ICSM Business News with a round up of stories in 2023 and a list of the latest company failures

Welcome to our Newsletter
It's been a strange year with sadly no real sign the economy is improving for business although with inflation falling at least that is one welcome improvement. The effects of a bad business deal with the EU, hikes in interest rates and energy prices, plus the failure to reform business rates have all had a negative impact.
With the economy continuing to flat line times remain tough for many which is where ICSM can help with an accent on saving our members hundreds of thousands of pounds  either through our free legal letters, our micro debt service or our debt collection service.
If a client simply won’t pay an invoice and shows no signs of collapsing into administration it could well be a policy by the financial director has made not to pay anyone they don’t need as a regular supplier. Some large national outfits and even international companies are notoriously slow to pay anyone. In these cases ICSM’s debt collecting service can help. We use diplomacy, patience and adhere to strict industry standards in order to make sure you are paid without upsetting your client. 
As 2023 comes to a close, this is an updated newsletter with listings on more company failures in five sections - essentially finance and law; hospitality and holidays, logistics, printing and allied trades, and a more general one of sales.
In the news section I've picked up on some of the stories this year that have had the most interest and the biggest impact on members and the economy in general from banking collapses to concerns over the effects of China's imploding property market will have on the UK.
And there was great interest in the trial of Sam Bankman-Fried in the USA over his handling of the crypto exchange FTX due to the scale of the fraud. For suppliers of all types of firms there's nothing worse than seeing the directors of a bankrupt firm walking away with cash in their pockets and not living up to their responsibilities as was the case with Wilko and Party Pieces to name but two. It's been a year of rising insolvencies - one of the worst since the 2008 Credit Crunch but if firms can minimise debt, keep ahead with investing in new technology and industry trends then there is real potential as we enter 2024.
Below are some of those stories that caused a stir - to put in mildly - as well as listings of more firms who have hit the buffers recently.
As they say - we live in interesting times - so in the meantime have a great Christmas and a solvent 2024.

Kind regards
Ian Carrotte
Proprietor of ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com

+++++++++++++++++++++++++++++++++++++
2023 News Round-up
+++++++++++++++++++++++++++++++++++++

ICSM issues news in brief throughout the year - this is one that caught the eye:

ICSM Business News In Brief: Richard Branson’s space firm crashes; end of Middleton’s party; shock at Manchester Printers’ debts; haulier goes bust, and Planet Organic owed creditors £1.5m

By Harry Mottram: ICSM brings you the latest headline news from the business of insolvencies, administrations and firms in danger of going bust.

Virgin Orbit fails

A small fuel filter led to the demise of billionaire Richard Branson’s space company Virgin Orbit. During the short flight in January from Newquay Airport the filter came loose setting off a chain reaction leading to the space rocket being aborted and crashing into the sea.

At the time it was described as an anomaly in a failed PR attempt to make it seem a minor issue. Five months later and the entire Branson enterprise is dead. It’s assets including the its launch plane a Boeing 747 has been sold off in a fire sale raising around £29 million pounds in a desperate attempt to stay afloat. Branson claimed he lost £1.5 billion pounds in the last three years – blaming it on Covid – but his space rocket company leaves a trail of debts of more than one million pounds and a lot of companies massively out of pocket.

Ian Carrotte of ICSM said the fledgling space industry is a high risk sector for investors and suppliers. He said: “Last year saw a record number of private and publicly-owned planned rocket launches. A large number were either aborted long before ignition or failed to reach space – burning holes in the finances of those who have backed them or supplied parts and equipment. I would caution anyone from investing in the space industry as you need very deep pockets for when things go wrong.”

Middleton mess

The Party Pieces firm owned by the Princess of Wales Kate Windsor’s parents Carole and Michael Middleton has been bought out of administration by James Sinclair of Teddy Tastic bear Company fame. He acquired the failed firm in a pre-pack deal after it collapsed earlier this year with trading losses reported in 2021 of £286,000. Described by angry customers who vented their displeasure at the quality of the goods of Party Pieces as ‘complete tat’ and  ‘shoddy products’, as well as complaints about poor service and no refunds when goods were not delivered the firm was in a spiral of decline. Ian Carrotte of ICSM said doing the basics right is the key in running a successful business which he said appeared not to be the case in this company.

Printing debts

The printing industry’s trade publication Print Week has reported on another sorry chapter in the collapse of the Manchester Printing Group. Writing on Print Week’s website Jo Francis reported: “Former director Gavin Page owed Manchester Printers Ltd more than £300,000 via an employee loan account according to documents relating to the firm’s liquidation, which also detail a complex web of intercompany loans and debts.The statement of affairs filed by liquidators from KBL Advisory shows that Manchester Printers Ltd has a total estimated deficiency of £726,012. The firm was placed into creditors’ voluntary liquidation on 18 April. Parent Manchester Printers Group Ltd went the same way on 15 May. It has a total estimated deficiency of £578,466.”

Ian Carrotte said there are legitimate concerns about directors of firms who have a track record of failures in business. He pointed out that Francis had reported on Page’s past including being disqualified as a director at Encore Catalogue Group. He said: “ICSM now has an online service that lists the previous directorships of directors of companies. So if you as a supplier are contacted by a firm that has a new director in charge and you are not familiar with them then you can check out their past. Some directors have a string of company failures behind them but unless you are aware of their history you could be trading with a firm likely to pay their invoices on time or not at all.”

Planet of failure

The so-called ethically sustainable supermarket chain Planet Organic went into administration in April owing £12.5 million pounds to suppliers and lenders. Bioren has acquired part of the chain taking on 10 stores leaving the rest to close along with 100 axed staff. Several supermarkets had expressed an interest in buying the brand but retailer Bioren Limited decided there is still a future in the ethical market despite the cost of living crisis.

Phoenix flop

Writing in Motor Transport Chris Tindall has reported on the demise of Phoenix Worldwide Logistics or Warwickshire who went bust in March. The haulier had 29 HGVs and 29 trailers plus a massive amount of warehousing. Covid had seen the business increase as online spending by the public increased leading to more deliveries but once the pandemic ended and the public have been hit by the cost-of-living crisis business tailed off.

Mounting debts with creditors and a hefty tax bill with HMRC led the directors to decide to call in SFP Insolvency practitioners with whom they decided to wind down and close the business.

+++++++++++++++++++++++++++++++++++++
A run on a bank is unusual but now customers can withdraw their cash online instantly:

ICSM Business News: banking jitters continue as UBS rescues Credit Suisse triggering fears for business and jobs in the UK

By Harry Mottram: The collapse of two USA banks has continued to cause concerns across the banking world despite the major American finance houses feeling the worst is over. Although nobody thinks this is 2008 all over again Goldman Sachs have reduced their economic forecast for The Eurozone and the UK off the back of the crisis that has now seen the near collapse of Credit Suisse and is rescue by  the Union bank of Switzerland (UBS).

Ian Carrotte of ICSM said these were worrying days for businesses as if UBS call in the Credit Suisse loans then a lot of companies could be in trouble. Plus, he said if Credit Suisse are effectively absorbed into UBS then jobs could go in the UK plus suppliers could lose out.

Those words were prompted by news from Reuters who reported: “Credit Suisse said 16 billion Swiss francs ($17.24 billion) of its Additional Tier 1 debt will be written down to zero on the orders of the Swiss regulator as part of its rescue merger with UBS (UBSG.S), angering bondholders on Sunday. FINMA, the Swiss regulator, said the decision would bolster the bank's capital. The move reflects authorities' desire to see private investors share the pain from Credit Suisse's troubles.

On the positive side US markets have stabilised following the demise of Signature Bank and Silicon Valley Bank after jitters have been felt by First Bank, Western Alliance Bancorp and PacWest Bancop have seen falls along with JP Morgan Chase, Citigroup and Bank of America as their value fell. In the UK stock market shares have seen some recovery although commentators are holding their breath in case there’s more bad news yet to come. And with the original crisis started by the US hikes in interest rates it could mean the Bank of England will hold off raising interest rates here. It's wait and see.

+++++++++++++++++++++++++++++++++++++
It's been called a Ponzi scheme - but cryptocurrency's largest fraud was a shocker:

ICSM Business Cryptocurrency News: Following the FTX ‘Ponzi Scheme’ scandal, advocates of cryptocurrencies spin good news about the sector – but Coinbase slash jobs as crisis deepens

By Harry Mottram: Reuters have reported that Coinbase have laid off 950 workers as the market for cryptocurrencies suffers problems following the FTX scandal which lost investors millions of pounds. But last year before the scandal broke Bitcoin saw its value fall from around £30K in 2021 to about £9K in November last year according to NBC News.

The FTX scandal in which investors cash was funnelled illegally by the former founder Sam Bankman-Fried into politicians, property and sister companies has spooked the cryptocurrency industry. Forbes reported this month: “Ethereum (ETH) prices dropped another 1.4% in December to close out the year at $1,199. Bitcoin prices dropped nearly 65% in 2022, its worst annual performance since its 73% decline in 2018. Ethereum prices dropped 67.7% in 2022.

“Rising interest rates triggered crypto winter in 2022, producing a wave of bankruptcies in the crypto industry and sending the prices of most popular cryptocurrencies tumbling. Among the 10 largest cryptocurrencies by market capitalization, Tron (TRON) was the best performer with a 27% decline. Polkadot (DOT) took the hardest hit with an 83.6% price decline on the year.

“The total market capitalization of the global cryptocurrency market peaked at over $2.9 trillion in November 2021. As of the end of 2022, that market cap now stands at just $798 billion.”

Those figures speak for themselves and it is no surprise with millions of pounds of investors cash lost in 2022 there are growing calls on both sides of the Atlantic for regulation of the ‘Wild West’ industry. That is something that may well happen in the coming years but in the mean time the industry’s champions are talking up cryptocurrencies as they point to the huge swings in value in the past. Typical is  Sandra Ro, CEO of the Global Blockchain Business Council, who was reported by website Coin desk as saying: “Regroup with humility, rebuild with integrity, regain trust, rise again.”

Ian Carrotte of ICSM said that nobody should invest more than they can afford to lose in cryptocurrencies and he likened it to gambling by saying it should be a speculative hobby and not a way to earn money. “It’s an old phrase,” said Ian Carrotte, “but if something is too good to be true then it isn’t. What Bankman-Fried was promising investors was fantasy stuff – get rich quick. Some say it was a Ponzi scheme – but it’s a essentially an old fashioned fraud using the latest technology.”

+++++++++++++++++++++++++++++++++++++
There was anger in the print industry when the ADM Group demanded 180 days of credit:

ICSM Business News: print industry astonishment at ADM as the multi-national marketing firm demands 180s days of credit from suppliers

By Harry Mottram: Design, marketing and printing firm ADM Group was founded in 1992 and now has 46 offices in 33 countries more than 700 staff and works for over 800 brands worldwide. And yet despite its obvious wealth and success is demanding suppliers to grant them 180 days of credit.

The news as reported in the trade publication Print Week has caused a mixture of astonishment and anger within the industry when 30 days from date of invoice is considered the norm. ICSM’s Ian Carrotte said it was incredible that a major firm would expect its suppliers to effectively give it free loans for several weeks. He said: “ICSM has campaigned and promoted the business ethic that clients pay their bills on time – usually 30 days but it can be shorter - as it frees up cash flow for small businesses who have already had to pay up front for materials and overheads. Many will recall Carillion who insisted on 120 days of credit citing financial reasons – and we know what happened to them. Our advice is not to trade with firms that make unreasonable credit terms as it can put an impossible strain on cash flow.”

Readers of Print Week have shown their distain for the ASM’s payment terms. One commentator noted: “It appears they are relying on their suppliers to effectively bankroll the business. The bank obviously won't so the writing is printed loud and clear on the wall.” While another said: “ W Hotels, Wyndham Group, Budweiser , L'Oreal and more brands, none of whom would accept payment 180 days after their service if you stay in their room or drink their beer, many will have fair payment terms in their tender and RFQ process.”

Print Week reported the reasons given by ADM for announcing their payment terms. They said in their story: “The changes were due to be effective for all POs issued to suppliers from 1 October 2023 onwards. In the letter, ADM said that over the past several years, it had seen a clear trend of its customers requiring the group to extend its payment term.”

They quoted the letter: “To date we have tried to absorb these increases into our own working capital however the current balance we have between supplier and customer payment terms had reached a level where ADM is bearing too much of the funding burden.” It effectively implies they are doing their suppliers a favour in making them wait longer for payment – something many of the online comments find incredible. Another commentator said: “Isn't this just prolonging the inevitable that they will just run out of cash further down the line owing their suppliers even more?”

ADM mentioned a strain on its working capital which suggests they may have a problem in being paid on time by their clients and so are simply passing on the problem to their suppliers. The board of directors said it had therefore agreed that in order to rebalance the working capital profile and ensure a level playing field, it needed to increase and standardise supplier payment terms.

Ian Carrotte said this didn’t sound right as eventually the problem will arise again as the extended payment terms fail to help their short term cashflow problems. He said: “Where does it end? 320 days or even longer? It is not the way business works.”

+++++++++++++++++++++++++++++++++++++
Auditors have continued to come under scrutiny following auditing scandals:

ICSM News: Carillion’s auditor KPMG that left thousands out of pocket due to ‘poor work’ receives £21m fine (but nobody goes to jail)

By Harry Mottram: it was the scandal that rocked the construction industry and shafted thousands of  contractors, builders, suppliers and companies out of billions of pounds. The Financial Reporting Council, which regulates accountants has fined construction giant Carillion’s auditors KPMG £21 million after finding that when it vetted the company's accounts repeatedly from 2014 to 2017 it failed to spot its spiralling problems.

Ian Carrrotte of ICSM said it was a shocking report. He said: “Many of those who lost thousands of pounds will be wondering why nobody has gone to prison for such incompetence. The fine is huge by any standards but it’s small beer for the likes of KPMG.”

The BBC reported: “The FRC said Carillion, a major construction firm with around 12,000 staff, had been a very important client for KPMG and key members of its audit team which created a ‘risk to their objectivity’. It singled out Peter Meehan, a former KPMG partner who no longer works for the firm, saying he and his team had occasionally signed off audit reports before completing all of the work involved. He has personally been fined £500,000, reduced to £350,000 to reflect his co-operation with investigators. Another partner, Darren Turner, has been fined £100,000 which was reduced to £70,000 for failures in a 2013 audit. In both cases, the FRC said the men had not been dishonest, although Mr Meehan's team had occasionally made ‘intentional, deliberate or reckless’ mistakes. The regulator said the breaches undermined credibility and public trust in the auditing process.”

FRC boss Richard Moriarty said: "The collapse of Carillion had a significant and painful impact on employees, pensioners, investors, critical infrastructure projects, local communities and taxpayers.”

Ian Carrotte said it was beyond comprehension that extremely well paid professionals could be so bad at their job. He said: “And worse still KPMG tried to pull the wool over the eyes of FRC last year by misleading them about their work for Carillion like school kids pretending they’d done their homework. They were forced to pay £14m as a result. Yes Howson has a ban from being director and fines were handed out but there needs to be tougher sanctions – for what many of the suppliers believe was nothing short of criminal activities.”

+++++++++++++++++++++++++++++++++++++

Nobody likes a company when it does a phoenix

ICSM Business News: sexual harassment claims; liquidated companies; suppliers unpaid; rent owed; and terrible reviews for his night club – the life and times of a ‘latter day chancer’

_{Picture: You Tube Video - Industry Voices Alex Proud}

By Harry Mottram: Back in 2020 a businessman by the name of Alex Proud went on BBC Radio to decry the lack of support for the nighttime economy. Fair comment you might say – but he went further. Proud was candid about his history of liquidating firms and bragging that he always made sure that out of his firm’s creditors the taxman didn’t get paid. Perhaps not the wisest thing to say on national radio but the ‘latter day chancer', as one of his creditors described him to ICSM (and that was the mildest description) seems to get away with it.

As the boss of the leisure business Proud Publishing Limited that rented Starmer House in South Wales he explained to the local newspaper The Argus in 2020 that he was liquidating the company as he couldn’t make the venture in the period property pay due to a rent increase. That was denied by the landlord who said Proud’s business owed back rent and was seeking an excuse to default. It wasn’t just rent that was owed as documents in Companies House showed that Proud Publishing owed more than £275,000 to creditors.

It wasn’t the only business Proud owned that was liquidated as he had previously pulled the plug on Country House (Starmer) Limited owing £57K to the council and £70K in VAT. Real Patisserie, Brighton and Newhaven Fish Sales, Brighton Paper Round Ltd and Brighton and Hove Coaches were also listed as unpaid creditors – so much for only leaving the taxman in the brown stuff. Then there was Cabaret Club (Brighton) Limited – another one of Proud’s businesses – which was also liquidated leaving the council with an unpaid bill of nearly £20K, and Proud Brighton Limited liquidated in 2013 with a long list of creditors and unpaid invoices amounting to £851,925. While at the same time he liquidated Proud Power Limited with liabilities to more than 130 businesses and organisations of close to £2 million pounds - reported The Argus.

Add to that the widely reported in the national media allegations of sexual harassment by Proud (and denied by him) at his night club in Brighton and the picture is not one to wax lyrical about to your maiden aunt. His current night club come cabaret businesses continue in London and Brighton as Proud Cabaret Brighton offering a ‘retro supper club/cabaret set in a plush former ballroom with glittering lights and a dance floor.’ Judging by the reviews it may seem not every customer is happy since they are either rave five-star reviews where everything is wonderful or a large number of one and two star reviews listing a litany of complaints.

Whatever the merits of the business Mr Proud is nothing if not a survivor – although at who’s cost might be the question. To get his businesses through Covid he successfully applied for a series of loans and grants like many firms. To say the amounts seen in documents by ICSM are eye-wateringly high is an understatement – but then in the words of one of his creditors – he’s a ‘latter day chancer’ – or Anglo Saxon words to that effect.

ICSM’s Ian Carrotte who advises against firms granting extended credit terms to clients that may or may not be in trouble said anyone who has a history of liquidating firms that owe huge amounts of cash should be avoided.

+++++++++++++++++++++++++++++++++++++

Most top flight rugby teams are technically insolvent - and some have finally collapsed:

ICSM Business News: rugby’s financial problems continue after it's revealed the new owners of Worcester have failed to pay for the club in full and most premiership clubs are technically insolvent

By Harry Mottram: Firms that supply top flight rugby union clubs with anything from beer to beefburgers and from coach transport to printed programmes need to be cautious said Somerset based ICSM’s Ian Carrotte. The CEO of the business membership group dedicated to cautioning against late payers and fighting bad debt has viewed the near financial collapse of the elite rugby structure with growing concern.

He said: “The latest report from the administrators of Worcester Warriors reveal the new owners have failed to pay the full amount of the agreed fee with more than a million pounds unpaid. This comes after Jersey Reds, Wasps and London Irish all went bust. If you look at the league table of premiership clubs and what they owe – most are technically insolvent. Suppliers must not allow their hearts as supporters of a club to rule when they do business with them. When Worcester went bust suppliers such as food and beverage companies, printers, maintenance firms etc, were owed tens of thousands of pounds causing them major difficulties.”

Worcester’s joint administrators Julie Palmer, Julian Pitts and Andrew Hook of Begbies Traynor published a report this month showing that £1.2 million still owing by Atlas – the group set to take over the club as reported by Insolvency Insider. When the club crashed they owed around £30 million pounds. Wasps went bust owing more than £110 million, London Irish owed north of £35 million and Jersey Reds were in hock to around £3 million. All the top clubs have huge debts to service with Saracens in debt by around £40m, Exeter £10m, Quins £35m, while Newcastle, Bath, Sale, Leicester, Saints and the Cherries all owing around the same amount of £30m. The loans taken out by some clubs are aimed at increasing capacity such as Bath with their enlarged stadium plans or to increase revenue through hospitality such as Exeter’s Sandy Park Hotel.

The problems for the remaining top flight clubs just keep mounting up – not helped by having two organisations in the Premiership and the RFU who run the sport – one a domestic league and the other in charge of the rest of the pyramid structure and internationals. Those internationals are a problem for the clubs as the competitions take place during the season meaning many club players are taken out of action to play for their country. Rugby Union clubs have more players to pay than football teams and the players sustain more injuries.

Cash comes from broadcasting – a tiny amount compared to football as well as ticket sales which are hit by too few matches which also impacts on hospitality. Ground capacity at rugby stadiums are smaller than their equivalents in football with an average in the top flight of around 16,000 – and often in the Championship gates are far smaller. To be promoted from the Championship to the Premiership clubs must have a capacity of 10,000 which means expensive ground improvements which are often beyond their finances. And finally there is the legacy issue of Covid debt. Loans taken out to pay for the lockdowns and lack of games are now overdue – and they simply add to the pain. Finally poor management by owners - sometimes more interested in either asset stripping or using the clubs to boost their private businesses are a problem - as was revealed at Worcester. There Parliament's  Digital, Culture, Media and Sport Committee grilled the owners and rugby officials and exposed some dodgy practices as well as incompetence.

Ian Carrotte said it wasn’t just a problem for rugby as the football league has the same struggles as frequently the egos of the owners get carried away once in charge – buying players they can’t afford and hiking ticket prices that then drive away fans. He said: “In the past there is a long list of football clubs that have gone bust and, in most cases, have done a phoenix and reformed – and in some cases dumping the debts that caused their demise. Most people remember Accrington Stanley in the 60s but actually the list includes many of the clubs still in the league from Charlton Athletic to Newport County in the 80s amongst many others while in Scotland Glasgow Rangers went bust owing £168 million. And where are they now? Back in the top league north of the border. While their suppliers which memorably included a face painter owed £40 – were left unpaid.”

++++++++++++++++++++++++++++++++++

More news on the ICSM  New website - updated every week with stories from all business sectors including the printing and allied trades, logistics, legal and finance, plus hospitality, holidays, sales and retailing.

++++++++++++++++++++++++++++++++++
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. 

ICSM SECTORS:
1 ACCOUNTANTS, FINANCE AND LAWYERS
2 HOSPITALITY, HOTELS, TRAVEL AND HOLIDAYS
3 LOGISTICS, HAULAGE, STORAGE AND COURIERS
4 PRINTING AND ALLIED TRADES, GRAPHIC DESIGN AND MEDIA
5 RETAIL AND STORES
 
1 ACCOUNTANTS, FINANCE AND LAWYERS
 
ADMINISTRATORS APPOINTED
HIGH STREET SOLICITORS LTD    07015260
NAYLORS FINANCE LIMITED     01381758
 
COMPULSORY LIQUIDATOR APPOINTED 
RPW LEGAL LIMITED    11525608
 
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BERKELEY ASSET FINANCE LTD     10258454
CHAPMAN ADVISORY LIMITED    08251050
GPS LEGAL LIMITED     12193940
ST PAUL'S SOLICITORS LIMITED    08905122
 
CVL LIQUIDATORS APPOINTED
COLMORE PAYROLL SOLUTIONS LIMITED     13116694
KHAN LAW CONSULTING LIMITED     07696474
UK LEGAL SOLUTIONS LIMITED    13749807
 
MEMBERS VOLUNTARY LIQUIDATIONS
ABRDN JAPAN INVESTMENT TRUST PLC     03582911
AEW EUROPE ADVISORY LIMITED    04724691
BRIGHTER FINANCIAL SERVICES LIMITED     06755150
CAPITAL 1945 LIMITED     00392902
CLOVER LEGAL CONSULTANCY LIMITED     11691101
GENERAL LEASING (NO. 12) LIMITED     05452932
HALIFAX GROUP LIMITED     03474881
HGI ASSET MANAGEMENT GROUP LIMITED     08231932
HILL SAMUEL BANK LIMITED     00343544
IBOS FINANCE LIMITED     00400198
PROSPECT FINANCIAL PLANNING LTD    10477216
WOODCHESTER FUNDING LIMITED    12997646
 
PETITIONS DISMISSED
THE BRICKWORK GROUP LIMITED     10190839
 
PETITIONS TO WIND UP
CK LAW LIMITED    07163137
THE ACCOUNTANCY & TAX CENTRE LTD    06498436
 
SECRETARY OF STATE LIQUIDATION APPOINTMENT
CLARKEWOOD LIMITED    09297451
SEA CASK LTD    14133720
 
WINDING UP ORDERS
A&A FINANCIAL CONSULTANCY LIMITED    11732304
 
 
2 HOSPITALITY, HOTELS, LEISURE, TRAVEL AND HOLIDAYS
 
ADMINISTRATORS APPOINTED
BENCHMARK LEISURE LIMITED     03031801
LIMELIGHT SPORTS LTD    03700632
LUNA HOTELS LIMITED    11014036
LUXTRIPPER LIMITED     08398260
 
COMPULSORY LIQUIDATOR APPOINTED   
PONTYPRIDD CARE HOME LTD    07941729
 
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AVISTA HOLIDAYS LIMITED    04533050
BAR AND CLUB RESTAURANT LTD     09253516
BEIRUT LOUNGE NEWCASTLE LTD     11427233
FUTURE CAREHOMES LIMITED    07481014
OCEAN LEISURE LIMITED    01550263
THE ANCHOR INN FAVERSHAM LTD    14721098
THE RAILWAY HOTEL (BERKSWELL) LIMITED    05903836
 
CVL LIQUIDATORS APPOINTED
231 HOSPITALITY LTD     13181008
2020 HOTELS LIMITED    12430644
ARORA HOSPITALITY LTD    11767705
BANNER INNS LIMITED    04526783
BREW MONSTER BARS (CARDIFF) LIMITED     11971234
CONSERVATORY EVENTS LTD    12325902
EAST THURROCK UNITED FOOTBALL CLUB (2009) LIMITED     06965217
HEYFORDIAN TRAVEL LIMITED    01187887
LAWRENCE DALLAGLIO LIMITED    03362739
JR HOSPITALITY LTD     14283796
STACKABLE EVENTS LIMITED    09553719
SULLY'S CARDIFF LIMITED    13384086
TAILOR MADE TRAVEL (UK) LIMITED    06939771
THE DUKE OF YORK PUB LIMITED     04893532
 
MEMBERS VOLUNTARY LIQUIDATIONS
NEWARK INDOOR BOWLS CENTRE LIMITED    02508422
ROWVALE HOTELS LTD    05174633
THE GRAND CENTRAL HOTEL GLASGOW LIMITED    06874982
TRAVEL SCOT WORLD LIMITED    01208976
URBAN HOTELS LIMITED    04069843
WYKEN WORKING MEN`S CLUB AND INSTITUTE LIMITED    IP030930
 
PETITION DISMISSED
CHILTERN HOTEL LTD    08242343
 
PETITIONS TO WIND UP
MONA HOTELS LTD    10075624
PRIME EVENTS & TRAVEL LIMITED    13560502
RB HOTELS (MARFORD) LIMITED     11824454
RIVERSIDE TENPIN BOWLING LIMITED    07933840
 
SECRETARY OF STATE LIQUIDATION APPOINTMENT
HUNLOKE RESTAURANTS LTD    14134170
PERTH HOSPITALITY LIMITED    11991616
WESTGARTH WORKING MEN'S SOCIAL CLUB  
 
WINDING UP ORDERS
A K TRAVEL WORLDWIDE LIMITED    05370784
HAWKINS-ROW HOSPITALITY AND MEDIA LTD    11623998
 
 
3 LOGISTICS, HAULAGE, STORAGE AND COURIERS
 
ADMINISTRATORS APPOINTED
ALEX THORP TRANSPORT LIMITED     12068636
G FORCE GROUP LTD    02053424
ONTO HOLDINGS LIMITED    10479888
ONTO TECH 1 LIMITED    12715912
ONTO TECH 2 LIMITED    12715924
ONTO TECH 3 LIMITED    13198639
ONTO TECH 4 LIMITED    13198691
PHOENIX WORLDWIDE LOGISTICS LTD    02473670
W.J.CAPPER TRANSPORT LIMITED    01081887
XYZ RAIL LIMITED    02821207
 
ADMINISTRATION CREDITORS MEETING   
FLYBE LIMITED    12875147
 
COMPULSORY LIQUIDATOR APPOINTED   
EAST COAST HAULAGE LTD    12616560
 
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
A1 MERC CENTRE LTD     06145873
E ONE CARGO LIMITED    08761395
CVM EXPRESS FREIGHT LTD    08908802
GHERMAN TRANSPORT LIMITED    08152654
M&S TRAILERS LIMITED    14081473
OPTIMUS LOGISTICS LIMITED    11195103
PL LOGISTICAL SOLUTIONS LTD     11227340
RAJA TRANSPORT LIMITED     11272834
TRANSPORTED4U LTD     13980648
UK FREIGHT & LOGISTICS LTD     12813675
 
 
CVL LIQUIDATORS APPOINTED
007 STRATFORD TAXIS LIMITED    09614563
DGN LOGISTICS LTD    09856811
DIVERT TRAFFIC SOLUTIONS LIMITED    09798139
DPR TRANSPORT LIMITED    04887277
DRIVEN SPORTS CAR HIRE LTD    05041750
EUROSURV TRANSPORT LIMITED     04012353
EUROVISION LOGISTICS LTD    06401323
FREIGHT XPERTISE LTD     13879934
GANEV LOGISTICS LTD    11110349
G S COURIERS LINCOLN LTD     13677179
HARMONY LOGISTICS LIMITED    11457570
HINTLESHAM CARRIAGE COMPANY LIMITED    08421868
I & I COURIERS LTD     12211274
JACK MAJOR HAULAGE LIMITED     11495062
JDE LOGISTICS LTD     12423312
JFC TRANSPORT SOLUTIONS LTD    11267532
KALI-LOGISTICS LTD    10273773
KEDAN TRANSPORT LTD     06156098
LCB TRANSPORT AND SERVICES LIMITED     08676949
LMK TRANSPORT LIMITED    10636914
NRG TRANSPORT SERVICES LIMITED    05477602
ROSCORP LOGISTICS LIMITED    11393382
STARY HAULAGE LTD    08389215
SUTTON TRANSPORT LIMITED     03439047
THE ELECTRIC MOTORBIKE COMPANY LTD    11136345
THE TRAILER MARKET LTD    12402134
 
MEMBERS' VOLUNTARY LIQUIDATIONS
AIRSYM EXPRESS LIMITED    13635586
BLUEPRINT DISTRIBUTION LIMITED    05186737
COWLINGS TRANSPORT LIMITED    02295786
INTACT FREIGHT LIMITED    03995968
OCTAGON BOOKS (WHOLESALE) LIMITED    02876010
SYNERGY AIRCRAFT LEASING LIMITED    05550129
ZW RAIL LTD    11203091
 
PETITIONS TO WIND UP
24/7 RESCUE AND RECOVERY UK LIMITED    08215160
CHAUCER LOGISTICS LIMITED    08343763
CLINTOPIA TRANSPORT LTD    11074353
FENDALE LOGISTICS LTD     09985781
FFS (TRANSPORT) LTD    09919568
M T HAULAGE LTD     08480911
UK TRANSPORT 2019 LTD     12240964
UK TRANSLOGISTICS LTD    11665467
XPRESS SAMEDAY LIMITED    08357571
 
PETITION DISMISSED
HAPS LOGISTICS LIMITED     11620973
 
SECRETARY OF STATE LIQUIDATION APPOINTMENT
CANARY EXPRESS TAXIS AND COURIERS LIMITED     07373671
L&J GRAB & TIPPER HIRE LTD    14139355
LIBERTY COURIERS LTD     11668706
SRM LOGISTICS LTD    11895581
 
 
WINDING UP ORDERS
D.R.J LOGISTICS LIMITED     12218167
EAST COAST TRANSPORT SERVICES LIMITED    10236092
FFS (TRANSPORT) LTD    09919568
FOX COURIERS LIMITED     13440183
MIDLANDS LOGISTICS LTD    12607241
 
 
4 PRINTING AND ALLIED TRADES, GRAPHIC DESIGN AND MEDIA
 
ADMINISTRATORS APPOINTED
CMA PRODUCTIONS UK LTD    13038464
DEANPRINT LIMITED    00030846
 
ADMINISTRATION MEETING OF CREDITORS
MONUMENT PAPER BAG CO LIMITED (THE)    00481099
 
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BRANDED CREATIVITY LTD     13132759
CENTURY OFFICE EQUIPMENT (ESSEX) LIMITED    01322639
CONCEPT DISPLAY SYSTEMS (SOUTH WEST) LIMITED    02710099
GCOM COMMUNICATIONS LIMITED    09501687
GREAT YARMOUTH PRINTING SERVICES LIMITED    02785485
GLOW MEDIA GROUP LIMITED    09961357
JOHN BOLAND PRINT & RUBBER STAMP MANUFACTURERS LIMITED    01886724
MAYFAIR MARKETING RETAIL LIMITED    12317652
MEEA PRINT LIMITED    05549444
NODE MEDIA LTD     05107496
NW & P DESIGNS LIMITED     13207568
PARADOX MEDIA GROUP LTD    12422983
PEAR MARKETING LTD    12443139
PULSE PRINT AND COMMUNICATIONS LTD    08206224
RSP DESIGN SERVICES LIMITED    07286082
SHOP DISPLAY SOLUTIONS LIMITED    11030154
S.I. COMMUNICATIONS LIMITED    04325301
SOVEREIGN EXHIBITIONS & EVENTS LIMITED     08512545
UPLIFTING DESIGN LIMITED    05580113
WHITMONT PRESS LIMITED    04764813
XPERT ENVELOPES LIMITED    03833101
ZAK PLASTICS LIMITED    09812400
 
CVL LIQUIDATORS APPOINTED
ASH DESIGN (RUTLAND) LIMITED    10146316
ATOLL DESIGN LIMITED    11409902
CITY STICKERS LIMITED    06377163
CROWN MEDIA MANAGEMENT LTD    07885454
C.U.L GROUP LIMITED    03804236
CUPID CREATIVE LIMITED     07491734
FESTIVAL OF FOOD LIMITED    07062636
FLEXX LABELS LIMITED     05100806
GLOW MEDIA GROUP LIMITED    09961357
LEVEL CREATIVE MEDIA LIMITED    08375891
MARKETING POSITION LIMITED     11094169
MAC SIGNS UK LTD    06336676
MEEA PRINT LIMITED    05549444
TOTAL FRAMING LTD    10422173
SB CREATIVE DESIGN AND PRINT LIMITED     13932876
SGM PRINTING LIMITED    07920034
STILLS CREATIVE LIMITED    11897418
SWEET SHOP MEDIA LIMITED    10509919
TRUCOLOUR DIGITAL LTD    12017169
WINDOWGRAFIX LTD    09193238
WRIGHT MARKETING LTD    14352421
 
MEMBERS VOLUNTARY LIQUIDATIONS
ADEPT PUBLICATIONS LIMITED    02599610
CREATIVE PROCESS SERVICES LTD    13073457
DPS (SOUTH WEST) LTD    08534052
GRW MEDIA GROUP LTD    12243567
HEDSOR PUBLICATIONS & CONFERENCES LIMITED    00339324
PREMIER CONFERENCING LIMITED    03598056
SCA PRINT & PACKAGING SOLUTIONS LTD    10895461
SMILE PUBLISHING LIMITED    03709145
TRIO PUBLICATIONS LIMITED    01131805
 
PETITION DISMISSED
ENSIGN GRAPHIC SOLUTIONS LIMITED    05015222
 
PETITIONS TO WIND UP
ARISTA DESIGN LTD    09311247
BOOKS FOR EVERYONE    11898218
CHP PUBLISHING SERVICES LTD    13328926
CRUMPET MEDIA LIMITED    09557356
DIGITAL ARTS MEDIA LTD    13748462
HAWKINS-ROW HOSPITALITY AND MEDIA LTD    11623998
HOOPLA ANIMATION LIMITED    09201399
PULSE PRINT AND COMMUNICATIONS LTD     08206224
 
SECRETARY OF STATE LIQUIDATION APPOINTMENT
IMAGE 2 OUTPUT LIMITED    04899814
 
WINDING UP ORDERS
A & S PRINTERS
CODA PUBLISHING LTD     06532415
CONSTRUCTIVE DESIGN LTD    04443520
MEDIAMENDS LIMITED    03260419
 
5 RETAIL AND SALES
 
ADMINISTRATORS APPOINTED
CARD EXPRESS LIMITED     06899320
CARD & PARTY STORE (CASH & CARRY) LIMITED    03338435
IBP MARKETS LTD    07126254
PARKERS BAKERY LTD     14088971
PARTY PIECES HOLDINGS LIMITED    12191766
TANNER BRODIN LIMITED    01888960
 
ADMINISTRATION MEETING OF CREDITORS
VICTORIA OIL & GAS PLC    05139892
 
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ACADEMY 1 SPORTS COLLEGE EAST LTD    11260016
BEARING CENTRE (LEICESTER) LIMITED    02551157
BRIDES & MOTHERS OUTLET LTD     10525758
BROOKLANE COLLEGE INTERNATIONAL LIMITED    11856068
DRESSPLACE BRIDES & MOTHERS LIMITED     08675118
ECO FRIENDLY ENERGY LTD    12448391
EURO ANGLING LIMITED     06858483
EURO CAR TYRES LTD     10198873
FASHION COUTURE LIMITED    09544132
FISH EXPRESS LIMITED    09824283
RAYAN MINI STORE LTD     11060941
THE BUTCHER`S BLOCK ARTISAN MEATS LIMITED     11301574
 
CVL LIQUIDATORS APPOINTED
ABBEY STAIRLIFTS LTD     04128423
ALCESTER EXPRESS LIMITED     08060937
AMC FURNITURE LTD    09652599
APPLAUSESTORE MERCHANDISE LIMITED    12013524
EUROPE SUPERMARKET LTD    09511552
REGAL JEWELLERS LTD    12356836
THE HIDDEN GEM GIFT & BOUTIQUE LIMITED     12207163
THE PURPLE PET CENTRE LIMITED     05422359
TWENTY LADIES FASHION LIMITED     07482899
UK CAR TRADER LTD     11885653
 
MEMBERS VOLUNTARY LIQUIDATIONS
RIVERSIDE ART & GLASS LTD    08093668
TATA STEEL UK HOLDINGS LIMITED    05887351
YE OLDE CHESHIRE CHEESE (CASTLETON) LIMITED     07176180
 
PETITION DISMISSED
AGARI INTERNATIONAL LIMITED    11804215
SOUTHEND UNITED FOOTBALL CLUB LIMITED (THE)    00089767
 
PETITIONS TO WIND UP
LISARB ENERGY GROUP LIMITED    10791074
SILVERLANDS CASH & CARRY LTD    10545010
WEST BAY RETAIL LIMITED    08942054
 
SECRETARY OF STATE LIQUIDATION APPOINTMENTS
DELUXE PARK HOMES LIMITED     12606780
GREAT NORTHERN HOMES LTD     08366611
HUNTSMAN WINE EIS LIMITED     08692185
SHOP HERE LIMITED    11537552
STARHALL ESTATES LTD     04357265
 
WINDING UP ORDERS
HOMEWARES MARKETING LTD    08292501
MORGAN DEVERE MENSWEAR LIMITED    10476239
SYNERGY AGROSCIENCE LTD    08210815
UNIVERSAL FOODS (WHOLESALE) LIMITED    08944836

  
++++++++++++++++++++++++++++++++++++ 

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.

+++++++++++++++++++++++++++++++++++