Welcome to our Newsletter
Business has a lot to put up with Liz Truss crashing the economy, double digit inflation, rocketing energy bills and hikes in interest rates. So the last thing firms need are late payers or worse still customers who don't even pay. And that's where ICSM comes in with our credit intelligence, in depth credit information on all business sectors, informed industry knowledge, micro debt service, free legal letters, debt collection department and above all inside information from our members on firms in trouble.
Collectively ICSM has saved members hundreds of thousands of pounds in recent months by alerting them to potential bad debts - and for the price of a tank of diesel for a sole trader or the self employed - joining is an investment that pays off - particularly during such difficult times.
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 then ICSM’s debt collecting service can help. Led by Paul Carrotte our debt collection service successfully brings in tens of thousands of pounds for members every year. We use diplomacy, patience and adhere to strict industry standards in order to make sure you are paid without upsetting your client. If you have a problem debt contact Paul on 0844 854 1850.
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.)
Times are tough but anyone in business knows that this country has been through much worse and if you can survive this year then you will prosper in the future. Keep on keeping on.
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 All old reports saved prior to December 2019 will be deleted as they are obviously out of date.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
++++++++++++++++++++++++++++++
NEWS
++++++++++++++++++++++++++++++
ICSM Business News: Hammersmith’s Riverside Studios collapses into administration while other venues struggle
By Harry Mottram: The actors’ trade publication The Stage, has revealed that the Hammersmith venue in London for the performing arts has entered administration. Matthew Hemley reported: “Riverside Studios is to enter administration, with the trust behind the Hammersmith-based venue blaming the "significant burden" of debt incurred by its recent redevelopment. However, the Riverside Trust, which has run the venue since 1983, insisted that the venue would continue to trade under administration while a new buyer was found to take on ownership of the arts venue.”
The Stage has reported that the venue will remain open while a new owner is looked for with the current line up of shows to take place.
Ian Carrotte of ICSM said they understood there was more than a two million pound overspend last year. He said: “Few businesses can withstand that sort of loss but as part of the cultural scene in London it is hoped that a new buyer can be found. At ICSM we are concerned that the venue’s suppliers do not lose out as they are usually the first casualty when things go wrong.”
Like so many businesses venues whether cinemas, arts complexes and theatres have struggled with historic debt and the knock-on effects of the Cost-of-Living Crisis, the Covid shutdowns and the hikes in energy prices which have hit them hard. In 2020 Nuffield Southampton Theatres went bust citing those very same problems while in the movie sector Cineworld remains in danger in this country after its American owners hit the buffers went bankrupt last year with some £5 billion worth of debt. The knock-on effect could see 129 cinemas across the UK close with thousands of jobs lost and the many suppliers to the movie theatres left with nothing.
Previously several theatres have collapsed into administration due to a number of factors. Cuts from arts funding groups such as local councils and programmes that don’t attract enough tickets sales are two common ones. A theatre can pay its way for a year on one big production such as a pantomime which sells to packed houses for a month or more – but it has been known from theatre managers to take a snobbish view of traditional shows in favour of more experimental productions that don’t sell so well. The Northcott Theatre, The Brewhouse Theatre and the Epstein have all gone bust in the past along with the Leicester Haymarket Theatre, Southport Theatre and Convention Centre, Artrix – the arts centre in Bromsgrove.
++++++++++++++++++++++++++++++
ICSM Insolvency News in Brief: Bridal chain falls flat; inflation remains in double figures; large legal firm crashes; huge rise in firms going bust; packaging firm falls into administration
By Harry Mottram: The numbers of businesses going bust continues to rise as a toxic mixture of inflation, high interest rates and an economic slowdown forces more firms to shut up shop. Companies House has released March’s statistics revealing there was a total of 2,457 registered company insolvencies across England and Wales with a 9% rise in creditors voluntary liquidations year or year, 288 compulsory liquidations – that’s 50% up – administrations up 12% and company voluntary arrangements 44% hike compared to March 2022. The total numbers represent a 16% rise in insolvencies year on year in England and Wales, and a 21% increase in Scotland. Northern Ireland is the only part of the UK where business failures have fallen.
The UK arm of a USA bridal firm that has gone bust has fallen into administration. The bridal fashion chain David's Bridal, has 150 staff and a small number of stores in England but hopes to keep trading while a new owner is found. In a crowded market the American business has been hit by the usual problems of debt, a falling demand for fashion and clothing and dare we say a drop in the numbers getting hitched.
Printing billions of pounds better known as Quantitative Easing to stimulate is one of the reasons being blamed on inflation staying stubbornly in double figures. The latest figure is 10.1% for March. It’s the reason why there are so many strikes as workers demand their wages keep abreast of rising prices and a rise in business closures. The Consumer Prices Index from the ONS shows household bills such as utilities has risen by 26.1% with food and drink at 19.1% with restaurants and hotels seeing an 11.3% hike. Many of the kitchen staples such as milk, cheese and sugar have seen far higher rises – so it is no surprise household spending is down. With interest rates pushing up loan repayments and mortgages there is no disguising the problems in the economy – including the enemy of business: inflation.
The largest legal outfit in London is reported to be on the verge of entering administration. Formed 150 years ago, The Ince Group LLP (formerly known as Gordon Dadds Group) employs 700 staff and is yet to publish its financial reports for last year. It is reported in company Rescue that its accounts had been in a protracted audit, and it was in talks with the taxman and a lender over its future. Based in Aldgate the company the firm has held a fire sale of some of its companies and has blamed a cyber attack for causing many of its problems.
ICSM has many printing and packing firms as members. It has seen a huge change in the print industry as paper products have become less popular with the rise of the internet. Packaging however has seen a boom. Which is why eyebrows have been raised on the news that FRP Advisory are seeking a buyer for iTEC Packaging. The packaging company fell into administration this month with liabilities of £16.3 million pounds having made a pre-tax loss of £1.5 million in 2021. The UK firm with plants in Chester-Le-Street and Mansfield specialise in plastic packaging.
++++++++++++++++++++++++++++++
ICSM Business News: concerns mount as more US banks see share prices collapse in what is ‘a 21st century problem that leaves all banks vulnerable’
By Harry Mottram: The Treasury has moved to reassure customers of British banks that their money is safe following the news of continued turmoil in the USA banking sector.
"The UK banking system remains safe, sound and well capitalised," said a member of the Treasury last week in order to calm fears. They added the collapse of banks in America was "a matter for US authorities".
The comments came on the back of the collapse of the Silicon Valley Bank and the Signature Bank last month which caused a knock-on effect hitting Credit Suisse which in turn had to be rescued by UBS in Switzerland.
Whether the UK is immune from the bank runs is open to question despite the assurances of the Treasury but there are concerns mounting once again as this week shares in California-based PacWest plunged 50%, while Western Alliance also tumbled nearly 40%. The US Treasury Department said it was monitoring developments "closely" and “the banking system has substantial liquidity and deposit flows are stable.”
ICSM’s Ian Carrotte said members of the credit intelligence group that seeks to prevent late payment and insolvencies were always wary of statements by the authorities about the liquidity of banks. He said: “Many of us can recall the run on the Northern Rock bank in the day – people including those with business accounts queued up to get their cash out like in the film It’s A Wonderful Life. Now I understand the recent liquidity problems has been caused by customers able to withdraw or move money from accounts online in a matter of minutes. The word gets round thanks to the internet and before you know it millions of dollars are shifted to other banks. It’s a 21st century problem – in the old days the banks would close their doors so money couldn’t be taken out. The practice is handy on the day to day workings of a business but it can in those circumstances leave all banks vulnerable.”
The average SME has more than £100,000 in banking funds – which is higher that the £85,000 limit guaranteed by the Financial Services Compensation Scheme in the event of a bank going bust.
++++++++++++++++++++++++++++++
ICSM Print Industry News: packaging firm teeters on the brink of collapse, plus a recent list of insolvent print, events and media companies
By Harry Mottram: Media reports suggest a Derbyshire based packaging company is set to enter administration costing 40 jobs. Ian Evans of the Business Desk website reported on May 4: “Thermoform was established by Dennis and Doreen Perks in 1973. Originally a light engineering company, the Ashbourne firm gradually moved into the vacuum formed packaging industry over the next decade, investing in the first TFT thermoforming machine in the UK in 1983.” And he added that the company based at Ashbourne has posted its first Notice of Intention (NOI) to appoint administrators on 19 April – giving it some protection from creditors and added a second one last week. He said: “Accounts made up to 31 July 2022 show Thermoform owed its creditors just over £2m, and in turn was owed almost £1.7m.”
Ian Carrotte of ICSM said that firms can only post two NOIs before they lose protection from creditors are either enter administration or return to normal trading.
In another development in the print industry the troubled Sterling Financial Print company has been acquired by The Color Company in a pre-pack deal. Writing in the Print Week website Jo Francis reported: “Printweek understands that a downturn in London IPO work hit the firm’s performance, and as a result SFP's directors called in Moorfields Advisory to look at options for restructuring and a sale of the business.”
Moorfields told Jo Francis: “Whilst there was initial interest in a solvent sale, a satisfactory solution could not be found and a sale of the business was completed via a pre-packaged sale out of administration.”
++++++++++++++++++++++++++++++
ICSM Opinion: reflections on fashionable business sectors that rise and fall like the dot-com bubble as new media Vice and Motherboard collapse
By Harry Mottram: Remember the dotcom bubble? When dot-com firms saw their value increase making the owners paper millionaires in the late 1990s only for the inevitable crash to come at the turn of the century. Driven by an economic fashion or "temporary insanity" as Sir John Templeton saw it as lenders and banks began to invest heavily in the emerging online companies as the World Wide Web became commercially viable for entrepreneurs to create new businesses. The insanity was that most of the firms had no business plan and could never make a profit in an untried market. Few succeeded and many lost millions – the more savvy (or cynical) entrepreneurs ensured they sold their shares or companies as soon as they peeked in value and walked away with wads of cash. They left behind them the suppliers who were unpaid, the lenders nursing their losses and the staff with no jobs or pay packets.
With the collapse of Vice and Motherboard it seems we don’t learn from the past. Hailed as the future of new media by none other than Rupert Murdoch Vice made its name with so-called ‘edgy’ programmes merging social media, video, news and film that would appeal to the under 25s. Seen as the Holy Grail by advertisers as the next generation of spenders the idea was free-to-view journalism and entertainment would bring in the advertisers. The problem was that the production costs and high salaries (and even higher lifestyles) of those in charge meant the chances of making a profit were virtually nil. Yes it attracted advertising but not enough – and once again the big economic group of consumer spenders turned out to be the over 50s – not the kids.
It's a warning to all businesses who would potentially supply a new fashionable sector of industry. Only this year we have seen the collapse of the crypto currency trader FTX leaving an £8 billion pound blackhole and its CEO Sam Bankman-Fried facing jail. It was another semi-Ponzi scheme promising investors that cryptocurrencies were the future – but like all bubbles business basics were forgotten in a frenzy to get rich quick.
Back to Vice and Motherboard – USA firms seeking to supplant traditional media with a heady mix of films, events, music and documentaries. The BBC reported: “The company behind the websites Vice and Motherboard has filed for bankruptcy in the US and is set to be sold to a group of its lenders. Vice Media Group - which was valued at $5.7bn (£4.5bn) in 2017 - could be taken over for $225m. The youth-focused digital publisher said it will continue to operate during the bankruptcy process.”
Don’t hold your breath but administrators have said the companies will emerge in a few months’ time in a healthy financial state after lenders pumped in another few million to keep them going. We’ll have to wait and see on that one – but it is a cautionary tale for lenders, investors and suppliers. The advice from ICSM is as always – only trade with firms that honour your credit terms – however flash new businesses seem or famous the name (remember Debenhams) – credit control is the first rule of business.
++++++++++++++++++++++++++++++
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: BUILDERS, CONSTRUCTION, DEVELOPERS, TRADES
ADMINISTRATORS APPOINTED
CHARWORTH HOMES LIMITED 10351441
LECI CONSTRUCTION LTD 07215762
TOLENT CONSTRUCTION LIMITED 02450574
COMPULSORY LIQUIDATOR APPOINTED
ANC CONSTRUCTION GROUP LIMITED 12267862
HOWARDJONES GROUP LTD 12266316
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
CAVANAGH CONSTRUCTION LIMITED 08139619
DIAMOND FLOORING (NORTH WEST) LIMITED 03748071
E&D CONSTRUCTION LTD 10333203
ELITE DRYLINING SW LTD 09450239
FLOOD&FRENCH LTD 05364762
J.W.HUGHES BUILDING CONTRACTORS LTD 04251138
LONG`S CONTRACTING LIMITED 10515181
LSR BUILDING CONTRACTORS LIMITED 10762732
MCDAID GROUNDWORKS SOLUTIONS LTD 11109573
RICHARDS CONSTRUCTION LIMITED 02791726
LIQUIDATORS APPOINTED
BEZNICK CONSTRUCTION LIMITED 08419208
FRITHSDEN CONSTRUCTION (SOUTH WEST) LTD 07728636
HIGHLINE SCAFFOLDING LTD 12344916
JPR BRICKWORK LTD 07849999
M F PLUMBING AND HEATING LTD 10344308
SDL HOME IMPROVEMENTS & MAINTENANCE LIMITED 10021495
EDUCATION: COLLEGES, SCHOOLS, TRAINING
ADMINISTRATORS APPOINTED
BRIAN CLEGG (EDUCATIONAL PRODUCTS) LIMITED 01082541
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
HARLEQUINS NURSERY (FROME) LIMITED 11251122
LIQUIDATORS APPOINTED
888 TRAINING AND EDUCATION LIMITED 13620848
ONEFINEPLAY LIMITED 11547360
RS FIT ONLINE COACHING LTD 12861500
TRAINING FOR DYNAMICS 365 LTD. 09310597
MEMBERS VOLUNTARY LIQUIDATIONS
EVERY CHILD (ACHIEVING THEIR POTENTIAL) 11126513
PREMIERE LEARNING LIMITED 08148722
PETITIONS TO WIND UP
FLEDGLINGS DAY NURSERY (BRISTOL) LTD 06713929
R&M UTILITY & CIVIL ENGINEERING SERVICES SOUTH WEST LIMITED 07615812
THE GROVE INDEPENDENT SCHOOL LIMITED 02284423
WINDMILL HILL DAY NURSERY LIMITED 05411545
ENGINEERING: ENGINEERING CONSULTANTS
ADMINISTRATORS APPOINTED
CAM-TECH ENGINEERING (COVENTRY) LIMITED 03616014
COMPOUND PHOTONICS GROUP LIMITED 06917133
TRG WIND LIMITED 09210909
COMPULSORY LIQUIDATOR APPOINTED
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AIRCRAFT SUPPORT SERVICES LTD 09542948
AMOORENGINEERING LIMITED 10559226
SOUTH WEST SIGNALLING LIMITED 12131814
STEEL-MAC ENGINEERING LTD 09255934
LIQUIDATORS APPOINTED
BD ENGINEERING SERVICES LTD 11396206
BLEASE ENGINEERING LIMITED 05359231
BURROWS ENGINEERING (THETFORD) LTD 08002379
EUROPAC LIMITED 01356953
MCCABE CIVIL ENGINEERING AND GROUNDWORK LIMITED 13386163
XK ENGINEERING LIMITED 01870587
MEMBERS VOLUNTARY LIQUIDATIONS
EMISSION ENGINEERING LIMITED 07150509
LIBERTY COURIERS LTD 11668706
EVENTS: EXHIBITIONS, EVENTS, TRADE SHOWS
COMPULSORY LIQUIDATOR APPOINTED
WALTON CASTLE EVENTS LTD 08703149
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
LIQUIDATORS APPOINTED
AVANT GARDEN WEDDINGS LIMITED 11594543
CELEBRATION EVENTS LIMITED 08435466
CHRISTMAS PARTY NIGHTS COVENTRY LTD 11979504
IN THE PARK CONCERT LIMITED 11200345
NATIVE EVENTS LTD 09963908
PREMIERE CONFERENCING (UK) LIMITED 04337199
MEMBERS VOLUNTARY LIQUIDATIONS
B M EVENTS LIMITED 03788174
PETITIONS TO WIND UP
AZUR EVENTS LIMITED 07864588
SPHERE EVENTS LIMITED 11907333
FARMING AND FISHING: FARMS, FISHERIES, FORESTRY, MARKET GARDENING
ADMINISTRATORS APPOINTED
I D C LIMITED 03038117
KOKOBA LIMITED 06060026
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AW FARM CONSULTANCY LTD 11203993
FARRER'S AGRI LTD 11628455
HAPPY VALLEY GARDEN & TREE CARE LTD 11454624
ORGANIC PRODUCTS COMPANY (UK) LTD 09571350
PILLING SHOOT LIMITED 09918962
SURREY CHANGE LANDSCAPES LIMITED (FORMERLY STEPHEN CHARLES LANDSCAPES LIMITED) 10330797
LIQUIDATORS APPOINTED
AURA DESIGN EVENTS LIMITED 06607890
AURA DESIGN FLOWERS LIMITED 06731208
THE EVESHAM FARM SHOP LTD 11441454
PETITIONS TO WIND UP
W&A LIVESTOCK LIMITED 07218055
FOOD AND DRINK: BREWERIES, BUTCHERS, FOOD PRODUCERS, GREEN GROCERS, GROCERS
ADMINISTRATORS APPOINTED
BLUE LINE INTERNATIONAL UK LTD 12128999
BOXCAR BREWERY LIMITED 09713634
ORCHARD HOUSE FOODS LIMITED 01897751
THEDRINKSHOP.COM LIMITED 03870868
YORK GIN COMPANY LIMITED 10028664
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
RICHARDS & RICHARDS FINE WINES LIMITED 05410320
TROWBRIDGE PIZZA LIMITED 08277095
VINE`S BAKERY LTD 11426775
LIQUIDATORS APPOINTED
AMJ CORPORATION LTD 06608036
BROOKSIDE BUTCHERS LIMITED 12241164
BUTCHER ON THE BLOCK LTD 13044916
CHOC CHICK RAW CHOCOLATES LIMITED 06839951
CORNER FRUIT & VEG LIMITED 07966690
CROME FOOD TECHNICAL LIMITED 11675222
GANDER BREWING COMPANY LIMITED 11702339
G & A MEATS LTD 11918209
GREAT WAKERING FISH & CHIPS LTD 12097629
GRACE WINES (UK) LIMITED 10548831
JUICE & JAM LIMITED 10608699
NMP FOODS LTD 12351154
NORTHUMBERLAND SAUSAGE COMPANY LIMITED 07687622
S & A RESTAURANT LTD 09912626
THE GOOD RICE ITALIAN BAKERY LIMITED 11426462
THE HAPPY SANDWICH COMPANY LIMITED 11284974
TORAN INDIAN CUISINE LTD 10050623
MEMBERS VOLUNTARY LIQUIDATIONS
SARUM FOODS LIMITED 04176201
WEST MIDLAND LOOSE LEAF COMPANY LIMITED 00996896
HEALTH: CARE, DENTISTRY, HEALTH, OPTICIANS, SHELTERED RETIREMENT HOMES
COMPULSORY LIQUIDATOR APPOINTED
RUTHERFORD HEALTH PLC 09420705
RUTHERFORD CANCER CARE LIMITED 10680302
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AUSTIN D'ARCY CARE SERVICES LTD 12696425
CRG CLINICAL SERVICES LIMITED 11695172
ESSEX EMERGENCY SERVICES 2000 LIMITED 06047688
MARVELLOUS MEDICS LTD 10446066
LIQUIDATORS APPOINTED
AUSTIN D'ARCY CARE SERVICES LTD 12696425
AVON CARE LIMITED 06535148
PHARMACI LIMITED 09171352
THE HIGH STREET HYGIENIST LTD 11357107
UFIT HEALTH & PERFORMANCE LIMITED 13260000
MEMBERS VOLUNTARY LIQUIDATIONS
BEULAH LODGE REST HOME LIMITED 02134799
RB PATHOLOGY LTD 12112993
PHARMA HEALTHCARE SERVICES LIMITED 07306427
PETITIONS TO WIND UP
SUSSEX ORTHOPAEDIC CLINIC LIMITED 05619209
HOSPITALITY: BRASSERIES, BISTROS, CAFES, PUBS, RESTAURANTS
ADMINISTRATORS APPOINTED
AARTEE BRIGHT BAR LIMITED 03725308
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AQUA CROYDON MEDITERRANEAN MEZE BAR & GRILL LTD 10242502
CROCKETTS (EXETER) LTD 10653166
GEM BARS LIMITED 11884393
INTERTAIN (DINING) LIMITED 07035107
OCEANA LOUNGE LTD 12757927
SISTERS HOSPITALITY LTD 13088385
THE ARTLENOCK INN LIMITED 12459649
THE GREAT OAK CAFE LIMITED 09744573
THE RED LION AT CASTLE EATON LTD 12123880
TOPSHAM RESTAURANTS LTD 13130929
WHITE HART WELLS LTD 09643881
LIQUIDATORS APPOINTED
APS FISH RESTAURANT LIMITED 10972217
AVALON RESTAURANTS LTD 12168369
ANITA G KIVRAK T/A AMALFI RESTAURANT LTD 11872354
B.A. ITALIAN RESTAURANT LTD 11518706
BREW MONSTER BARS (CARDIFF BAY) LIMITED 12260760
CASTLE VIEW PUB CO. LIMITED 13864745
DAVANTH LEISURE LIMITED 09449758
H&H CATERERS LIMITED 09197335
JOOP LEISURE LTD 10277769
MARINA BAY HOTEL LIMITED 10122150
PARAGON HOSPITALITY LTD 11618741
PRESTIGE TORQUAY LIMITED 08540874
PROGRESSIVE INNS NW LIMITED 07829267
RING OF BELLS INN LIMITED 10619375
SUTTON GREEN INNS LIMITED 09927989
THE BULL (WALSINGHAM) LIMITED 12397250
THE GASTRO PUB & HOTEL CO LTD 11685992
THE URBAN RAJAH LIMITED 08342321
THE TOWER HOTEL (DOVERCOURT) LTD 10292918
THE VAULT BAR (BOSCOMBE) LIMITED 07215366
THE WATLINGTON FOX LTD 12499691
TWISTED INNS LIMITED 10523532
MEMBERS VOLUNTARY LIQUIDATIONS
BROWN'S INNS LIMITED 07520022
PETITIONS TO WIND UP
RESTAURANT EC3 LIMITED 04070086
WINDING UP ORDERS
ADVENTURES IN HOSPITALITY LTD 11243404
WOOD GREEN CHINESE RESTAURANT LTD 10346362
INFORMATION TECHNOLOGY: COMPUTER SYSTEMS, CONSULTANTS, IT SPECIALISTS
ADMINISTRATORS APPOINTED
LIVESMART U.K. LIMITED 09960434
COMPULSORY LIQUIDATOR APPOINTED
DRIVE SOFTWARE SOLUTIONS LIMITED 04442023
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
LIQUIDATORS APPOINTED
ANDERSON 5026 LIMITED 05715331
INFINET TECHNOLOGY LTD 08500797
MEMBERS VOLUNTARY LIQUIDATIONS
BDML ANALYTICS LIMITED 09522659
RMD INFORMATION SECURITY CONSULTANTS LTD 10893550
WOODRUFFE-PEACOCK LIMITED 12331125
LOGISTICS: COURIERS, HAULAGE, ROAD, RAIL, SHIPPING, STORAGE
ADMINISTRATION CREDITORS MEETING
KEYAIR LIMITED 04259157
COMPULSORY LIQUIDATOR APPOINTED
ALLSEAS GLOBAL PROJECT LOGISTICS LIMITED 09635807
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BURTON SAMEDAY COURIERS LIMITED 04600934
FRL HAULAGE LTD 10149885
LIGHTNING CARS & COURIERS LIMITED 03638810
WINTERS DAY LIMITED 05445051
LIQUIDATORS APPOINTED
28-82 LOGISTICS LIMITED 12636861
BACHEKIKO LTD 12396187
BDM COURIERS LTD 12375410
D&M HAULAGE GRIMSBY LTD 09809359
EXPRESS MOVING LTD 11016040
KDU TRANSPORT LTD 09163338
KSL LOGISTICS LTD 11636333
LIM LOGISTICS LTD 13415169
VOCE VAN HIRE LIMITED 07942843
PETITIONS TO WIND UP
CANARY EXPRESS TAXIS AND COURIERS LIMITED 07373671
LIBERTY COURIERS LTD 11668706
PETITION DISMISSED
PEPIS TRANSPORT LTD 09911639
MANUFACTURERS: MANUFACTURING, MAKERS
ADMINISTRATORS APPOINTED
ARCTIC CIRCLE LTD. 01857001
BOB & LUSH LIMITED 05022306
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
HARVEY COACH BUILDERS LIMITED 04440928
LIGHTNING CARS & COURIERS LIMITED 03638810
NEXT GENERATION FABRICATIONS LIMITED 10169854
VICTORIA HAMMOND LIMITED 08941638
LIQUIDATORS APPOINTED
G R MANUFACTURING LTD 13190468
GIFFHORN STEEL PROJECTS LIMITED 06846736
SDS STEEL DESIGN LTD 08349403
SPARKLE PR LIMITED 05934121
WESTSIDE PLASTICS LTD 11682007
MEMBERS VOLUNTARY LIQUIDATIONS
COLLEGE GAUGE AND TOOL COMPANY LIMITED 01035334
PETITIONS TO WIND UP
CABLES FANS & FITTINGS LIMITED 01399977
THERMOGLAZE UK MANUFACTURING LIMITED 11974444
MEDIA: ADVERTISING AGENCIES, DESIGN STUDIOS, MARKETING, PUBLIC RELATIONS, TV AND VIDEO PRODUCTION
ADMINISTRATORS APPOINTED
EROS INTERNATIONAL LIMITED 02382637
LIGHT SOURCE DESIGN LIMITED 04111628
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
DRAW-BRIDGE BRAND & MARKETING EXCELLENCE LIMITED 10960761
MOZZINGTON LTD 10715013
SEARCHLIGHT MEDIA LIMITED 08662398
TRENTSIDE DESIGN LTD 10339933
WOOD LAWRENCE FILMS LIMITED 08318383
UXICON LTD 08019182
WELLINGTON GRAPHIC LTD 08443495
ZENITH DESIGN SOLUTIONS LIMITED 11423299
LIQUIDATORS APPOINTED
2B DESIGN GROUP LIMITED 11143988
3D MODEL SOLUTIONS LTD 11156622
CLICK INTERNET SALES LIMITED 07729728
DJK FILM SERVICES LTD 09378100
EXPEDITE DESIGN & DELIVER LIMITED 03543839
HIGH-END GRAPHICS LTD 10986824
HUD MEDIA LTD 08444845
LOVE AD LTD 10078839
MEDIAFORCE LIMITED 07401677
PW PROMOTIONS LIMITED 09663714
SPARKLE PR LIMITED 05934121
WHITE SQUARE COMMUNICATIONS LTD 08271214
X1C MEDIA LTD 11732328
YOUNGEST MEDIA LIMITED 09838449
ZEE DESIGN LIMITED 08798829
MEMBERS VOLUNTARY LIQUIDATIONS
CST MARKETING LIMITED 08087695
EINSTEIN MARKETER LIMITED 10643681
PJB DESIGN CONSULTANCY LTD 11809247
PETITIONS TO WIND UP
DECADE MEDIA AGENCY LTD 12205828
FREIGHT MEDIA LIMITED 09757258
LONDON TAMIL MEDIA LTD 08294143
SUO MEDIA LIMITED 11248282
WINDING UP ORDERS
ZAR MEDIA LIMITED 11447275
MOTOR TRADES: NEW AND USED VEHICLES, REPAIRS, SPARES
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AUTOBAHN SPORTS AND CLASSICS LTD 11560814
A & C AUTOMOTIVE LTD 13111915
ATLAS TRANSFER PRINTERS LIMITED 02838309
BADHAM MOTORS LIMITED 13468127
CARGO HUDDERSFIELD LTD 08777592
CONWY MOTORHOMES LTD 10803380
CREATIVE ALLOY WHEELS LIMITED 10188295
GREAT HARWOOD SERVICE CENTRE LTD 11388829
LNL MOTORS (NW)LTD 11339321
LIQUIDATORS APPOINTED
ANDERSON MOTOR VEHICLES LIMITED 09521685
CONWY MOTORHOMES LTD 10803380
FOOD AND FUEL BREAK LTD 11050001
MID AUTO LTD 10963057
PETITIONS TO WIND UP
CENTRAL MOTOR GROUP LIMITED 04628342
WINDING UP ORDERS
TRUCKPOINT VEHICLE HIRE LTD. 02615208
PRINT INDUSTRIES: INK, PAPER, PAKAGING, PRINTERS, PUBLISHERS, OFFICE SUPPLIES, SIGN MAKERS, STATIONERS
ADMINISTRATORS APPOINTED
UNION PAPERTECH LIMITED 05838827
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AIMTRAC GROUP LTD 07671010
ALL SIGN SOLUTIONS LIMITED 04675840
ATLAS TRANSFER PRINTERS LIMITED 02838309
DAVID RICHARDS (PRINTERS & DISTRIBUTORS) LIMITED 01115060
PREMIER NEWS LTD 08758219
SIGNATURE PRINTING LIMITED 08601950
THE SEVERN SIGN & PRINT COMPANY LIMITED 09654371
LIQUIDATORS APPOINTED
ALL SIGN SOLUTIONS LIMITED 04675840
ANGLEBURY PRESS LIMITED 06673432
AUBERGINE PRINT LIMITED 03931911
COPYTECH LIMITED 02954959
DUFF PRESS LIMITED 06205927
GRAPHIC SUPPLY LTD 09163700
IMAGINE PUBLISHING LIMITED 11685011
NATIONWIDE FRAME SERVICES (NORTH WEST) LTD 03784819
NEW UNION MEDIA LTD 12050475
MEMBERS VOLUNTARY LIQUIDATIONS
INK DISPENSING LIMITED 06449216
ROBERT YOUNGPRINT LIMITED 01768892
THE RIGHT SORT MAILING COMPANY LIMITED 02848701
PROFESSIONALS: ACCOUNTANTS, LAWYERS, SURVEYORS
ADMINISTRATORS APPOINTED
NEMESIS BIOSCIENCE LTD 08919523
COMPULSORY LIQUIDATOR APPOINTED
BOURDON INTERCHANGE S.A.R.L B191570
CANDOR LAW LLP OC358028
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ASC (STEEPLEJACKS) LTD 10654725
MARY MONSON SOLICITORS LIMITED 06233982
RELIANCE SOLICITORS LIMITED 09751592
LIQUIDATORS APPOINTED
ATRIUM ARCHITECTURAL DESIGN & PLANNING CONSULTANTS LTD 11018359
BROWNS SOLICITORS (BUCKINGHAMSHIRE) LTD 08804286
SHORT TERM FINANCE LIMITED 05814748
THOMAS & MEIGHEN SOLICITORS LIMITED 04607509
WASH AND WATERPROOF LIMITED 08222767
WEBSTER & COMPANY (LAWYERS) LIMITED 10728253
UK DEBT ADVISORS LIMITED 11965980
MEMBERS VOLUNTARY LIQUIDATIONS
AGILE ACCOUNTING SERVICES LTD 06162849
HAINES SURVEYORS LIMITED 05729499
JURA ADVISORY LTD 11237562
PETITIONS TO WIND UP
PHILIPS LEGAL SOLUTIONS LIMITED 08118966
RPW LEGAL LIMITED 11525608
THE ACCOUNTANCY & TAX CENTRE LTD 06498436
RAG TRADE: CLOTHING MANUFACTURING, FASHION, TEXTILES
ADMINISTRATORS APPOINTED
FAST FASHION COLLECTIONS INTERNATIONAL LTD 08395475
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BEACH AND BODY LIMITED 07666524
DNM FASHIONS LTD 09781492
FASHION STREET LIMITED 08284622
FLPM UK LTD 12132114
KITFAIR LIMITED 01885317
RIVERSIDE F.M SERVICES LIMITED 11281839
SIAN MARIE FASHION LTD 11202204
ZING FASHION LIMITED 12444750
LIQUIDATORS APPOINTED
A & C WORKWEAR DESIGN LTD 05415427
A & N KNITWEAR LIMITED 05178483
HURLEY MENSWEAR LIMITED 08673066
SALES: HIGH STREET TRADES, RETAILERS, SHOPPING CENTRES & MARKETS, WHOLESALERS
ADMINISTRATORS APPOINTED
SPECIALITY STORES LIMITED 09158618
TRAIDCRAFT PUBLIC LIMITED COMPANY 01333367
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
7 DAYS SUPERMARKET LTD 10609804
BEAUTIFUL HOMES LIMITED 05465722
DOLLY BIRD STUDIO LTD 11439595
EMAX TRADING LIMITED 09967749
HAMMOND HOME AND LEISURE LIMITED 12323243
MODEX INTERNATIONAL LIMITED 10873297
OPTIMA RETAIL GROUP LTD 11820609
PUTNEY HARDWARE LIMITED 10011989
THE WOOD COMPANY (WALLASEY) LIMITED 04575007
WORLD HOME LIVING LTD 10398387
LIQUIDATORS APPOINTED
AFFORDABLE HOME STORE LIMITED 09494972
B R AGENT LTD 12473890
EMAX TRADING LIMITED 09967749
EMERGENCY LOCKSMITHS CARDIFF LTD 11284930
KITCHENOLOGY LTD. 06661953
LICHFIELD DRY CLEANERS & LAUNDRETTE LIMITED 07896956
MODEX INTERNATIONAL LIMITED 10873297
MORGANS PETS LIMITED 09348657
OMO RETAIL SERVICES LIMITED 11546223
RIPE LEISURE LTD 07039476
SURREY OIL & GAS SERVICES LIMITED 06361097
THE BICYCLE HUB LIMITED 08836195
PETITIONS TO WIND UP
G.A. INTERNATIONAL LTD 12033186
WINDING UP ORDERS
FRANCE SHOPPING LTD 11876185
HEAVEN DRYCLEANERS LIMITED 06709477
M & N CASH AND CARRY LTD 07446250
XPRESS HALF PRICE FURNITURE LTD 11954887
TIME OUT: BEAUTY, CLUBS, ENTERTAINMENT, HOLIDAYS, HOTELS, LEISURE, SPORTS, TRAVEL, TOURS
ADMINISTRATORS APPOINTED
COVENTRY CITY OF CULTURE TRUST 09808960
GETSETGO! FAMILY CLUBS LIMITED 11329117
COMPULSORY LIQUIDATOR APPOINTED
MARINA BAY HOTEL LIMITED 10122150
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BAILDON LEISURE LTD 12587651
BOOTCAMP PILATES LTD 07308576
CHRISTMAS PARTY NIGHTS COVENTRY LTD 11979504
CWRT BLEDDYN HOTEL & SPA LIMITED 05290511
DESTINATION POP-UP LIMITED 12967014
GLOW ARTS LIMITED 13409319
MARTIN'S SUPPER CLUB LIMITED 08802941
MINI GP RACING LTD 12337935
SUBLIME TRAVEL LIMITED 05889459
THE GREEN JERSEY CC LTD 11789344
LIQUIDATORS APPOINTED
ACT FITNESS LIMITED 07934528
H3 PERFORMANCE LIMITED 08098739
LEO TRAVELS LTD 11297069
LUDUS FITNESS LIMITED 09430529
NORFOLK STREET HOTEL & RESIDENCE LIMITED 10642659
ROYAL NAVAL CLUB AND ROYAL ALBERT YACHT CLUB LIMITED 08803953
SOUTH STREET CLUB LIMITED 09712255
THE BATH YOGA CENTRE LIMITED 08711748
WESTBROOK CLUB LTD 10591477
WOODHAM COUNTRY CLUB LTD. 09118960
MEMBERS VOLUNTARY LIQUIDATIONS
WOODLEY SPORTS CENTRE LIMITED 05478120
PETITIONS TO WIND UP
PAX TRAVEL LIMITED 01350317
WINDING UP ORDERS
AFRICA SHIPPING SERVICES LIMITED 09944469
LEBANESE WELFARE COMMUNITY LIMITED 03268803
UTILITIES: ELECTRICITY, ENERGY, GAS, INFORMATION TECHNOLOGY, PHONES, POWER, RECYCLING, TELECOMMUNICATIONS, WATER
ADMINISTRATORS APPOINTED
VALLEY WASTE/RECYCLING LIMITED 09540829
COMPULSORY LIQUIDATOR APPOINTED
TIMOR SEA OIL AND GAS LIMITED 09275037
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AG TYRE RECYCLING LIMITED 10559419
AKT RECYCLING SERVICES LIMITED 12130815
HYDROTECH UTILITIES LIMITED 10107349
K N TELECOMMUNICATIONS LTD 11027948
LIQUIDATORS APPOINTED
ACTIVATE ENERGY LIMITED 07202382
GAS SOLUTIONS (SOUTHERN) LTD 07711980
GOOD ENERGY DEVELOPMENT (NO.7) LIMITED 08719457
GOOD ENERGY LANYON SOLAR PARK (011) LIMITED 08529895
K N TELECOMMUNICATIONS LTD 11027948
MINI GP RACING LTD 12337935
PETITION DISMISSED
SOLARYM ENERGY SPV38 LTD 11867961
PETITIONS TO WIND UP
COPIA METALS LIMITED 10904820
ELLIPSE ENERGY LIMITED 07628574
++++++++++++++++++++++++++++++
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.
++++++++++++++++++++++++++++++
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.