Welcome to our Newsletter
In years to come the years 2022-2025 will be seen as the hangover years following a perfect storm of problems for the UK economy. This year the problems are many and varied. There's the continued fall-out of the pandemic shutdowns and the Covid-19 loans, the continuing war in Ukraine and the Gaza-Israel war. Add to that China’s faltering economy and open hostility to Taiwan threatening a Pacific War with the USA, high interest rates and inflation, hikes in energy costs, the effects of the Brexit Trade deal, and Liz Truss’ disastrous mini-budget of last year from which we are yet to recover and it is no wonder that the UK economy is flat lining.
The common challenge that all firms have when in trouble is historic debt. It's also true of Governments, councils and even banks - and this year we've seen a run on a bank - or rather banks as not only Silicon Valley Bank went down but the crisis saw Credit Suisse all but collapse while the UK's Metro Bank had to be rescued.
However, despite these challenges the UK economy is very resilient since British industry is very complex with a wide range of sectors - with some doing well while others falter. Even in the gloomiest of times some industry sectors do well which help to buoy up the economy as a whole. Take the 1970s when oil exploration in the North Sea boosted the Scottish economy, when motorways were being built across the country and despite the strikes car manufacturing was higher than any decade since until now. We think of that decade with negative thoughts but it was a golden age for TV advertising and the high street and a profitable time for the printing industry despite the trade unions.
One thing I've learnt over the years is that downturns come and go - as do recessions. If you can manage to survive when things are tough then you will thrive when the economy picks up - which despite the gloomsters and the doomsters - it will. In the meantime ICSM is here to help business - with an accent on saving our members hundreds of thousands of pounds either through our free legal letters, our micro debt service or our debt collection service.
If a client simply won’t pay an invoice and shows no signs of collapsing into administration it could well be a policy by the financial director has made not to pay anyone they don’t need as a regular supplier. Some large national outfits and even international companies are notoriously slow to pay anyone. In these cases ICSM’s debt collecting service can help. We use diplomacy, patience and adhere to strict industry standards in order to make sure you are paid without upsetting your client.
Times maybe tough but next year looks like things might slowly improve as inflation falls and hopefully so will interest rates. Keep abreast of news from ICSM with our coverage of the latest insolvencies and features on surviving in business - and contact us immediately if you have problems getting paid. Have a great Christmas and a solvent 2024.
Kind regards
Ian Carrotte
Proprietor of ICSM Credit
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com
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NEWS
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ICSM Print Industry News: Print Week readers round on PFI boss over unpaid wages and debts with talk of 'fraud'
By Harry Mottram: It’s a story that only gets worse as the details emerge of the growing problems of the PFI Group and in particular its CEO Darren McMurray.
The group have now closed a sign-maker in Kelso in Scotland by locking the staff out and changing the locks – this after shutting down Gardners NW Ltd in Wales, and Mardan Products in August. There has also been the small matter of being called a liar by the administrators and of a loss of £1.96m in the latest figures published by Print Week.
And the trade publication’s readers haven’t held back on their criticism of McMurray who rounded on his handling of the collapsing firms which have included not paying staff their wages and suppliers before the abrupt closures. One unnamed worker in the Kelso business commented: “Darren should be embarrassed with the way he treats staff and runs his businesses, complete lack of morals. Not only have wages not been paid for 4-5 weeks but pensions that have been deducted from wages for 12 months still remain unpaid to our pension provider. Locks changed on factory and no information about what is happening.”
Ian Carrotte of ICSM said it was ‘unacceptable’ to withhold wages and pension contributions for staff who will have effectively been working for nothing. He said: “Print Week’s coverage of the PFI Group – the trading name of Rymack Sign Solutions – is exceptional journalism as it has helped to expose the unacceptable side of business. At ICSM we always say to firms that are struggling it is better to come clean with staff and suppliers and explain the situation. Honesty is usually rewarded by allowing a company to trade its way out of trouble having been cut some slack.”
Others have charged the firm with fraud due to the non-payment of pension contributions, and said Darren McMurray should be ashamed of himself as the situation was “driving working people into poverty at a time of year that should be about joy and enjoying time with family.”
And another has raised the viability of the PFI Group long term: “In reviewing the trajectory of some of his companies, it raises considerations about the longevity of PFI as a prominent entity in the business landscape.”
The PFI Sign Solutions Group is the trading name of Rymack Sign Solutions founded in 2006 and based at the Orion Trading Estate in Manchester. The wide format print and signage firm has worked for the NHS, Shell, the police and Network Rail. They describe themselves as ‘one of the leading sign solutions businesses in the UK,’ with: ‘The technology, skills, and resources across our brands allow us to deliver any level of signage service.’
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ICSM Business News: rugby’s financial problems continue after it's revealed the new owners of Worcester have failed to pay for the club in full and most premiership clubs are technically insolvent
By Harry Mottram: Firms that supply top flight rugby union clubs with anything from beer to beefburgers and from coach transport to printed programmes need to be cautious said Somerset based ICSM’s Ian Carrotte. The CEO of the business membership group dedicated to cautioning against late payers and fighting bad debt has viewed the near financial collapse of the elite rugby structure with growing concern.
He said: “The latest report from the administrators of Worcester Warriors reveal the new owners have failed to pay the full amount of the agreed fee with more than a million pounds unpaid. This comes after Jersey Reds, Wasps and London Irish all went bust. If you look at the league table of premiership clubs and what they owe – most are technically insolvent. Suppliers must not allow their hearts as supporters of a club to rule when they do business with them. When Worcester went bust suppliers such as food and beverage companies, printers, maintenance firms etc, were owed tens of thousands of pounds causing them major difficulties.”
Worcester’s joint administrators Julie Palmer, Julian Pitts and Andrew Hook of Begbies Traynor published a report this month showing that £1.2 million still owing by Atlas – the group set to take over the club as reported by Insolvency Insider. When the club crashed they owed around £30 million pounds. Wasps went bust owing more than £110 million, London Irish owed north of £35 million and Jersey Reds were in hock to around £3 million. All the top clubs have huge debts to service with Saracens in debt by around £40m, Exeter £10m, Quins £35m, while Newcastle, Bath, Sale, Leicester, Saints and the Cherries all owing around the same amount of £30m. The loans taken out by some clubs are aimed at increasing capacity such as Bath with their enlarged stadium plans or to increase revenue through hospitality such as Exeter’s Sandy Park Hotel.
The problems for the remaining top flight clubs just keep mounting up – not helped by having two organisations in the Premiership and the RFU who run the sport – one a domestic league and the other in charge of the rest of the pyramid structure and internationals. Those internationals are a problem for the clubs as the competitions take place during the season meaning many club players are taken out of action to play for their country. Rugby Union clubs have more players to pay than football teams and the players sustain more injuries.
Cash comes from broadcasting – a tiny amount compared to football as well as ticket sales which are hit by too few matches which also impacts on hospitality. Ground capacity at rugby stadiums are smaller than their equivalents in football with an average in the top flight of around 16,000 – and often in the Championship gates are far smaller. To be promoted from the Championship to the Premiership clubs must have a capacity of 10,000 which means expensive ground improvements which are often beyond their finances. And finally there is the legacy issue of Covid debt. Loans taken out to pay for the lockdowns and lack of games are now overdue – and they simply add to the pain. Finally poor management by owners - sometimes more interested in either asset stripping or using the clubs to boost their private businesses are a problem - as was revealed at Worcester. There Parliament's Digital, Culture, Media and Sport Committee grilled the owners and rugby officials and exposed some dodgy practices as well as incompetence.
Ian Carrotte said it wasn’t just a problem for rugby as the football league has the same struggles as frequently the egos of the owners get carried away once in charge – buying players they can’t afford and hiking ticket prices that then drive away fans. He said: “In the past there is a long list of football clubs that have gone bust and, in most cases, have done a phoenix and reformed – and in some cases dumping the debts that caused their demise. Most people remember Accrington Stanley in the 60s but actually the list includes many of the clubs still in the league from Charlton Athletic to Newport County in the 80s amongst many others while in Scotland Glasgow Rangers went bust owing £168 million. And where are they now? Back in the top league north of the border. While their suppliers which memorably included a face painter owed £40 – were left unpaid.”
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ICSM Business News In Brief: Miss Universe bankruptcy; David Cameron Greensill scandal; logistic firm in trouble; and HS2 cancellation fall-out
By Harry Mottram: The firm that owns the Miss Universe beauty competition based in the USA and Thailand has filed for bankruptcy in Thailand after a near collapse of its share price and increasing levels of debt.
The Miss Universe Organization was co-owned by Mr Trump from 1996 to 2015 who sold it when TV companies refused to screen it due to his racist views. It was acquired by Thailand’s Anne Jakrajutatip for $20 million in 2022 from IMG Media, adding it to the portfolio of JKN Global Group who also owns Miss USA and Miss Teen USA. The bankruptcy occurred shortly before the El Salvador competition on November 18, and after it failed to repay a £12 million pound loan.
The Thai Bankruptcy Court has set the hearing date for the petition for business rehabilitation on 29 January, according to the firm. Begun in 1952 the show is screened in around 100 countries with new rules that has allowed mothers and married women to participate in the contest from this year.
Greensill scandal
Political journalists were stunned when the former prime minister David Cameron stepped into Downing Street to become the new Foreign Secretary in Rishi Sunak’s Government. Dodgy Dave as the Beast of Balsover MP Dennis Skinner called him in Parliament may be an experienced politician but the legacy of the Greensill scandal won’t leave him. The Australian outfit was his employer after he left Government after the Brexit referendum – earning him a reported £8 million. Nice work if you can get it but the scandal was over his role in lobbying the Government and his former colleagues for tax payers’ cash in the form of Covid loans – and his enabling of Greensill to have an office in Downing Street and act as a funder for a number of UK projects. In 2021 Greensill went bust costing the UK Government and taxpayer a staggering £5 billion pounds.
Magnus Group
The East Anglian logistics outfit Magnus Group has filed a notice of intention to appoint administrators. Writing in the trade publication Motor Transport Chris Tindall reported: “The firm, which has been trading since 1973 and offers road and air freight, warehousing and pallet services, filed the notice on Friday 10 November. It currently holds an international licence authorising a total of 87 HGVs and 105 trailers running out of three operating centres in the East of England traffic area.
“A notice of intention outlines to the court that a business intends to enter insolvency proceedings if a solution cannot be found to its financial problems. Ellisons Solicitors are named as the company’s representative.”
Football fans may be aware that the firm is one of the sponsors of Ipswich Town FC – a relationship that has now ended.
HS2 fall out
Cancelling the HS2 link from Brum to Manchester may have saved billions in the short term for the Government but Rishi Sunak’s decision does have its costs and one of them is for train builders Alstom UK. The company that was contracted to start building rolling stock for the high speed line from 2026 is now having to consider sacking hundreds of workers in Derby at its Litchurch Lane factory. The plant has been building trains for the last 180 years.
The Mail reported: “The firm, which also builds France’s high speed TGV trains and is the world’s second largest rail company after China’s CRRC, is consulting on job losses at the site in Derby.”
Ian Carrotte of ICSM said that any business linked to the now cancelled extension to the line will have a question mark over it since the promised work and contracts have been blown away. He said: “I would advise any company or trader who has banked on future work from the HS2 line to be cautious of promises made since the project has been shelved by the Government north of Birmingham.
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More news on the ICSM New website - updated every week with stories from all business sectors including the printing and allied trades, logistics, legal and finance, plus hospitality, holidays, sales and retailing.
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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.
ICSM SECTORS:
1 ACCOUNTANTS, FINANCE AND LAWYERS
2 HOSPITALITY, HOTELS, TRAVEL AND HOLIDAYS
3 LOGISTICS, HAULAGE, STORAGE AND COURIERS
4 PRINTING AND ALLIED TRADES, GRAPHIC DESIGN AND MEDIA
5 RETAIL AND STORES
1 ACCOUNTANTS, FINANCE AND LAWYERS
ADMINISTRATORS APPOINTED
HIGH STREET SOLICITORS LTD 07015260
NAYLORS FINANCE LIMITED 01381758
COMPULSORY LIQUIDATOR APPOINTED
RPW LEGAL LIMITED 11525608
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BERKELEY ASSET FINANCE LTD 10258454
CHAPMAN ADVISORY LIMITED 08251050
GPS LEGAL LIMITED 12193940
ST PAUL'S SOLICITORS LIMITED 08905122
CVL LIQUIDATORS APPOINTED
COLMORE PAYROLL SOLUTIONS LIMITED 13116694
UK LEGAL SOLUTIONS LIMITED 13749807
MEMBERS VOLUNTARY LIQUIDATIONS
ABRDN JAPAN INVESTMENT TRUST PLC 03582911
AEW EUROPE ADVISORY LIMITED 04724691
BRIGHTER FINANCIAL SERVICES LIMITED 06755150
CAPITAL 1945 LIMITED 00392902
GENERAL LEASING (NO. 12) LIMITED 05452932
HALIFAX GROUP LIMITED 03474881
HGI ASSET MANAGEMENT GROUP LIMITED 08231932
HILL SAMUEL BANK LIMITED 00343544
IBOS FINANCE LIMITED 00400198
PROSPECT FINANCIAL PLANNING LTD 10477216
WOODCHESTER FUNDING LIMITED 12997646
PETITIONS DISMISSED
THE BRICKWORK GROUP LIMITED 10190839
PETITIONS TO WIND UP
CK LAW LIMITED 07163137
THE ACCOUNTANCY & TAX CENTRE LTD 06498436
SECRETARY OF STATE LIQUIDATION APPOINTMENT
CLARKEWOOD LIMITED 09297451
SEA CASK LTD 14133720
WINDING UP ORDERS
A&A FINANCIAL CONSULTANCY LIMITED 11732304
2 HOSPITALITY, HOTELS, LEISURE, TRAVEL AND HOLIDAYS
ADMINISTRATORS APPOINTED
BENCHMARK LEISURE LIMITED 03031801
LUNA HOTELS LIMITED 11014036
COMPULSORY LIQUIDATOR APPOINTED
PONTYPRIDD CARE HOME LTD 07941729
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AVISTA HOLIDAYS LIMITED 04533050
FUTURE CAREHOMES LIMITED 07481014
OCEAN LEISURE LIMITED 01550263
THE ANCHOR INN FAVERSHAM LTD 14721098
THE RAILWAY HOTEL (BERKSWELL) LIMITED 05903836
CVL LIQUIDATORS APPOINTED
231 HOSPITALITY LTD 13181008
2020 HOTELS LIMITED 12430644
ARORA HOSPITALITY LTD 11767705
BANNER INNS LIMITED 04526783
BREW MONSTER BARS (CARDIFF) LIMITED 11971234
CONSERVATORY EVENTS LTD 12325902
HEYFORDIAN TRAVEL LIMITED 01187887
LAWRENCE DALLAGLIO LIMITED 03362739
JR HOSPITALITY LTD 14283796
STACKABLE EVENTS LIMITED 09553719
SULLY'S CARDIFF LIMITED 13384086
TAILOR MADE TRAVEL (UK) LIMITED 06939771
THE DUKE OF YORK PUB LIMITED 04893532
MEMBERS VOLUNTARY LIQUIDATIONS
NEWARK INDOOR BOWLS CENTRE LIMITED 02508422
ROWVALE HOTELS LTD 05174633
THE GRAND CENTRAL HOTEL GLASGOW LIMITED 06874982
TRAVEL SCOT WORLD LIMITED 01208976
URBAN HOTELS LIMITED 04069843
WYKEN WORKING MEN`S CLUB AND INSTITUTE LIMITED IP030930
PETITION DISMISSED
CHILTERN HOTEL LTD 08242343
PETITIONS TO WIND UP
MONA HOTELS LTD 10075624
PRIME EVENTS & TRAVEL LIMITED 13560502
RB HOTELS (MARFORD) LIMITED 11824454
RIVERSIDE TENPIN BOWLING LIMITED 07933840
SECRETARY OF STATE LIQUIDATION APPOINTMENT
HUNLOKE RESTAURANTS LTD 14134170
PERTH HOSPITALITY LIMITED 11991616
WESTGARTH WORKING MEN'S SOCIAL CLUB
WINDING UP ORDERS
A K TRAVEL WORLDWIDE LIMITED 05370784
HAWKINS-ROW HOSPITALITY AND MEDIA LTD 11623998
3 LOGISTICS, HAULAGE, STORAGE AND COURIERS
ADMINISTRATORS APPOINTED
ALEX THORP TRANSPORT LIMITED 12068636
G FORCE GROUP LTD 02053424
ONTO HOLDINGS LIMITED 10479888
ONTO TECH 1 LIMITED 12715912
ONTO TECH 2 LIMITED 12715924
ONTO TECH 3 LIMITED 13198639
ONTO TECH 4 LIMITED 13198691
PHOENIX WORLDWIDE LOGISTICS LTD 02473670
XYZ RAIL LIMITED 02821207
ADMINISTRATION CREDITORS MEETING
FLYBE LIMITED 12875147
COMPULSORY LIQUIDATOR APPOINTED
EAST COAST HAULAGE LTD 12616560
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
A1 MERC CENTRE LTD 06145873
CVM EXPRESS FREIGHT LTD 08908802
GHERMAN TRANSPORT LIMITED 08152654
M&S TRAILERS LIMITED 14081473
OPTIMUS LOGISTICS LIMITED 11195103
PL LOGISTICAL SOLUTIONS LTD 11227340
RAJA TRANSPORT LIMITED 11272834
UK FREIGHT & LOGISTICS LTD 12813675
CVL LIQUIDATORS APPOINTED
DGN LOGISTICS LTD 09856811
DIVERT TRAFFIC SOLUTIONS LIMITED 09798139
DRIVEN SPORTS CAR HIRE LTD 05041750
EUROSURV TRANSPORT LIMITED 04012353
EUROVISION LOGISTICS LTD 06401323
FREIGHT XPERTISE LTD 13879934
GANEV LOGISTICS LTD 11110349
G S COURIERS LINCOLN LTD 13677179
HARMONY LOGISTICS LIMITED 11457570
HINTLESHAM CARRIAGE COMPANY LIMITED 08421868
I & I COURIERS LTD 12211274
JACK MAJOR HAULAGE LIMITED 11495062
JDE LOGISTICS LTD 12423312
KALI-LOGISTICS LTD 10273773
KEDAN TRANSPORT LTD 06156098
LCB TRANSPORT AND SERVICES LIMITED 08676949
LMK TRANSPORT LIMITED 10636914
NRG TRANSPORT SERVICES LIMITED 05477602
ROSCORP LOGISTICS LIMITED 11393382
STARY HAULAGE LTD 08389215
SUTTON TRANSPORT LIMITED 03439047
THE ELECTRIC MOTORBIKE COMPANY LTD 11136345
THE TRAILER MARKET LTD 12402134
MEMBERS' VOLUNTARY LIQUIDATIONS
AIRSYM EXPRESS LIMITED 13635586
COWLINGS TRANSPORT LIMITED 02295786
INTACT FREIGHT LIMITED 03995968
OCTAGON BOOKS (WHOLESALE) LIMITED 02876010
SYNERGY AIRCRAFT LEASING LIMITED 05550129
PETITIONS TO WIND UP
24/7 RESCUE AND RECOVERY UK LIMITED 08215160
CHAUCER LOGISTICS LIMITED 08343763
CLINTOPIA TRANSPORT LTD 11074353
FENDALE LOGISTICS LTD 09985781
FFS (TRANSPORT) LTD 09919568
M T HAULAGE LTD 08480911
XPRESS SAMEDAY LIMITED 08357571
PETITION DISMISSED
HAPS LOGISTICS LIMITED 11620973
SECRETARY OF STATE LIQUIDATION APPOINTMENT
L&J GRAB & TIPPER HIRE LTD 14139355
LIBERTY COURIERS LTD 11668706
SRM LOGISTICS LTD 11895581
WINDING UP ORDERS
D.R.J LOGISTICS LIMITED 12218167
FFS (TRANSPORT) LTD 09919568
FOX COURIERS LIMITED 13440183
MIDLANDS LOGISTICS LTD 12607241
4 PRINTING AND ALLIED TRADES, GRAPHIC DESIGN AND MEDIA
ADMINISTRATORS APPOINTED
CMA PRODUCTIONS UK LTD 13038464
DEANPRINT LIMITED 00030846
ADMINISTRATION MEETING OF CREDITORS
MONUMENT PAPER BAG CO LIMITED (THE) 00481099
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BRANDED CREATIVITY LTD 13132759
CENTURY OFFICE EQUIPMENT (ESSEX) LIMITED 01322639
CONCEPT DISPLAY SYSTEMS (SOUTH WEST) LIMITED 02710099
GCOM COMMUNICATIONS LIMITED 09501687
GREAT YARMOUTH PRINTING SERVICES LIMITED 02785485
GLOW MEDIA GROUP LIMITED 09961357
JOHN BOLAND PRINT & RUBBER STAMP MANUFACTURERS LIMITED 01886724
MAYFAIR MARKETING RETAIL LIMITED 12317652
MEEA PRINT LIMITED 05549444
NODE MEDIA LTD 05107496
NW & P DESIGNS LIMITED 13207568
SHOP DISPLAY SOLUTIONS LIMITED 11030154
S.I. COMMUNICATIONS LIMITED 04325301
UPLIFTING DESIGN LIMITED 05580113
WHITMONT PRESS LIMITED 04764813
XPERT ENVELOPES LIMITED 03833101
ZAK PLASTICS LIMITED 09812400
CVL LIQUIDATORS APPOINTED
ASH DESIGN (RUTLAND) LIMITED 10146316
CITY STICKERS LIMITED 06377163
CROWN MEDIA MANAGEMENT LTD 07885454
CUPID CREATIVE LIMITED 07491734
FESTIVAL OF FOOD LIMITED 07062636
FLEXX LABELS LIMITED 05100806
MARKETING POSITION LIMITED 11094169
MAC SIGNS UK LTD 06336676
MEEA PRINT LIMITED 05549444
SB CREATIVE DESIGN AND PRINT LIMITED 13932876
SGM PRINTING LIMITED 07920034
STILLS CREATIVE LIMITED 11897418
SWEET SHOP MEDIA LIMITED 10509919
TRUCOLOUR DIGITAL LTD 12017169
WINDOWGRAFIX LTD 09193238
WRIGHT MARKETING LTD 14352421
MEMBERS VOLUNTARY LIQUIDATIONS
ADEPT PUBLICATIONS LIMITED 02599610
CREATIVE PROCESS SERVICES LTD 13073457
DPS (SOUTH WEST) LTD 08534052
GRW MEDIA GROUP LTD 12243567
HEDSOR PUBLICATIONS & CONFERENCES LIMITED 00339324
PREMIER CONFERENCING LIMITED 03598056
TRIO PUBLICATIONS LIMITED 01131805
PETITION DISMISSED
ENSIGN GRAPHIC SOLUTIONS LIMITED 05015222
PETITIONS TO WIND UP
ARISTA DESIGN LTD 09311247
BOOKS FOR EVERYONE 11898218
CHP PUBLISHING SERVICES LTD 13328926
CRUMPET MEDIA LIMITED 09557356
HAWKINS-ROW HOSPITALITY AND MEDIA LTD 11623998
HOOPLA ANIMATION LIMITED 09201399
SECRETARY OF STATE LIQUIDATION APPOINTMENT
IMAGE 2 OUTPUT LIMITED 04899814
WINDING UP ORDERS
A & S PRINTERS
CODA PUBLISHING LTD 06532415
CONSTRUCTIVE DESIGN LTD 04443520
MEDIAMENDS LIMITED 03260419
5 RETAIL AND SALES
ADMINISTRATORS APPOINTED
CARD EXPRESS LIMITED 06899320
IBP MARKETS LTD 07126254
PARKERS BAKERY LTD 14088971
PARTY PIECES HOLDINGS LIMITED 12191766
TANNER BRODIN LIMITED 01888960
ADMINISTRATION MEETING OF CREDITORS
VICTORIA OIL & GAS PLC 05139892
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BEARING CENTRE (LEICESTER) LIMITED 02551157
BRIDES & MOTHERS OUTLET LTD 10525758
DRESSPLACE BRIDES & MOTHERS LIMITED 08675118
EURO ANGLING LIMITED 06858483
EURO CAR TYRES LTD 10198873
FASHION COUTURE LIMITED 09544132
FISH EXPRESS LIMITED 09824283
RAYAN MINI STORE LTD 11060941
THE BUTCHER`S BLOCK ARTISAN MEATS LIMITED 11301574
CVL LIQUIDATORS APPOINTED
ABBEY STAIRLIFTS LTD 04128423
ALCESTER EXPRESS LIMITED 08060937
AMC FURNITURE LTD 09652599
APPLAUSESTORE MERCHANDISE LIMITED 12013524
EUROPE SUPERMARKET LTD 09511552
REGAL JEWELLERS LTD 12356836
THE HIDDEN GEM GIFT & BOUTIQUE LIMITED 12207163
THE PURPLE PET CENTRE LIMITED 05422359
TWENTY LADIES FASHION LIMITED 07482899
UK CAR TRADER LTD 11885653
MEMBERS VOLUNTARY LIQUIDATIONS
RIVERSIDE ART & GLASS LTD 08093668
TATA STEEL UK HOLDINGS LIMITED 05887351
YE OLDE CHESHIRE CHEESE (CASTLETON) LIMITED 07176180
PETITION DISMISSED
AGARI INTERNATIONAL LIMITED 11804215
SOUTHEND UNITED FOOTBALL CLUB LIMITED (THE) 00089767
PETITIONS TO WIND UP
SILVERLANDS CASH & CARRY LTD 10545010
WEST BAY RETAIL LIMITED 08942054
SECRETARY OF STATE LIQUIDATION APPOINTMENTS
DELUXE PARK HOMES LIMITED 12606780
GREAT NORTHERN HOMES LTD 08366611
HUNTSMAN WINE EIS LIMITED 08692185
SHOP HERE LIMITED 11537552
STARHALL ESTATES LTD 04357265
WINDING UP ORDERS
MORGAN DEVERE MENSWEAR LIMITED 10476239
SYNERGY AGROSCIENCE LTD 08210815
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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
