ICSM Newsletter for September 2023 with news of recent insolvencies and much more
Welcome to our Newsletter
There's no getting away from the fact that things have been tough for many in business in the three or so years with the Covid Crisis, lockdowns, hikes in interest rates, high inflation and even the China problem. ICSM is here to help firms avoid bad debts and late payers - and sadly debt is what has dragged many a company down as the levels of insolvencies has hit record levels. You have to go back to the Credit Crunch of 2008 to find so many firms going to the wall. However with strong credit control and a refusal to allow customers to take longer than your payment terms businesses can safeguard against the worst happening.
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 - and keep abreast of news from ICSM with weekly updates and features.
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
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NEWS
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ICSM Print Industry Insolvency News
By Harry Mottram: the first sign of trouble in a company is when your pay cheque bounces and isn’t paid at the end of the month. Or when a supplier says they won’t leave reception until they have been paid for invoices long overdue. Just as bad is when the people who usually come in to service the photocopier arrive and simply take it away. All the signs are there for a company that’s about to go bust.
Staff not paid
The trade publication Print Week have reported that workers at Marlan Products in Rochdale have not been paid since June. Writing on the publication’s website Jo Francis penned: “The employee said that on 3 August insolvency practitioners from FRP Advisory were appointed at the business, and all the employees – understood to be around a dozen – were made redundant. FRP is also handling the administration of sister company Futurama, which went into administration in May.”
The firm – a PFI Group subsidiary - has said the group was being restructured into three Print, Signage and Retail parts. Jo Francis continued: “The employee said that on 3 August insolvency practitioners from FRP Advisory were appointed at the business, and all the employees – understood to be around a dozen – were made redundant. FRP is also handling the administration of sister company Futurama, which went into administration in May.”
Clearly something has gone wrong as not only have the staff not been paid for weeks but the landlord was taking action to evict the business over unpaid rent with Signmaster left high and dry as a creditor when the sister business Futurama went bust in May. Futurama collapsed after it was revealed it needed at least £6m just to survive. Ian Carrotte of ICSM said he understood there was a lack of financial control at the firm and noted that Futurama was in trouble prompting two suppliers to issue winding up orders after they were left with tens of thousands of pounds of unpaid invoices.
Thomas Dornan goes bust
Founded in 1848 it is finally the end for printing business Thomas Dornan after Christopher Lawton and Gary Lee, partners at Begbies Traynor, were appointed as joint administrators in June. Sadly nobody came forward to buy the firm and so the various assets were put up for sale including, “including Konica Minolta, Roland DG, Epson, Heidelberg, MBO, and Horizon, plus paper and vinyl stock, other warehouse kit including trollies and pallet trucks, and various office furniture.”
Print Week said the company specialised in litho, digital, and large-format printing and these items and many others would go on sale by auction with Eddisons on 18 August.
Notice of intention filed
BCQ Group has filed a Notice of Intention to Appoint Administrators on August 4 in Birmingham amid speculation the long-standing family firm could soon be under new ownership reports Print Week. The publication said the firm had hit the buffers although there was a rescue deal in the offing this month.
Jo Francis reported that the firm’s Chris Knowles said: “BCQ is not in administration, but has filed a Notice of Intention to Appoint Administrators. Like many other businesses in the print sector, BCQ was significantly impacted by the pandemic, leading to increased debt and market adjustments. Despite this, BCQ remains EBITDA positive, and continues to trade while it works to secure BCA’s future through restructuring.”
The Buckingham firm had planned to restructure with a CBILS loan ‘under a new commercial mortgage, cut costs, and sell some assets’. However these plans failed once the level of debt was revealed and it became impossible to make the firm a success with its 113 workers.
Tragically the firm that began back in the troubled 1970s as Busiprint and later the Buckingham Colour Group has survived the recessions of that decade, those of the 1980s and early 1990s and the credit crunch of 2008 only to stumble before Covid dealt a final blow. Now however the firm has been saved and has been bought by William Pollard & Company of Exeter, a long-established family firm that was established in 1781. The firm trades as Pollards and is still owned by members of the Pollard family penned Jo Francis for Print Week.
She wrote: “Pollards is about half the size of BCQ in terms of turnover. Its holding company posted sales of £4.85m in the year to 31 March 2022, and made an operating profit of £586,297. It had 54 employees. The firm’s assets include investment property and freehold land and buildings valued at nearly £5m. A new company, Bidco 123 Ltd, was set up on 10 August. Its directors are Pollards managing director Dave Mace and operations director John Drew.”
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ICSM Insolvency News in Brief
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.
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ICSM's all electric not good news
By Harry Mottram: with the news that Tata could build a new electric car battery factory at the former Royal Ordnance Factory (ROF) site at Puriton in Somerset and the sale of electric cars is on the up (still a modest percentage compared to traditional petrol powered vehicles) you’d think that the Government’s planned banning of new diesel and petrol models in 2030 is on schedule. Think again. Locals have seen interest in the ROF site near Bridgwater wax and wane over the years and although Tata have made a statement of intent to build the £4 billion pound factory (helped by £500 million pounds of tax-payers’ cash) many a slip can take place before a shovel is pressed into the Somerset soil.
British Volt is testament to that after the Blythe based factory went bust earlier this year without a single brick being laid on the Northumberland site. Australian outfit Recharge Industries, a subsidiary of Scale Facilitation, bought British Volt but has itself run into trouble. Police have raided its offices in Australia over financial inconsistencies which hasn’t breathed confidence into the project that was supposed to create thousands of jobs in the North. The fields of Blythe where all this work heralded by the Government is supposed to take place remains a haven for wildlife.
The ongoing political wranglings over ULEZ after the Tories held Uxbridge in a byelection suggest that the 2030 deadline for carbon powered cars may yet be put back despite Gove’s assurances. Politicians like to back winners which is why the Labour Party is having an existential crisis over the subject while the Conservatives realise there are still votes in the internal combustion engine. The war in Ukraine has seen a sea change in the way Westminster views North Sea Oil as economic reality hits home. Oil is once again seen as good - despite the benefits of renewable energy sources.
But like all emerging industries there are dangers as the new kids on the block battle it out to see what makes a profit and what works. In Devon electric car rental firm Exeter’s EV Co-Cars has fallen into administration in July giving suppliers the jitters as firms like these were supposed to be the future. The British consumer is not gullible. They have seen the bad publicity surrounding the fires associated with battery powered vehicles including the one on the cargo ship off the Netherlands this month caused by over heated batteries. There is the small matter of the cost of replacing an EV battery of around £12k after only 100,000 miles and the fact it’s hard to plan a journey if there aren’t enough recharge points.
Ian Carrotte of ICSM said suppliers to the new manufacturers of electric car batteries should not be seduced by hype generated by the futuristic industry. He pointed to the fact that many suppliers to British Volt had their fingers burnt when the firm collapsed owing millions and they should be wary of any publicity surrounding similar projects – especially where not a single battery has been sold and the ROF site in Somerset continues to attract wildlife rather than GB pounds.
He said: “Stick to your normal credit terms – and don’t allow late payment when dealing with the new EV sector – and don’t take notice of the line ‘we’re the future so get on board now’ if they don’t pay their invoices on time – or at all.”
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Who has gone bust lately?
Runners and Riders
Below is a collated list taken from the Government’s London Gazette of various businesses who are experiencing problems in the last few weeks. It is not a completely comprehensive listing but gives most of those who have hit the rocks.
We have broken them into different sections to make it easier to see and we have included the company number in each case.
1 ACCOUNTANTS, FINANCE AND LAWYERS
ADMINISTRATORS APPOINTED
CITY CREDIT CAPITAL (UK) LIMITED 04343251
FIDO FINANCE LIMITED 09385075
HANCOCKS SOLICITORS (A PARTNERSHIP)
HIGH STREET SOLICITORS LTD 07015260
MCE INSURANCE LIMITED 01232753
MICHAEL CULSHAW & CO LIMITED 06251242
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
VOLGA INVESTMENT LTD 10995062
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
JWS BUSINESS RECOVERY LIMITED 09132173
QUADROS FINANCIAL SOLUTIONS LIMITED 10385824
MOREGREEN CAPITAL LIMITED 10633746
NICHE INDEPENDENT FINANCIAL ADVISERS LIMITED 05303093
NWJ LEGAL LIMITED 12365850
RCO FINANCIAL SOLUTIONS LIMITED 10711221
RELIANCE SOLICITORS LIMITED 09751592
UK HOME INVESTMENTS LIMITED 11118768
UK LEGAL SOLUTIONS LIMITED 13749807
LIQUIDATORS APPOINTED
BROWNS SOLICITORS (BUCKINGHAMSHIRE) LTD 08804286
D.C. FINANCIAL LIMITED 03025481
DENNING LEGAL LIMITED 08312822
INDEPENDENT LEGAL ADVICE SERVICES LTD 11600852
PML ACCOUNTING LIMITED 06198697
PREMIER SOLICITORS LLP
MEMBERS VOLUNTARY LIQUIDATIONS
AGILE ACCOUNTING SERVICES LTD 06162849
BLACK HORSE FINANCE MANAGEMENT LIMITED 03961947
BLUEFIN INSURANCE GROUP LIMITED 03251684
CANDLE FINANCING LIMITED 05164222
CERITER INVESTMENTS 1 LTD 13639758
CRAFT FINANCIAL CONSULTING LTD 09063820
ELVET MORTGAGES 2018-1 PLC 11479178
IMI RETIREMENT SAVINGS TRUST LIMITED 02655104
FINANCIAL SERVICES CULTURE BOARD 09278255
LLOYDS BANK GENERAL LEASING (NO. 11) LIMITED 05452927
LLOYDS BANK PENSION TRUST (NO. 1) LIMITED 00121965
MEDCO FINANCE LIMITED 07317157
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 DISMISSED
THE BRICKWORK GROUP LIMITED 10190839
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
SAVE MY TAX LTD 08325528
YOUR MORTGAGE BROKER (CARDIFF) LTD 07986727
2 HOSPITALITY, HOTELS, TRAVEL AND HOLIDAYS
ADMINISTRATORS APPOINTED
BURRY PORT MARINA LTD 10225502
COPPER HOUSE BARS LIMITED 11640068
EASTCHURCH HOLIDAY CENTRE LIMITED 09324146
EMPIRE CINEMAS LIMITED 05585003
HERBIVORE RESTAURANTS LTD 11013817
MICHAEL PAUL HOLIDAYS LIMITED 04829605
PSM LONDON LIMITED 11546129
PORT DINORWIC MARINA LTD 10547576
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ALCYONE HEALTHCARE NORTH EAST LTD 07150325
AVISTA HOLIDAYS LIMITED 04533050
BARON LEISURE AND HOSPITALITY LTD 10742666
BIMBLE INNS LTD 09667009
BLACK BULL HOTEL LIMITED 09254138
BOATMANS BAR AND GRILL LTD 12388476
CHARLIE TAVERNS LTD 08940027
C&C ENTWISTLE LIMITED 10646509
CRISTO INVESTMENTS LTD 11687452
D & G SEDDON LTD 12209759
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
BANWELL CHILLIES LIMITED 12838326
BLACKMORE VALE TOURISM AND DEVELOPMENT COMPANY LTD 05818819
CENTURION RESTAURANT (NO1) LTD 13145739
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
FURQAN TRAVEL LTD 07651659
EGTON HOTELS LIMITED 12397973
HIGH ROYDS SPORTS AND SOCIAL CLUB LIMITED IP28161R
L&S TRAVEL SOLUTIONS LIMITED 06899812
MGK LEISURE LIMITED 01837803
MARINA BAY HOTEL LIMITED 10122150
MULLINS BRASSERIE LIMITED 07283828
PEEK LEISURE LIMITED 07524401
SHAME HOSPITALITY LTD 11485167
TANGERINE HOSPITALITY LIMITED 13365320
THE CLIFTON INN LTD 11535226
THE TAUNTON CIDER COMPANY LIMITED 09543590
TOURACAR LIMITED 04948868
MEMBERS VOLUNTARY LIQUIDATIONS
ABRIL GALLERY OF CONTEMPORARY ART LIMITED 03846226
GOLDRING HOTELS LIMITED 03345521
HQ THEATRES & HOSPITALITY HOLDINGS LIMITED 12219697
NEWARK INDOOR BOWLS CENTRE LIMITED 02508422
THE CARLISLE PINEGROVE HOTEL LIMITED 04881555
THANET WELL CARAVAN PARK LIMITED 03302134
PETITIONS DISMISSED
CHILTERN HOTEL LTD 08242343
PETITIONS TO WIND UP
ART HOTELS UK LIMITED 05333248
EASTCHURCH HOLIDAY CENTRE LIMITED 09324146
FAIRWAYS HOTEL PORTHCAWL LTD 13922684
MG HOTELS & RESORTS LTD 06035322
PAX TRAVEL LIMITED 01350317
ZAMS HOTELS & HOSPITALITY LTD 13226200
WINDING UP ORDERS
A K TRAVEL WORLDWIDE LIMITED 05370784
BLUEWATER INNS LIMITED 11047641
PAX TRAVEL LTD 01350317
PERTH HOSPITALITY LIMITED 11991616
TRAVELRAMA LIMITED 06969470
3 LOGISTICS, HAULAGE, STORAGE AND COURIERS
ADMINISTRATORS APPOINTED
100+ LOGISTICS LIMITED 04741281
ALLIANCE TRANSPORT TECHNOLOGIES LTD 10955739
CROSS TRANSPORT LTD 07122175
GREEN 2 DELIVERY LTD 13779256
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
TUFFNELLS PARCELS EXPRESS LIMITED 00319964
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
ANYTIME EXPRESS TRANSPORT LIMITED 11882936
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
DAL COURIERS LTD 07867240
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
GRIFFITHS MARKETING AND LOGISTICS LIMITED 09090029
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
OPTIMAL-UK LOGISTICS LTD 09812048
PATRICK NICHOLLS TRANSPORT LTD 11036521
PHANTOM TRANSPORT LIMITED 11859585
PROBE TRANSPORT SOLUTIONS LTD 04933416
QUARTERMAINE DISTRIBUTION LTD 12586495
RELIANT COURIERS LTD 10859767
SPEEDY TRANSPORT COURIERS LIMITED 12815601
STREEKS TRANSPORT AND RECOVERY LTD 07581305
V & T LOGISTICS LTD 10761379
WHEELCHAIR FRIENDLY TAXIS LTD 09296760
LIQUIDATORS APPOINTED
A B COURIER LIMITED 12489154
ABY LOGISTICS UK LTD 12148611
AIRPORT OPERATIONS LIMITED 12380589
AMA TRANSPORTERS LIMITED 08941189
AME LOGISTICS LIMITED 10685793
ANG TRANSPORT LIMITED 11020231
AREENA TRANSPORT LIMITED 08154766
BAYLES COURIER SERVICES LIMITED 11517717
BESPOKE UK LOGISTICS LTD 10436655
BESMAK LOGISTICS LTD 12737512
CELTIC HAULAGE LTD 12406881
C D PARKINSON TRANSPORT LTD 09444730
DAL COURIERS LTD 07867240
DISTRIBUTION DELIVERY SERVICES LIMITED 11536839
D & M HIAB & HAULAGE LIMITED 10020407
D F TRANSPORT LIMITED 08231868
DMZ TRANSPORT LTD 10583803
D. N. PARKINSON TRANSPORT LTD 11504085
EAST RIDING TRANSPORT LIMITED 09597322
ESPRIT LOGISTICS SOLUTIONS LIMITED 12224611
ECOM COURIERS LTD 10475749
FIRST AND LAST COACHES LTD 06478782
GOWERS HAULAGE LIMITED 09393185
GREAT HAULAGE LIMITED 10321735
HUDDERSFIELD PALLETS LIMITED 08687968
KA HAULAGE LTD 08925493
KNB DISTRIBUTIONS LTD 11378743
KSL LOGISTICS LTD 11636333
LILA INTERNATIONAL LOGISTICS LTD 11690862
LOGISTICS (BRIGHTON) LTD 13787372
LOGISTICS (TEESSIDE) LIMITED 04218095
LAKO LOGISTIC LTD 07933570
LUSH MODELS X LTD 13016215
LUX TRANSPORT SERVICES LIMITED 10831966
M&M SIGN SOLUTIONS LTD 09141174
MACHINE MOVERS SOUTH WEST LIMITED 12393050
MAGIC MARKETING (G.B.) LIMITED 02553584
MATTY PARKER LOGISTICS LTD 12520285
MARTINDALE TRANSPORT LIMITED 12018645
MEWA DISTRIBUTION (UK) LIMITED 12659849
MNE TRANSPORT LIMITED 08890228
MT TRANSPORT LOGISTICS LTD 11944837
PCS LOGISTIC PARTNERS LIMITED 07863179
R&E COURIERS LIMITED 11897930
RIJ TRANSPORT LTD 12443375
STANLEY AND SONS (EAST MIDLANDS) LIMITED 11415730
STREEKS TRANSPORT AND RECOVERY LTD 07581305
SRB LOGISTICS LIMITED 09765568
TRANSPORT83 LTD 09749200
UK LOGISTICS SERVICES LTD 10016581
V & T LOGISTICS LTD 10761379
WILLIAMS TRANSPORT & STORAGE LTD. 12610674
YELLOW LAB LOGISTICS LTD 09554482
MEMBERS' VOLUNTARY LIQUIDATIONS
DFDS TRANSPORT LIMITED 07810714
EPAX TRANSPORT LIMITED 02805235
ELLERMAN HARRISON CONTAINER LINE LIMITED 01228309
INTACT FREIGHT LIMITED 03995968
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
WILLIAMS HAULAGE (WIRRAL) LIMITED 11867027
PETITION DISMISSED
HAPS LOGISTICS LIMITED 11620973
PEPIS TRANSPORT LTD 09911639
WINDING UP ORDERS
APK PLANT & TRANSPORT LTD 12508111
CBAS LOGISTICS LTD 09447025
FREIGHT MEDIA LIMITED 09757258
HAYWARD TRANSPORT LIMITED 07221285
LOGISTICS (BRIGHTON) LTD 13787372
MIDLANDS LOGISTICS LTD 12607241
MINIBUSES 4U LTD 08372748
ONE WORLD LOGISTICS (UK) LIMITED 10504120
PAYCOCKE LOGISTICS LTD 13107991
R&A TRANSPORT LIMITED 12382068
RB&GL LOGISTIC LTD 12591737
4 PRINTING AND ALLIED TRADES, GRAPHIC DESIGN AND MEDIA
ADMINISTRATORS APPOINTED
ART PROJECTS FOR SCHOOLS LIMITED 03578098
AXIOM MARKETING SERVICES LIMITED 00544939
BRIAN CLEGG (EDUCATIONAL PRODUCTS) LIMITED 01082541
CAVALIER MARKETING LIMITED 02295824
DAVID MASON (DESIGN) LIMITED 00713316
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
REGENT ENVELOPES (SALES) LIMITED 12198952
REGENT ENVELOPES LIMITED 02157170
T G STAMPING AND MACHINING LTD. 06839629
UNION PAPERTECH LIMITED 05838827
ADMINISTRATION MEETING OF CREDITORS
GARENNE SHOPFITTING LIMITED 03851743
MONUMENT PAPER BAG CO LIMITED(THE) 00481099
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ADRIAN DESIGN LTD 06869774
ALPHA DESIGN SERVICES LTD 09163744
ARMUSE SALES & MARKETING LTD 12185942
BERKELEY BUSINESS FORMS LIMITED 02477382
CAVALIER LABELS LIMITED 03629924
DALESGATE EXHIBITIONS LIMITED 03431493
DIGITAL BRAINS MARKETING LIMITED 09485991
EARTH TREE FILM AND CREATIVE LTD 11511696
ESTBURY DESIGN LIMITED 09213970
FIZZ EQUINE MARKETING LIMITED 06452592
FURY FILMS LTD 09934306
GLOW ARTS LIMITED 13409319
HCM (COMMERCIAL PRINTERS) LTD 03216013
H&W MEDIA LIMITED 12235652
JAYSEV MEDIA LTD 11883401
JSS OFFICE INTERIORS LIMITED 11939625
LANGFORD PRINTERS LTD. 06766583
LEGEND COMMUNICATIONS LIMITED 12559962
LOCAL LIFE MEDIA SOLUTIONS LTD 09614360
LONG EATON CRAFT & DESIGN COMPANY LIMITED 11212342
MANCHESTER PRINTERS LTD 07976936
MEDIASHORE LIMITED 04122759
MICHAEL LEACH DESIGN LIMITED 03980388
MSG MEDIA LIMITED 07343176
MYWEB2PRINT LIMITED 11086017
MZS MARKETING LTD 11761897
NO 8 DESIGN LIMITED 10099416
PERSONAL CANVAS PRINTS LTD 11996637
PRINT DESIGNS (WILMSLOW) LIMITED 03266514
PRINTERS PARTS & SUPPLIES LTD 04518364
RARE DIGITAL MARKETING LIMITED 09969369
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
WHITMONT PRESS LIMITED 04764813
LIQUIDATORS APPOINTED
ABEK MEDIA LIMITED 10592166
A & P EVENTS LIMITED 12321936
A & S PRINTERS
ABACUS OFFICE SUPPLIES LTD 13269780
A.C.W. DESIGN LIMITED 03147354
ANGLEBURY PRESS LIMITED 06673432
ARTISTS CARDS LIMITED 01406666
BRAINSTORM STRATEGY LTD 10830382
BLIND PIG MEDIA LIMITED 10511816
BOX PRINTS LTD 09288738
BREAK POINT PR LIMITED 10883981
CRAFT MARKETING LTD 13328237
CRAVE PR & MARKETING LTD 12927489
CREATIVE EDGE DESIGN LIMITED 03555276
DAN JOHNSON CREATIVE LIMITED 07670809
DATATEL MEDIA COMMUNICATIONS LIMITED 04646806
DE LACEY FINE ART LTD 11052587
DESIGN & PRINT@RAS LIMITED 07143649
DESIGN 2 PRINT (LLANDUDNO) LIMITED 02600994
DESIGN PROMOTION AND MARKETING SERVICES LIMITED 05429200
DRIVENMEDIA LTD 09736989
FLIGHT MARKETING SERVICES LTD 12250220
FROZEN FISH DESIGN LIMITED 06960548
GINGERNUT MARKETING LTD 08942468
GINGER THE ART OF PRINT LIMITED 07365716
GLAMZOO MEDIA LIMITED 10889383
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
MEDIA SHED PUBLISHING LIMITED 07109525
M PRINT SOLUTIONS LTD 08012626
MJC MARKETING LTD 09057374
MSR DIGITAL DESIGN LIMITED 12500158
MZS MARKETING LTD 11761897
MYWEB2PRINT LIMITED 11086017
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
THE COPY CENTRE (2020) LLP OC430900
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
XPRESS DESIGN AND PRINT LIMITED 07285743
ZARA NEWS LIMITED 12054083
MEMBERS VOLUNTARY LIQUIDATIONS
ANDREW PARDOE DESIGN LIMITED 06526361
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
LIBERTY PRINTERS (AR AND RF REDDIN) LIMITED 02920033
MJ AVIATION LIMITED 06363650
OLYMPIA DESIGNS LIMITED 10947389
PJB DESIGN CONSULTANCY LTD 11809247
RACHEL CLARKE DESIGN & WEB LIMITED 07529409
ROBERT YOUNGPRINT LIMITED 01768892
SPRINGBOARD MARKETING LIMITED 02681867
STASS PUBLICATIONS LIMITED 07559925
THE HUB PR & MARKETING LIMITED 05094148
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
PI MEDIA LIMITED 12453777
ZEPHYROS DESIGN LTD 11113219
WINDING UP ORDERS
A & S PRINTERS
SUO MEDIA LIMITED 11248282
ZAR MEDIA LIMITED 11447275
5 MISCELLANEOUS BUSINESS SECTORS
ADMINISTRATORS APPOINTED
ASSET ACADEMY LTD 12363263
BEACONSFIELD FOOTWEAR LIMITED 00641365
BIRKDALE MANUFACTURING GROUP LIMITED 07241206
CASABLANCA CLOTHING LIMITED 11677606
CHARWORTH HOMES LIMITED 10351441
CHICHESTER STONEWORKS (2014) LIMITED 08921225
DAVID’S BRIDAL UK LIMITED 08036012
EGERTON LODGE LIMITED 02120551
EXTERGEO INDUSTRIES LTD 10657145
GROWELL HORTICULTURE LIMITED 02862671
MALTINGS DEVELOPMENTS BURTON ON TRENT LTD 10795266
MONTEZUMA'S CHOCOLATES LIMITED 03946858
PARTY PIECES HOLDINGS LIMITED 12191766
PLANET ORGANIC LIMITED 03826282
RIDDLESWORTH HALL PREPARATORY SCHOOL LIMITED 04011003
SCHOOL MILK UK LTD 11817682
SLACK & PARR (INVESTMENTS) LIMITED 00147954
YORK GIN COMPANY LIMITED 10028664
ADMINISTRATION MEETING OF CREDITORS
COLORADO ENERGY LIMITED 11042663
VICTORIA OIL & GAS PLC 05139892
COMPULSORY LIQUIDATOR APPOINTED
BLUEBIRD BOATS LIMITED 03510621
FIT KITCHEN LIMITED 09446763
FRANCE SHOPPING LTD 11876185
RUTHERFORD CANCER CARE LIMITED 10680302
HOWARD JONES GROUP LTD 12266316
PONTYPRIDD CARE HOME LTD 07941729
SAA CONSTRUCTION LIMITED 11850541
VICTORY SOCCER LIMITED 09259046
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BRISTOL GARDEN ROOMS LIMITED 12996785
CONSTRUCTION SOUTHERN LTD 09621699
C&Q HOMES LTD 12148111
CRAWLEY WASPS FC LTD 12708481
CHARTWELL CUSTOM CONSTRUCTION LIMITED 11160125
ESG SOCIAL HOUSING LIMITED 13020968
ELITE BUILDING MAINTENANCE LTD 12340433
GREEN ENERGY TOGETHER LIMITED 09750103
HENFIELD BUILDING SOLUTIONS LTD 11379602
INTERNATIONAL MEDICAL SUPPLIES LTD 12414592
KIDDIMOTO LTD 04904347
HEALTHY WOMEN (WOKINGHAM) LIMITED 06382274
RIVERSIDE JEWELLERY AND ACCESSORIES LIMITED 08182314
TEACHERS FIRST LIMITED 12780276
THE OAK PIONEER PUB COMPANY LIMITED 07631087
THE WOBURN BRASSERIE LTD 11263263
VGR COMMS LIMITED 09186261
WRIGHTS COFFEE & ICECREAM LTD 11839338
LIQUIDATORS APPOINTED
ACUTE ELEVATORS LTD 08789269
ADVANCED INDUSTRIAL ROBOTICS LTD 10736913
ARNOLD NURSING HOME LTD 13614976
ASPIRE CARE (UK) LIMITED 06376272
CHERITON (SW CARE) LTD 11450584
COCO-BOO LINGERIE LIMITED 11176208
EUROPEAN FOODS 94 LTD 10799509
FOREST SPAS LIMITED 12194447
FINCHALE TRAINING COLLEGE 02526862
FORTITUDE FOSTERING COMMUNITY INTEREST COMPANY 12763829
FOSSE BANK SCHOOL 02924705
FRITHSDEN CONSTRUCTION (SOUTH WEST) LTD 07728636
GREENWOOD STEEL STRUCTURES LIMITED 07360220
HARVEY COACH BUILDERS LIMITED 04440928
HOT YOGA LIMITED 06424636
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
SHOTLEY PARK HOMES FOR THE ELDERLY LIMITED 02152496
SPORTSMAXX LTD 09600607
THEATRES ONLINE WORLDWIDE LTD 11705867
THE OLD ELTHAMIANS RUGBY XV LIMITED 08971097
THE OLD BREWERY (ASHBOURNE) LIMITED 09848974
THE ORCHARD PRE-SCHOOL LIMITED 06405247
WORCESTERSHIRE PHARMACY SERVICES LIMITED 10689733
MEMBERS VOLUNTARY LIQUIDATIONS
ADV PROMOTIONAL SERVICES LIMITED 05798676
ARROW DIGITAL MARKETING AGENCY LIMITED 12281327
BARRY RAILWAY ENGINEERING COMPANY (BRECO) LIMITED 07074554
BRITISH AMERICAN TOBACCO (SERBIA) LIMITED 02725113
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
TATA STEEL UK HOLDINGS LIMITED 05887351
R.M. REFRIGERATION & AIR-CONDITIONING LIMITED 04619209
VALLEY FALLS LTD 07186813
PETITION DISMISSED
BABCOCK & WILCOX VØLUND LIMITED 09679187
GOLDENSTONE PROPERTIES LIMITED 04004236
H T C CONSTRUCTION LIMITED 10713044
PBC WHOLESALE MEATS LTD 12392719
SLICK PARTS LIMITED 05306697
SOUTHEND UNITED FOOTBALL CLUB LIMITED(THE) 00089767
PETITIONS TO WIND UP
BELLEVUE HOMES LIMITED 05677801
BRITANNIC FOODS (UK) LIMITED 05921956
CYCREST LIMITED 08888021
SILVERLANDS CASH & CARRY LTD 10545010
SKYTRAIN-AIRLINES LTD. 07400558
THE ART OF BANKSY TOURING LTD 14127544
TOWERS-YELLAND CONSTRUCTION LTD 12395684
WHISTLE FOODS LTD 12155265
WINDING UP ORDERS
ARK CLINIC LIMITED 11055361
COMFORT CARE HOMES (PLAS Y BRYN) LIMITED 08689132
FUJAIRAH OIL AND GAS UK LLC FC009587
HEART OF THE HOME KITCHENS LTD 08011560
HENNESSY BUILDING COMPANY LIMITED 10272411
HUNTSMAN WINE EIS LIMITED 08692185
LYNCH PIN CONSTRUCTION LTD 12033111
THE SAPPHIRE COMMUNITY GROUP LIMITED 11406574
VALE OF GLAMORGAN CONSTRUCTION LTD 09822194
++++++++++++++++++++++++++++++++++++
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
