09158819
CRAMA COACHWORKS BELL BAR LIMITED 01427388
CROYDON COACHES (UK) LIMITED 06489402
EUROPE EXPRESS BOSTON LIMITED 12073199
FAZAL COURIERS LIMITED 12176322
GOODS TRANSPORTATION LIMITED 09008347
HASHMI COURIERS LIMITED 10753436
HIGHWAY TRANSPORT LIMITED 05758433
INDUSTRIAL PLANT HIRE LIMITED 12216244
J A C COURIER SERVICES LIMITED 12357516
LONDON SMOKEHOUSE LIMITED 10807302
LUX CAR RENTAL LIMITED 11480336
M&M DELIVERY LIMITED 12029366
M & O TRANSPORT LIMITED 10141882
MKH TRANSPORT LIMITED 10881775
MOTOFLY LIMITED 06413469
OMEGA LOGISTICS LIMITED 05675235
SEVEN LOGISTIC SERVICES LIMITED 11980713
SLEEPER BUSES LIMITED 06780185
THANDI COACHES (RED) LIMITED 00526852
THE CAR TRANSPORTERS ( YORKSHIRE ) LIMITED 11255563
TOTEV TRANSPORT LIMITED 08116821
VEHICLE LOGISTIC SOLUTIONS LIMITED 12585988
VENTI AVIATION GROUP LIMITED 12385847
WHITEFIELD DISTRIBUTION LIMITED 03726308
WINNS COACHES LIMITED 07520411
MEMBERS VOLUNTARY LIQUIDATIONS
AA GARAGE SERVICES LIMITED 12916064
ACM TRUCK AND BUS REPAIRS LIMITED 07680730
CORNICHE EXPRESS SYSTEMS LIMITED 08660848
GIBBON AVIATION LIMITED 07647410
HONDA LOGISTICS UK LIMITED 02534528
LONGHAM DISTRIBUTION LIMITED 03439178
MERMAN SHIPPING (UK) LIMITED 05441982
R. J. K. VEHICLE SERVICES LIMITED 04427226
PETITIONS TO WIND UP
EAGLE EXPRESS COURIERS LIMITED 04628974
TEASDALE BULK HAULAGE LIMITED 08411733
WINDING UP ORDERS
DELIVER 365 LIMITED 11919519
DELIVER 365 LIMITED 11919519
EAGLE EXPRESS COURIERS LIMITED 09505760
PRIME COURIER LIMITED 10627307
WEMBLEY GROUP LIMITED 00879008
WINDING UP DISMISSAL
LINNEY REFRIDGERATED TRANSPORT LIMITED 09955489
MAKERS: AGRICULTURE, ENGINEERING, ENERGY AND POWER, FORESTRY, MANUFACTURING, RAG TRADE
ADMINISTRATORS APPOINTED
BDL TOOL & DIE ENGINEERING LIMITED 06954252
COGENT PASSENGER SEATING LIMITED 03163036
CONTRACT NATURAL GAS 2 LIMITED 05055997
CREATIVE APPAREL LIMITED 03724157
COSMETICS LABORATORY LIMITED 06708989
FUTUREFUEL OPERATIONS LIMITED 10135468
FUTUREFUEL OPERATIONS (214) LIMITED 10550667
FUTUREFUEL OPERATIONS (214B) LIMITED 10928700
FUTUREFUEL OPERATIONS (127) LIMITED 10314941
FUTUREFUEL RENEWABLES PLC 10073242
L.G. KIMBER (ENGINEERING) LIMITED 01263948
SIMPLY YOUR ENERGY LIMITED 07243637
SKIPTON RUBBER MOULDINGS LIMITED 03059439
STORTFORD SHEET METAL LIMITED 05541934
SVEN CHRISTIANSEN PLC 01428696
SWINTON ELECTRO PLATING LIMITED 08486424
TITAN REALITY LIMITED 07832876
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
1972 LIMITED 07708223
1ST BUSINESS ENERGY LIMITED 11259036
CAMILA PRADA TABLEWARE LIMITED 08269515
EMKAY FASHIONS LIMITED 11851745
JACOBS INTERNATIONAL LIMITED 06969128
STIEFEL LABORATORIES LIMITED 01633638
THE CAMPER FACTORY LIMITED 12283673
NEWCASTLE STEEL COMPANY LIMITED 11551368
UNIFORM TOOLING LIMITED 06904608
LIQUIDATORS APPOINTED
ALLEN & FURNESS LIMITED 03785631
ALUMINIUM DOOR SPECIALISTS LIMITED 10212617
GS PLASTICS LIMITED 11228316
HALCYON DESIGN & MANUFACTURING LIMITED 05174248
HONDA PARTS GARAGE LIMITED 11934566
SOLAR EXHIBITIONS LIMITED 05630691
P S TEXTILES LIMITED 07179512
REAL TEXTILE LIMITED 11935329
SIMPLY GATES LIMITED 07154562
SIMPLICITY ENERGY LIMITED 10611082
SPRINGETT ENGINEERING DESIGN LIMITED 06177543
MEMBERS VOLUNTARY LIQUIDATIONS
ALDRIDGE BROS (SHEET METAL) LIMITED 01284603
D S TIMBER LIMITED 04900874
GEORGE HERD SHIPS STORES LIMITED 04640101
GESTAMP WASHINGTON UK 03545937
NORTHWOOD FORESTRY LIMITED 04602767
RESIDENTIAL MORTGAGE SECURITIES 29 10510806
WESTCOUNTRY UTILITIES DEVON & CORNWALL LIMITED 08209146
PETITIONS TO WIND UP
GIS FORESTRY LIMITED 08923733
LIGHT SPORT AVIATION LIMITED 08464440
PETITION DISMISSED
GB STEEL & ENGINEERING LIMITED 12434617
NATURAL BEGINNINGS DAY NURSERY LIMITED 11975824
NORTHFIELD FABRICATION LIMITED 12132404
MEDIA: ADVERTISING AGENCIES, DESIGN STUDIOS, EXHIBITIONS, EVENTS, INK MAUNUFACTURERS, MARKETING, MEDIA, PAPER SUPPLIERS, PRINTERS, PUBLISHERS, PUBLIC RELATIONS, SIGN INDUSTRY, STATIONERS
ADMINISTRATORS APPOINTED
DANIEL PAPER & PACKAGING LIMITED 03469186
FISCHER MARKETING MALTA LIMITED C73574 (MALTA)
INVISIBLE CREATIONS LIMITED 11945108
JACK MEDIA NATIONAL LIMITED 09671444
PREMIER SACKS & PACKAGING LIMITED 02666553
STAMFORD PAPER COMPANY LIMITED 03203890
V COMMUNICATIONS LIMITED 10899363
WILDFIRE COMMS LIMITED 06934303
YOUR PRINT PARTNER LIMITED 07814469
COMPULSORY LIQUIDATORS APPOINTED S 136
LARKHARK FILMS LIMITED 08400617
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ABBEY PRINTERS OF BRADFORD LIMITED 03060023
ALFABET SCREENPRINT LIMITED 01997424
ANSA MEDIA LIMITED 10680337
BLUE BADGE DESIGNS LIMITED 5048317
BRIAN SUTCLIFFE PACKAGING LIMITED 03934867
CAMELOT CONFERENCES INTERNATIONAL LIMITED 10016885
CENTRUM CAMPAIGN LIMITED 11247918
CRE8 EVENTS LIMITED 10961542
DAYTONA VISUAL MARKETING LIMITED 01450630
GARLANDS EVENTS LIMITED 07918062
GENERAL INFORMATION SYSTEMS LIMITED 01969679
GHOSTSIGNS LIMITED 08502351
GOTV MEDIA LIMITED 12401194
HABANA CREATIVE LIMITED 07196741
HAGEN COMMUNICATIONS LIMITED 11488541
HOPE END DESIGN LIMITED 09692979
IMAGINATION MARKETING SYSTEMS LIMITED 04002752
JIGGSAW DESIGNS LIMITED 08457651
MAKERMET CREATIVE LIMITED 08735759
MILVIA MARKETING LIMITED 11600866
NOTSO EVENTS LIMITED 10543510
NWK DESIGN LIMITED 09351011
ON DIGITAL MEDIA GROUP LIMITED 12301635
ONE MAN AND HIS DOG LIMITED 08646684
START MEDIA SERVICES LIMITED 10579159
UPGRADE PACK LIMITED 11309189
VINE HOUSE DISTRIBUTION LIMITED 03340920
WHITE LABEL PRODUCTIONS LIMITED 11329793
WYOMING STUDIOS LIMITED 04002749
LIQUIDATORS APPOINTED
69 MAGAZINE LIMITED 05186456
ABADDON LEISURE LIMITED 11328435
AM LEAFLETING & DISTRIBUTION LIMITED 04212557
ART UK SUPPLIES LIMITED 09803551
AST PRINT GROUP LIMITED 03068020
BESPOAK FRAMING LIMITED 09565613
BLUE LIGHT EVENTS LIMITED 12350891
BRIAN SUTCLIFFE PACKAGING LIMITED 03934867
C A DESIGN LIMITED 03073124
CHERRYWOOD OFFICE SUPPLIES LIMITED 10627107
DALE COMMUNICATIONS (UK) LIMITED 08046794
DAYTONA VISUAL MARKETING LIMITED 01450630
DEEP BLUE MARKETING UK LIMITED 04513391
FLEETPOINT MEDIA LIMITED 08039999
GHOSTSIGNS LIMITED 08502351
HASELBERG ARTS LIMITED 10670541
HASHTAG DESIGN LIMITED 08527921
INDIGO PRESS LIMITED 02740300
J&L PRINT SERVICES LIMITED 06762654
JK FILM EDITING LIMITED 12160297
JIGGSAW DESIGNS LIMITED 08457651
KEYWORD MARKETING LIMITED 07647557
KUDOS DESIGN AND PRINT GRP LIMITED 07237137
LESS4OFFICESUPPLIES LIMITED 09212237
MAILREPAIR LIMITED 11443105
NOMAD MEDIA GROUP LIMITED 12853836
NEW MAGAZINE LIMITED 12070791
ONENETPRINT LIMITED 07987005
PAUL O'HARE DESIGN LIMITED 11585676
PRESTIGE PHOTOGRAPHY HULL LIMITED 10618328
PSMEDIA LIMITED 11028335
PRINCES DRIVE PRESS LIMITED 03246691
QSE COMMUNICATIONS LIMITED 06494892
RESOURCE MARKETING LIMITED 03359703
RMM DIGITAL PUBLISHING LIMITED 04263720
MONKEYPUZZLE MARKETING LIMITED 05758551
MOORE & MOORE DESIGN LIMITED 07260547
SANTOS J DESIGNS LIMITED 09631353
SRM DESIGN LIMITED 08840776
TBM MARKETING LIMITED 06695233
TEMPLE MARKETING SERVICES LIMITED 09058253
TORNADO MEDIA LIMITED 09020853
TOWNPAGES LIMITED 07180580
UK GRAPHIC INSTALLS LIMITED 07963413
UNITED DESIGN MANAGEMENT LIMITED 08433944
UNITED DESIGN PARTNERSHIP LIMITED 07672233
VIEWPOINT MARKETING SERVICES LIMITED 06321099
VISUAL MEDIA SERVICES LIMITED 03716338
WOW VIDEO PRODUCTION LIMITED 07299479
ZEPPELIN FILMS LIMITED 11503156
MEMBERS VOLUNTARY LIQUIDATIONS
APPBOX MEDIA PLC 08616729
DJP MARKETING & PROMOTIONS LIMITED 08065185
ESHER MAIL ORDER LIMITED 00981703
EVENMEDIA LIMITED 04009424
FLAKE CREATIVE LIMITED 10549066
FULLSTRIDE MARKETING LIMITED 09338497
G AND G MARKETING LIMITED 09929591
HAZAR PUBLISHING LIMITED 01888537
HOTSIDE TELEVISION LIMITED 10220857
INCIPIENT MEDIA LIMITED 11441569
IRON MEN FILMS LIMITED 10131242
LONDON MARKET DYNAMICS LIMITED 06803288
LJF MEDIA LIMITED 09146579
LIFFEN CREATIVE LIMITED 09270536
MEDIA - MOJOS CONSULTANCY LIMITED 05100370
MACE DESIGN LIMITED 07098202
ORO COMMUNICATION LIMITED 11863057
PENNEY PACKAGING LIMITED 01599491
RUSSIA TODAY TV UK LIMITED 05522952
STRETCH CREATIVE LIMITED 11442170
THE GAME CHANGER TV SERIES LIMITED 10860580
WESTSIDE CO 1 LIMITED 00894964
PETITIONS TO WIND UP
CREPA AND WAFFLA LIMITED 12275271
WESTSIDE CO 2 LIMITED 01337734
WESTSIDE CO 3 LIMITED 00553857
WESTSIDE CO 4 LIMITED 01085192
WESTSIDE CO 5 LIMITED 00152473
WINDING UP ORDERS
2FOLD PRINT LIMITED. 10759445
ASCESIS MEDIA LIMITED 09118534
MUMS IN BUSINESS LIMITED 11460606
RETAIL: RETAILERS, SHOPPING CENTRES & MARKETS, HIGH STREET TRADERS, WHOLESALERS
ADMINISTRATORS APPOINTED
DAVID CLOUTING LIMITED 01718800
NORDIC STYLE SWEDEN LIMITED 07101846
STEPTRONIC FOOTWEAR LIMITED 05190925
STUDIO RETAIL GROUP PLC 00549034
COMPULSORY LIQUIDATORS APPOINTED S 136
FORD NEWS LIMITED 04412544
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BEST GIFT LIMITED 11353241
DISCOUNT DOMESTIC APPLIANCES WAREHOUSE LIMITED 11156787
ELS CLOTHING LIMITED 07325211
EXCELLENCE HOME FURNISHINGS UK LIMITED 12359303
EXPRESS ENGINES LIMITED 11060104
EXTREME PRODUCTS LIMITED 07865834
FLASH FOTO LIMITED 01561035
FOR COACHES LIMITED 11580706
FOREIGN CARS UK LIMITED 08810373
GARLANDS FLORIST LIMITED 06329634
FAIR PRICE MINI MARKET LIMITED 09188456
THE COLLECTION TRADING LIMITED 11418758
WELLCOME CONSUMER PRODUCTS LIMITED 02873615
XOMO MOTOR COMPANY LIMITED 12288848
LIQUIDATORS APPOINTED
AMB FOOD4YOU LIMITED 08467291
A & M ULTIMATE FASHION LIMITED 09852113
BML FASHION LIMITED 02957612
BRIDALWEAR LIMITED 09461903
COLSON RETAIL LIMITED 08942561
CURVACEOUS FASHION LIMITED 11155553
D & M MACHINERY LIMITED 03594193
ELS CLOTHING LIMITED 07325211
FIRST CARE FASHIONS LIMITED 12343610
FREEZE FACTORY LIMITED 04045036
GOOD HANDS HAIRDRESSERS LIMITED 10088109
GREENWOODS KITCHEN LIMITED 11674026
KB INTERIOR SUPPLIES LIMITED 11946036
LEEDS TYRES LIMITED 12468260
MATCHSTICK MENSWEAR LIMITED 10812081
MILTON PARK STORES LIMITED 05081080
M STYLE BRAND LIMITED 12241302
PRESTIGE EMPIRE LIMITED 08824642
REGAL COINAGE LIMITED 12456545
ROUNDABOUT RETAIL LIMITED 11589861
S & S RECORDS LIMITED 09004325
SHELTON'S COFFEE LIMITED 06622242
SMITHS CAR SALES OF STAFFORDSHIRE LIMITED 09199457
SPRING RETAIL LIMITED 07212222
SIMPERS CATERING EQUIPMENT AND FURNITURE HIRE LIMITED 10335516
SOUTH COAST WOODBURNERS LIMITED 08631706
THE ESSENTIAL SPORTS COMPANY LIMITED 02823184
TOP SHOP/TOP MAN (HOLDINGS) LIMITED 08286047
TOWN EXPRESS LIMITED 11959230
WNK HEALTH & COSMETICS LIMITED 11673299
YOURMOTO.BIKE LIMITED 09335833
WRIGHT STYLE LIMITED 03185096
WORLDS AFAR LIMITED 08161123
MEMBERS VOLUNTARY LIQUIDATIONS
BADGER LIMITED 04049681
BATH ROAD MOTORCYCLES LIMITED 04329253
COLDHARBOUR MARINE LIMITED 07090799
JOHN'S MENSWEAR LIMITED 01268429
KILVER COURT EMPORIUM LIMITED 12475089
SURREY OCCUPATIONAL HEALTH LIMITED 04318762
MIDLAND ARMY & NAVY STORES LIMITED 02830511
SECCOMBE(BUILDING SUPPLIES)LIMITED 00952873
SPEEDY FUELS AND LUBRICANTS LLP OC374926
WELLCOME CONSUMER PRODUCTS LIMITED 02873615
PETITIONS TO WIND UP
LDN FASHION AND DESIGN LIMITED 12046580
REDHAT GAMING LIMITED 11942973
THE GC ORGANISATION LIMITED 10815586
WINDING UP ORDERS
4 LESS GROUP UK LIMITED 10226615
4U FASHIONS LIMITED 10336962
Q SERVICE STATION LIMITED 07301025
VARIOUS: EDUCATION, FINANCE, HEALTH, LEGAL, MEDICAL, TRAINING
ADMINISTRATORS APPOINTED
HEATHLAND SCHOOL LIMITED 02941355
NOBLE SUPPLIERS LIMITED 11289597
ORTHIOS (ANGLESEY) TECHNOLOGIES LIMITED 11698159
ADMINISTRATION CREDITORS MEETING
ORBIT ENERGY LIMITED 09933313
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
INTERNATIONAL TRAVEL AND HEALTHCARE LIMITED 05461888
LIQUIDATORS APPOINTED
A + EDUCATION LIMITED 05711812
LEGACY LEGAL SERVICES LIMITED 09826203
THE EDUCATION AND CARE QUALIFICATIONS NETWORK LIMITED 10895629
THE LINCOLNSHIRE AND RUTLAND EDUCATION BUSINESS PARTNERSHIP 04190289
MEMBERS VOLUNTARY LIQUIDATIONS
DOCTOR MARIA GOMEZ LIMITED 09448958
GGR TRAINING LIMITED 10165836
GYNAECOLOGY.ME LIMITED 09519567
HEALTHCARE ENTERPRISE TOPCO LIMITED 11979322
HEALTHCARE HOLD LIMITED 11533704
INTERHIGH EDUCATION (NO 1) LIMITED 09403006
INTERHIGH EDUCATION LIMITED 10664061
SUFFOLK INTEGRATED HEALTHCARE LIMITED 04969657
TRINITY INSURANCE BROKERS LIMITED 06482328
U.K. HEALTHCARE ENTERPRISE 1 LIMITED 11534162
PETITIONS TO WIND UP
CHELSEA DENTAL LIMITED 09646978
WINDING UP ORDERS
SIGNATURE LITIGATION VICTIMS GROUP LIMITED 06853408
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Types of Insolvency
Administration
Administration applies to limited companies and partnerships and is intended to get the company out of trouble and trading again if possible. Administrators can be appointed to a company that is unable, or is likely to become unable, to pay its debts. They can be appointed by the courts (on application from a creditor, directors or partners), the holder of a qualifying floating charge over the assets of the business, or the company or its directors. An administrator's primary goal is to rescue the company as a going concern. If this isn't possible, the administrator will try to get a better result for the creditors than would be possible if the company was wound up. If neither of these is possible, the administrator will sell the company's property to make at least a partial payment to one or more secured or preferential creditors, such as employees or the bank.
Administrators Meetings Para 51
This statement by the administrator of his proposals must be accompanied by an invitation to an initial creditors' meeting (Sch B1, para 51(1)).
Bankruptcy
This can only apply to individuals (including sole traders and individual members of a partnership). Bankruptcy petitions may be presented to the court by the individual, by creditors who are owed £750 or more, or by the supervisor of an individual voluntary arrangement. A bankruptcy order is made by the court.
Company Voluntary Arrangement (CVA)
A company comes to an arrangement with its creditors to pay the debts in full or in part over time. A CVA begins with the company (or its adviser) drafting a formal proposal at a Creditors' Meeting to pay part or all of the debts. If the proposal is accepted by the creditors, the arrangement will become legally binding and the directors will retain control of the company.
Compulsory Liquidation
This is the winding up of a company or a partnership by a court order (a winding up order). A petition is normally presented to the court by a creditor stating that he or she is owed a sum of money by the company and that the company cannot pay.
The Official Receiver becomes liquidator when the order is made but an Insolvency Practitioner will be appointed to take over if the company has significant assets. The liquidator's role is to realise the company's assets, pay all the fees and charges arising from the liquidation, and pay the creditors as far as funds allow in a strict order of priority.
Compulsory Liquidators Appointed S 136
When a winding-up order has been made, the Official Receiver is initially appointed as liquidator (section 136, IA 1986). The company's creditors and contributories may appoint another individual, who must be a registered insolvency practitioner, to act as liquidator (section 139, IA 1986). More than one liquidator can be appointed to act jointly.
Creditors' Voluntary Liquidation
Here the shareholders pass a resolution to wind the company up without the need for a court order. A Creditors' Meeting is held to nominate the appointment of a liquidator and consider a statement of affairs. Creditors can appoint a committee to work with the liquidator, whose role is to realise the company's assets, pay all the fees and charges arising from the liquidation, and pay the creditors as far as funds allow in a strict order of priority.
Creditors' Voluntary Liquidation Deemed in Consent Meeting
Creditors are now 'deemed to have consented' to a decision or resolution if 10% of creditors (by value) have not objected to it. In other words, if objections are not received by the specified decision date, creditors are 'deemed to have consented' to the decision or resolution.
Individual Voluntary Arrangement (IVA)
An individual comes to an arrangement with creditors to pay his/her debts in full or in part over time as an alternative to bankruptcy. The arrangement is set up by a licensed Insolvency Practitioner who will put it to a meeting of creditors. If the proposal is accepted at the meeting, the agreement reached with the creditors will be legally binding. An Interim Order is sometimes issued by a court and will immediately protect the debtor from any legal action by creditors.
Petitions to Wind Up
A winding up petition is a legal notice put forward to the court by a creditor. The application, in effect, asks the court to liquidate the company as they believe the company is insolvent. Proceeds of the liquidation can be used to pay back creditors.
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ICSM CREDIT
For information on ICSM visit www.icsmcredit.com or call 0844 854 1850.
ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
