ICSM News in Brief: Fashion Designer had £33K Covid Loan but goes bust; sharks circle Wilko; leather company teeters on the brink; and Chinese mega firms’ debts could crash the UK economy
By Harry Mottram: ICSM hasn’t seen so many liquidations for years. We have to go back to the Credit Crunch of 2007-2008 when there were similar numbers. The London Gazette has published figures that show in Q2 this year there were 5,240 creditors’ voluntary liquidations (CVLs), 637 compulsory liquidations, 409 administrations and 56 company voluntary arrangements (CVAs) in England and Wales. Those are pretty bad figures with a rise year on year of close to 10% with the vast majority being CVLs, while in Scotland the situation was worse. Interestingly in Northern Ireland where the province benefits from being in the UK and the EU in effect in terms of business there was an improvement.
Fashion designer leaves massive debts
Dresser to the stars and Strictly Come Dancing contestant Julien Macdonald’s fashion company has gone bust owing hundreds of thousands of pounds. The firm has estimated assets of £123,789 and debts of £720,901 according to a statement of affairs filed last month including a £33,333 bounce-back loan owed to Barclays.
Alan Coleman, of liquidation company FTS Recovery said: "Due to the loss and under-performance of several key contracts, including its main UK retail licensee, along with a previously growing licensee based in the United States, which severely impacted cashflow, the company is now in liquidation. The cashflow issues were compounded by general inflationary costs, which impacted on all aspects of the business."
The media have been filled with accounts of his glamorous life dressing the likes of Beyoncé, Kylie Minogue and Jennifer Lopez but he’s sacked the staff and left his many suppliers high and dry.
Ian Carrotte of ICSM said: “It’s a case that just because someone appears on TV and have their photos taken with pop stars doesn’t mean you should extend credit terms for them. ICSM understands the liquidators are trying to sell off the assets but once again it’s the unsecured creditors who will lose out along with the staff.”
Wilko’s fate in the balance
Potential buyers of collapsed garden and household retailer Wilko have been given a deadline of August 16th to come up with an offer for all or some of the 400 shops. Some 12,500 jobs hang in the balance as the high street chain continues to trade despite have been placed in administration last week. As predator buyers circle the troubled firm like sharks, media reports suggest private equity firms Alteri and Gordon Brothers may be interested in buying the troubled outfit that began trading back in 1930.
Critics have commented that the firm is either a victim of the changes in shopping habits or of poor management with the owners taking huge dividends and pay-outs despite massive losses. Others point to rivals like B&M and The Range offering similar products at lower prices implying something was wrong in the buying department.
Ian Carrotte of ICSM said the tragedy is a retailer like Wilko will have hundreds of suppliers – many of which could end up with unpaid invoices.
Leather firm in trouble
Pittards in Yeovil who have been making leather gloves (hence the town’s footballers are called The Glovers) since 1826, are teetering on the brink. They have filed a notice of intention to appoint administrators although this is yet to happen as suppliers, staff and investors wonder who will buy the company which has moved much production to Ethiopia in East Africa. An attempt to raise cash to keep the business ticking over failed in July leaving its future in doubt.
Ian Carrotte of ICSM said that Somerset once had a huge leather glove and leather shoe industry but over the decades the sector had declined.
A spokesperson from Pittards said: "On 8 August 2023 Pittards filed a notice of intention to appoint administrators to provide protection against creditors whilst a buyer for the business and assets is sought.”
China Syndrome
ICSM has covered previously the concerns over the debt problems of the vast Chinese property empire called Evergrande which owes £370 billion to its lenders. The company is so large however to use the old phrase ‘it’s too big to fail’ as if it does it will take down a major chunk of the Chinese economy and banking system. Somehow it is being propped up – almost certainly by the Beijing government that would lose face and much more if it goes under.
Now it is the turn of another Chinese property company to struggle with debt. Country Garden owes around £200 billion to lenders and suppliers and is teetering on the brink of collapse. It all adds to a growing crisis for the one-party state that has held power by delivering prosperity to its 1.4 billion inhabitants after the poverty of the past. Another headache for the country is the shadow banking sector with Zhongzhi funding outfit amongst others in trouble. They have defaulted to investors already and are up to their necks in debt due to the near collapse of the property sector.
All of this may sound of no interest to us in the UK but Chinese firms own around £150 billion pounds worth of Britain’s assets. From stakes in Hinkley C nuclear power station, Heathrow Airport and Thames Water to owning a string of private colleges and schools and plenty of real estate in London. If the Chinese economy goes into recession – and it is close to doing so - then this country would take a hit if those UK assets turned to dust – and as usual the suppliers to those many Chinese owned organisations may not get paid.
Runners and Riders
Below is a list of firms who have hit the skids - there are five sections:
1 ACCOUNTANTS, FINANCE AND LAWYERS
2 HOSPITALITY, HOTELS AND HOLIDAYS
3 LOGISTICS, HAULAGE AND COURIERS
4 MEDIA, DESIGN, PRINTING AND ALLIED TRADES
5 VARIOUS AND SUNDRY BUSINESSES
1 ACCOUNTANTS, FINANCE AND LAWYERS
ADMINISTRATORS APPOINTED
HANCOCKS SOLICITORS (A PARTNERSHIP)
PENSION ADVICE SPECIALISTS LIMITED 10828883
THE COVENTRY AND RUGBY HOSPITAL COMPANY (HOLDINGS) LIMITED 04129835
COMPULSORY LIQUIDATOR APPOINTED
CANDOR LAW LLP OC358028
RPW LEGAL LIMITED 11525608
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
QUADROS FINANCIAL SOLUTIONS LIMITED 10385824
MOREGREEN CAPITAL LIMITED 10633746
NICHE INDEPENDENT FINANCIAL ADVISERS LIMITED 05303093
NWJ LEGAL LIMITED 12365850
RELIANCE SOLICITORS LIMITED 09751592
UK HOME INVESTMENTS LIMITED 11118768
LIQUIDATORS APPOINTED
BROWNS SOLICITORS (BUCKINGHAMSHIRE) LTD 08804286
D.C. FINANCIAL LIMITED 03025481
DENNING LEGAL LIMITED 08312822
PML ACCOUNTING LIMITED 06198697
MEMBERS VOLUNTARY LIQUIDATIONS
AGILE ACCOUNTING SERVICES LTD 06162849
BLACK HORSE FINANCE MANAGEMENT LIMITED 03961947
CERITER INVESTMENTS 1 LTD 13639758
CRAFT FINANCIAL CONSULTING LTD 09063820
IMI RETIREMENT SAVINGS TRUST LIMITED 02655104
MVAL ADVISORY LTD 11944210
OPUS ADVISORY LTD 09397275
SMILEY'S INVESTMENTS LIMITED 01892278
STAR FINANCIAL SYSTEMS LIMITED 06995881
RICHARD ARNOLD FINANCIAL MANAGEMENT LIMITED 04172559
RIVERSIDE FINANCIAL GROUP LIMITED 06805442
WOODFALL WEALTH CONSULTANCY LIMITED 09059423
PETITIONS TO WIND UP
NOKES & CO LIMITED 07058647
RHJ DEVONSHIRE LIMITED 11613636
THE ACCOUNTANCY & TAX CENTRE LTD 06498436
WINDING UP ORDERS
A&A FINANCIAL CONSULTANCY LIMITED 11732304
ACCOUNTING SUPPORT SERVICES LIMITED 13658707
RC STRATFORD DEBT LLP OC419450
YOUR MORTGAGE BROKER (CARDIFF) LTD 07986727
2 HOSPITALITY, HOTELS AND HOLIDAYS
ADMINISTRATORS APPOINTED
COPPER HOUSE BARS LIMITED 11640068
HERBIVORE RESTAURANTS LTD 11013817
MICHAEL PAUL HOLIDAYS LIMITED 04829605
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BIMBLE INNS LTD 09667009
BLACK BULL HOTEL LIMITED 09254138
CHARLIE TAVERNS LTD 08940027
DCS (EAST MIDLANDS) LIMITED 04908856
DOLPHIN HIGH WYCOMBE LIMITED 11885574
EGTON HOTELS LIMITED 12397973
HOLCOMBE INNS LTD 12288902
PEEK LEISURE LIMITED 07524401
SUBLIME TRAVEL LIMITED 05889459
VENTURA LEISURE LIMITED 09116352
LIQUIDATORS APPOINTED
BLACKMORE VALE TOURISM AND DEVELOPMENT COMPANY LTD 05818819
CHEAP COST HOLIDAYS TRANSPORT LTD 11027086
CITY & STADIUM TRAVEL LIMITED 08884108
CYRIL'S TEAROOM & VINTAGE EMPORIUM LTD 09501800
EXACT TRAVEL & TOUR LIMITED 09143765
FISHERS TAVERNS LIMITED 12156005
EGTON HOTELS LIMITED 12397973
HIGH ROYDS SPORTS AND SOCIAL CLUB LIMITED IP28161R
MGK LEISURE LIMITED 01837803
MARINA BAY HOTEL LIMITED 10122150
MULLINS BRASSERIE LIMITED 07283828
PEEK LEISURE LIMITED 07524401
TANGERINE HOSPITALITY LIMITED 13365320
TOURACAR LIMITED 04948868
MEMBERS VOLUNTARY LIQUIDATIONS
HQ THEATRES & HOSPITALITY HOLDINGS LIMITED 12219697
NEWARK INDOOR BOWLS CENTRE LIMITED 02508422
THE CARLISLE PINEGROVE HOTEL LIMITED 04881555
PETITIONS TO WIND UP
MG HOTELS & RESORTS LTD 06035322
PAX TRAVEL LIMITED 01350317
ZAMS HOTELS & HOSPITALITY LTD 13226200
WINDING UP ORDERS
PAX TRAVEL LTD 01350317
3 LOGISTICS, HAULAGE AND COURIERS
ADMINISTRATORS APPOINTED
100+ LOGISTICS LIMITED 04741281
ALLIANCE TRANSPORT TECHNOLOGIES LTD 10955739
MOTO UK DISTRIBUTION LIMITED 09524709
KENYON ROAD HAULAGE LIMITED 03167420
KENYON ROAD HAULAGE LIMITED 03167420
PHOENIX WORLDWIDE LOGISTICS LTD 02473670
T & L PERKINS HAULAGE LIMITED 05803604
ADMINISTRATION CREDITORS MEETING
FLYBE LIMITED 12875147
KEYAIR LIMITED 04259157
COMPULSORY LIQUIDATOR APPOINTED
ALLSEAS GLOBAL PROJECT LOGISTICS LIMITED 09635807
EAST COAST HAULAGE LTD 12616560
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
A&NP LOGISTICS LTD 12129207
ADA TRUCKING LIMITED 09852701
ALL WHITE CARRIAGE COMPANY LIMITED 07653435
BA UK TRANSPORTS LTD 11398950
BURTON SAMEDAY COURIERS LIMITED 04600934
CARDSWORLD LIMITED 04442102
CALEDONIAN INTERNATIONAL LIMITED T/AS BRITANNIA MOVERS OF BUCKS AND HERTS; BRITANNIA MOVERS OF EDINBURGH; BRITANNIA MOVERS OF GLASGOW 05206929
CARNFORTH CARAVANS & TRANSPORT LTD 12523599
CELTIC HAULAGE LTD 12406881
DAB COURIERS LTD 12857502
DALE FLEET LOGISTICS LIMITED 09221153
DALE PHOTOGRAPHIC LIMITED 04518689
DALES LIVESTOCK TRANSPORT LIMITED 09049549
DMZ TRANSPORT LTD 10583803
EAST RIDING TRANSPORT LIMITED 09597322
GGC LOGISTICS LTD 11916489
GREEN ROCK MEDIA LIMITED 06662565
JNL DELIVERY SERVICES LIMITED 05764363
JONES COURIERS LIMITED 11677532
KAPI TRANSPORT LTD 10712632
KRONOS COMMUNICATIONS LTD 04325767
LINNEY REFRIDGERATED TRANSPORT LTD 09955489
LOCHMARINE FREIGHT SERVICES LTD 07838075
LOGISTICS AND MANUFACTURING RECRUITMENT LIMITED 03074296
MIDLAND CONSTRUCTION MANAGEMENT LOGISTICS LIMITED 11621156
PATRICK NICHOLLS TRANSPORT LTD 11036521
PHANTOM TRANSPORT LIMITED 11859585
QUARTERMAINE DISTRIBUTION LTD 12586495
RELIANT COURIERS LTD 10859767
STREEKS TRANSPORT AND RECOVERY LTD 07581305
V & T LOGISTICS LTD 10761379
WHEELCHAIR FRIENDLY TAXIS LTD 09296760
LIQUIDATORS APPOINTED
ABY LOGISTICS UK LTD 12148611
AIRPORT OPERATIONS LIMITED 12380589
AMA TRANSPORTERS LIMITED 08941189
ANG TRANSPORT LIMITED 11020231
BESPOKE UK LOGISTICS LTD 10436655
CELTIC HAULAGE LTD 12406881
DISTRIBUTION DELIVERY SERVICES LIMITED 11536839
DMZ TRANSPORT LTD 10583803
N. PARKINSON TRANSPORT LTD 11504085
ESPRIT LOGISTICS SOLUTIONS LIMITED 12224611
ECOM COURIERS LTD 10475749
FIRST AND LAST COACHES LTD 06478782
GOWERS HAULAGE LIMITED 09393185
GREAT HAULAGE LIMITED 10321735
KNB DISTRIBUTIONS LTD 11378743
KSL LOGISTICS LTD 11636333
LILA INTERNATIONAL LOGISTICS LTD 11690862
LOGISTICS (TEESSIDE) LIMITED 04218095
LAKO LOGISTIC LTD 07933570
M&M SIGN SOLUTIONS LTD 09141174
MACHINE MOVERS SOUTH WEST LIMITED 12393050
MAGIC MARKETING (G.B.) LIMITED 02553584
MATTY PARKER LOGISTICS LTD 12520285
MEDIA SHED PUBLISHING LIMITED 07109525
MEWA DISTRIBUTION (UK) LIMITED 12659849
MT TRANSPORT LOGISTICS LTD 11944837
PCS LOGISTIC PARTNERS LIMITED 07863179
STREEKS TRANSPORT AND RECOVERY LTD 07581305
SRB LOGISTICS LIMITED 09765568
TRANSPORT83 LTD 09749200
UK LOGISTICS SERVICES LTD 10016581
V & T LOGISTICS LTD 10761379
YELLOW LAB LOGISTICS LTD 09554482
MEMBERS' VOLUNTARY LIQUIDATIONS
DFDS TRANSPORT LIMITED 07810714
PETITIONS TO WIND UP
HAULAGE AND DISTRIBUTION SERVICES LTD 08489150
HEMLEY INTERNATIONAL LTD 06706535
JK DISTRIBUTIONS LIMITED 11667454
J R TRANSLOGISTICS LIMITED 10482286
LIBERTY COURIERS LTD 11668706
MINIBUSES 4U LTD 08372748
SUNBIRD LOGISTICS SOLUTIONS LIMITED 09200928
PETITION DISMISSED
PEPIS TRANSPORT LTD 09911639
WINDING UP ORDERS
APK PLANT & TRANSPORT LTD 12508111
CBAS LOGISTICS LTD 09447025
FREIGHT MEDIA LIMITED 09757258
HAYWARD TRANSPORT LIMITED 07221285
MIDLANDS LOGISTICS LTD 12607241
MINIBUSES 4U LTD 08372748
ONE WORLD LOGISTICS (UK) LIMITED 10504120
PAYCOCKE LOGISTICS LTD 13107991
R&A TRANSPORT LIMITED 12382068
4 MEDIA, DESIGN, PRINTING, AND ALLIED TRADES
ADMINISTRATORS APPOINTED
AXIOM MARKETING SERVICES LIMITED 00544939
BRIAN CLEGG (EDUCATIONAL PRODUCTS) LIMITED 01082541
CAVALIER MARKETING LIMITED 02295824
DEANPRINT LIMITED 00030846
FLEXTRUDE LIMITED 06450195
GARENNE SHOPFITTING LIMITED 03851743
JAMESON PRINT FINISHERS LIMITED 03546736
LIGHT SOURCE DESIGN LIMITED 04111628
LOW&BEHOLD MARKETING SERVICES LIMITED 06852655
ROCHE DESIGNS LIMITED 03356682
T G STAMPING AND MACHINING LTD. 06839629
UNION PAPERTECH LIMITED 05838827
ADMINISTRATION MEETING OF CREDITORS
MONUMENT PAPER BAG CO LIMITED(THE) 00481099
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ALPHA DESIGN SERVICES LTD 09163744
ARMUSE SALES & MARKETING LTD 12185942
BERKELEY BUSINESS FORMS LIMITED 02477382
CAVALIER LABELS LIMITED 03629924
DIGITAL BRAINS MARKETING LIMITED 09485991
ESTBURY DESIGN LIMITED 09213970
FIZZ EQUINE MARKETING LIMITED 06452592
FURY FILMS LTD 09934306
GLOW ARTS LIMITED 13409319
HCM (COMMERCIAL PRINTERS) LTD 03216013
JAYSEV MEDIA LTD 11883401
LANGFORD PRINTERS LTD. 06766583
LEGEND COMMUNICATIONS LIMITED 12559962
LONG EATON CRAFT & DESIGN COMPANY LIMITED 11212342
MANCHESTER PRINTERS LTD 07976936
MSG MEDIA LIMITED 07343176
MYWEB2PRINT LIMITED 11086017
MZS MARKETING LTD 11761897
PERSONAL CANVAS PRINTS LTD 11996637
PRINT DESIGNS (WILMSLOW) LIMITED 03266514
SJC MEDIA LTD 11750466
SIGNATURE PRINTING LIMITED 08601950
SINTON PROMOTIONS LIMITED 04924822
STYLE & STAGE LONDON LIMITED 11582539
THE BERKSHIRE DESIGN COMPANY LIMITED 08441849
THE SIGNAGE & GRAPHIC INSTALLATION COMPANY LIMITED 11954005
TRENTSIDE DESIGN LTD 10339933
UX DESIGN LABS LTD 12478451
LIQUIDATORS APPOINTED
ABACUS OFFICE SUPPLIES LTD 13269780
A.C.W. DESIGN LIMITED 03147354
ANGLEBURY PRESS LIMITED 06673432
ARTISTS CARDS LIMITED 01406666
BOX PRINTS LTD 09288738
BREAK POINT PR LIMITED 10883981
DAN JOHNSON CREATIVE LIMITED 07670809
DATATEL MEDIA COMMUNICATIONS LIMITED 04646806
DE LACEY FINE ART LTD 11052587
DESIGN 2 PRINT (LLANDUDNO) LIMITED 02600994
DESIGN PROMOTION AND MARKETING SERVICES LIMITED 05429200
DRIVENMEDIA LTD 09736989
GINGERNUT MARKETING LTD 08942468
FLIGHT MARKETING SERVICES LTD 12250220
FROZEN FISH DESIGN LIMITED 06960548
HADLEY DESIGN ASSOCIATES LIMITED 01729092
HILLSIDE PRINTING SERVICES LIMITED 03266441
HUD MEDIA LTD 08444845
ICON DESIGN & PRINT LIMITED 07163291
JUNGLE.MARKETING LTD 09353422
KCC DESIGN LIMITED 09817461
KZ CREATIVES LIMITED 12071569
INTERFIT PHOTOGRAPHIC LIMITED 05804494
KIHL MEDIA LIMITED 07921698
MANTRA COPYWRITING LIMITED 05573861
M PRINT SOLUTIONS LTD 08012626
MSR DIGITAL DESIGN LIMITED 12500158
MZS MARKETING LTD 11761897
OYSTER PRESS LIMITED 10227399
PJA PROMOTIONS LIMITED 03250203
PRINT DESIGNS (WILMSLOW) LTD 03266514
PREMIER BY DESIGN LIMITED 04677111
PURE TREE DESIGN LTD 09926097
REDTREE PRINT SOLUTIONS LTD. 05513045
RESIN8 CRAFT SUPPLIES LIMITED 09286727
SOUTH COAST MARKETING LIMITED 12176333
T.W.PARKER(PAPER)LIMITED 00496399
TMAX MEDIA LTD 07726664
WAVE DESIGN LTD 02160065
WELLINGTON PRESS (C & R MURRAY) LIMITED 00497295
WISE OWL MARKETING LIMITED 06327736
ZARA NEWS LIMITED 12054083
MEMBERS VOLUNTARY LIQUIDATIONS
AKW COMMUNICATIONS LIMITED 11682156
BANK OF IRELAND DIRECT MARKETING LIMITED 02476161
BDS DESIGN LIMITED 11493586
BEECHMORE BOOKS LTD 10696135
BOURNEMOUTH CARTONS LIMITED 00754704
BRIGGS SIGNS LIMITED 05048504
GWFUDGE DESIGN LIMITED 07959636
MJ AVIATION LIMITED 06363650
OLYMPIA DESIGNS LIMITED 10947389
PJB DESIGN CONSULTANCY LTD 11809247
RACHEL CLARKE DESIGN & WEB LIMITED 07529409
ROBERT YOUNGPRINT LIMITED 01768892
PETITION DISMISSED
ENSIGN GRAPHIC SOLUTIONS LIMITED 05015222
MULTIBRANDS INTERNATIONAL LTD 03680871
PETITIONS TO WIND UP
BILLYBOARD MARKETING LIMITED 09063504
BLUE MARKET LIMITED 11201325
DECADE MEDIA AGENCY LTD 12205828
WINDING UP ORDERS
SUO MEDIA LIMITED 11248282
ZAR MEDIA LIMITED 11447275
5 VARIOUS AND SUNDRY BUSINESSES
ADMINISTRATORS APPOINTED
ATLAS BUILDING & CIVIL ENGINEERING LIMITED 03546359
ASSET ACADEMY LTD 12363263
CHARWORTH HOMES LIMITED 10351441
DAVID’S BRIDAL UK LIMITED 08036012
GROWELL HORTICULTURE LIMITED 02862671
MALTINGS DEVELOPMENTS BURTON ON TRENT LTD 10795266
PARTY PIECES HOLDINGS LIMITED 12191766
PLANET ORGANIC LIMITED 03826282
YORK GIN COMPANY LIMITED 10028664
ADMINISTRATION MEETING OF CREDITORS
VICTORIA OIL & GAS PLC 05139892
COMPULSORY LIQUIDATOR APPOINTED
BLUEBIRD BOATS LIMITED 03510621
FRANCE SHOPPING LTD 11876185
RUTHERFORD CANCER CARE LIMITED 10680302
HOWARD JONES GROUP LTD 12266316
SAA CONSTRUCTION LIMITED 11850541
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
CONSTRUCTION SOUTHERN LTD 09621699
KIDDIMOTO LTD 04904347
HEALTHY WOMEN (WOKINGHAM) LIMITED 06382274
TEACHERS FIRST LIMITED 12780276
THE OAK PIONEER PUB COMPANY LIMITED 07631087
THE WOBURN BRASSERIE LTD 11263263
LIQUIDATORS APPOINTED
ASPIRE CARE (UK) LIMITED 06376272
CHERITON (SW CARE) LTD 11450584
FINCHALE TRAINING COLLEGE 02526862
FORTITUDE FOSTERING COMMUNITY INTEREST COMPANY 12763829
FOSSE BANK SCHOOL 02924705
FRITHSDEN CONSTRUCTION (SOUTH WEST) LTD 07728636
HARVEY COACH BUILDERS LIMITED 04440928
I.S FOODS MIDLANDS LTD 10459588
LAKESIDE SPAS LIMITED 08663550
LIGHT FREIGHT COMMERCIALS LTD 07126187
LES ENFANTS PRIVATE DAY NURSERIES LTD 04449759
LONG EATON CRAFT & DESIGN COMPANY LIMITED 11212342
MOTORING MARKET LTD 11943433
SPORTSMAXX LTD 09600607
THE OLD ELTHAMIANS RUGBY XV LIMITED 08971097
THE OLD BREWERY (ASHBOURNE) LIMITED 09848974
MEMBERS VOLUNTARY LIQUIDATIONS
ADV PROMOTIONAL SERVICES LIMITED 05798676
ARROW DIGITAL MARKETING AGENCY LIMITED 12281327
BARRY RAILWAY ENGINEERING COMPANY (BRECO) LIMITED 07074554
C.M.C. EQUIPMENT (UK) LIMITED 02922112
DOWNING COLLEGE (REGENT STREET) LIMITED 04317780
EMISSION ENGINEERING LIMITED 07150509
ESSENCE ENERGY LIMITED 09361149
HANLEY HOMES LIMITED 04187245
R.M. REFRIGERATION & AIR-CONDITIONING LIMITED 04619209
VALLEY FALLS LTD 07186813
PETITION DISMISSED
PBC WHOLESALE MEATS LTD 12392719
SOUTHEND UNITED FOOTBALL CLUB LIMITED(THE) 00089767
PETITIONS TO WIND UP
BELLEVUE HOMES LIMITED 05677801
BRITANNIC FOODS (UK) LIMITED 05921956
SILVERLANDS CASH & CARRY LTD 10545010
SKYTRAIN-AIRLINES LTD. 07400558
TOWERS-YELLAND CONSTRUCTION LTD 12395684
WINDING UP ORDERS
FUJAIRAH OIL AND GAS UK LLC FC009587
HEART OF THE HOME KITCHENS LTD 08011560
HENNESSY BUILDING COMPANY LIMITED 10272411
LYNCH PIN CONSTRUCTION LTD 12033111
THE SAPPHIRE COMMUNITY GROUP LIMITED 11406574
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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
About ICSM Credit
ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.
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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk