Welcome to our November 2024 Newsletter

The Autumn Statement or first Labour Budget for 14 years has heralded the idea that the economy should grow – a refreshing change from austerity and cuts to services. However, on closer inspection there are cuts – some 2% across Government Departments – and hikes in taxes for businesses.

The main points:
•    Companies to pay NI at 15% on salaries above £5,000 from April, up from 13.8% on salaries above £9,100, raising an additional £25bn a year – a big hit for all businesses and small firms and SMEs in particular.
•    Employment allowance - which allows smaller companies to reduce their NI liability - to increase from £5,000 to £10,500 – a help – especially for smaller operations.
•    Main rate of corporation tax, paid by businesses on taxable profits over £250,000, to stay at 25% until next election – some relief there.
•    5p cut in fuel duty on petrol and diesel brought in by the Conservatives, due to end in April 2025, kept for another year. Better news as fuel costs have rocketed in recent years.
•    Commitment to fund tunnelling work to take HS2 high-speed rail line to Euston station in central London. Good news for contractors and the supply chain.
•    Commitment to deliver upgrade to trans-Pennine rail line between York and Manchester, running via Leeds and Huddersfield.  Good news for contractors and the supply chain and a boost for the north.
•    Vehicle Excise Duty paid by owners of all but the most efficient new petrol cars to double in their first year, to encourage shift to electric vehicles. The logistics’ sector are already on this one and company fleets have moved towards electric vehicles. But the death of petrol and diesel engines has been greatly exaggerated.
•    Tax on non-draught alcoholic drinks to increase by the higher RPI measure of inflation, but tax on draught drinks cut by 1.7%. Good news for pubs, clubs and bars. 
•    Extra £22.6bn for day-to-day spending on the NHS in England, and a £3.1bn boost to budget for investment. Good news for suppliers.
•    £6.7bn allocated for education investment next year, with £1.4bn earmarked for rebuilding over 500 schools.  Good news for contractors and the supply chain.
•    Defence spending to rise by £2.9bn next year. The war in Ukraine is terrible news – but wars are sadly good for business for contractors and suppliers to the Ministry of Defence.
Whether Rachel Reeves’ and Kier Starmer’s Government can boost the economy of this country remains to be seen but at ICSM we have continued to see this autumn more firms struggling and many going to the wall.

At ICSM we and our members have our collective ears to the ground when it comes to firms not paying their bills or are rumoured to be considering going into administration. And this year there has been a rise already year on year of the news nobody wants to hear that a client who owes them money is likely to go bust. The first sign is late payment accompanied by the usual excuses. ICSM’s advice is don’t grant extra credit time for clients to pay as you are giving them a free loan which they may default on if they go bust.

If a client fails to pay 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.

We have FREE legal letters for you to access to put pressure on recalcitrant clients, our FREE micro debt service is there to claw back long written-off smaller unpaid invoices and our highly efficient and diplomatic debt collection service brings in thousands every year.
With Christmas and a New Year fast approaching may I take this opportunity to pass on my complements of the season and wish for a prosperous 2025.

Kind regards
Ian Carrotte
Proprietor
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
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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Print industry firms in trouble
By Harry Mottram: Part of the Dutch CB Printforce group in the UK has closed and appointed administrators. Based in Biggleswade the company was set up in 2019 and produced books, magazines and journals. Print Week’s Jo Francis reported: “CB Printforce UK Ltd filed a Notice of Intention to Appoint Administrators on 30 September, with Sarah Cook and Andrew John of FRP Advisory subsequently appointed on 11 October. Printweek understands the firm has ceased trading.”
She reported that the firm had a workforce of 34 but its operation in the Netherlands are not affected.

Meanwhile Finnish firm Stora Enso has clarified why it postponed paying its suppliers this summer reported the trade publication Print Week. Hans Sohlström, president and CEO at Stora Enso, said: “We value our suppliers, which are central to our operations and our success, and regret any possible impact or inconvenience that these extraordinary actions may have had on them and their business. Our values are to lead and do what’s and right and we are committed to foster a culture of openness and integrity, in everything we do.”
The publication reported: “The cash flow effect of the one-week end of the quarters postponed payments has been on average €70m (£58.6m), which represents approximately 4% of the accounts payable. The company said this is not material in relation to Stora Enso’s total cash flow and liquidity. The situation came to light earlier this week when, on Monday (14 October), Swedish financial newspaper Dagens Industri published an article stating that Stora Enso made a decision to postpone weekly supplier payment runs in the last weeks of June and September 2024 by one week in order to improve the company’s cash flow.”

 A businessman who has called in administrators to liquidate his printing firm has explained to Print Week’s Jo Francis how he is devastated that his firm has gone to the wall. She reported that the boss and owner Rob Clark of Approach Print in Leicester had appointed Stephen Berry and Jason Greenhalgh of Begbies Traynor on 12 September to wind up affairs. In a statement to the trade publication Mr Clark said he had developed and funded a ‘proprietary procurement software solution for a couple of large businesses’ but despite ‘huge interest in the solution’ he was unable to service the debt as trade dipped and investors pulled out. Print Week reported the firm had 10 employees and had an estimated deficiency of £859,182 with MSIF Business Growth Loans, owed £175,909; River Capital Management, owed £175,000; and Funding Circle owed £148,470 and print supplier left with £326,404 in unpaid invoices to which Mr Clark said he felt ‘devastated’. Interestingly though despite the collapse of his firm which he owned with his wife he has set up a similar company with the name Clark PMC Ltd reported Jo Francis of Print Week. 

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News in Brief
By Harry Mottram: Covid lockdowns are now a distant memory but the shadows of its effects continue to blight UK business along with a bad Brexit deal meaning there are still problems for industry as the latest figures from the Insolvency Service reveal.

Crisis in Inverness
Scottish Caledonian Thistle football club is fighting to stay afloat having set up a crowdfunder appeal to raise £200,000 by October 16th. Failure to do so will mean the Inverness club is insolvent. The causes of he crisis include relegation to Division One, historic debt and a failure to sell the club to a buyer. Meanwhile trade creditors are owed £600,000  
In a report to shareholders this week  Interim Chairman Panos Thomas wrote: “The 2023 accounts lodged late at Companies House revealed a loss of nearly £600k for the 2022/2023 season and as the auditors were preparing to commence the audit for season 2023/2024, where the anticipated loss is expected to rise to £1.2m, serious question marks were highlighted, regarding the club’s solvency and ability to continue to trade.”
 
Women run firms less likely to go bust
A survey by KSA Group Limited, insolvency practitioners has found that firms run by women are a much safer bet for suppliers as male run companies are more likely to go bust. In their findings published on Company Rescue’s website they found that insolvency rates are 71% higher in male run companies. It was found that the insolvency rate of male-dominated businesses was 0.7% and those in female-dominated businesses was 0.41%.
 
Insolvencies up year on year
The Gazette has published the latest statistics for company insolvencies for August. After seasonal adjustment there were 1,953 company insolvencies in August 2024. This was 9% lower than in July 2024, but 15% higher than the number in August 2023. In August 2024 there were: 1,823 creditors’ voluntary liquidations (CVLs); 279 compulsory liquidations; 112 administrations; 20 company voluntary arrangements (CVAs); 0 receiverships. In August 2024, CVLs accounted for 79% of all company insolvencies. The number of CVLs was 7% lower than July 2024 and 15% lower than August 2023, after seasonal adjustment. The number of compulsory liquidations was 12% lower than in July 2024, but 6% higher than in August 2023 after seasonally adjustment. The number of administrations was 25% lower than in July 2024 and 40% lower than in August 2023 after seasonally adjustment. The number of CVAs was 20% lower than in July 2024, but 80% higher than in August 2023 after seasonally adjustment.
 
Bankrupt pro rugby club sale complete
Worcester Warriors went bust in 2022 and dropped out of the Premiership as a result after failing to pay bills and were wound up in the High Court by the Inland Revenue owing around £25m. Atlas group has been in volved in buying the club but there has been a number of issues and in May the club changed hands in a pre-pack deal to Junction 6 Limited. With no rugby for 18 months the club now hope to play in the new look Championship (tier 2 of the rugby pyramid) next season. It is worth noting that they club owed hundreds of thousands of pounds to local businesses when it collapsed.

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Troubled Waters and more news

By Harry Mottram: The bigger they are the harder they fall. That’s certainly the case of Thames Water, the once mighty utility privatised in 1989 by the Conservative Government with no debt and now on the brink of collapse with its credit rating reduced to junk. Owing some £15bn in debt it has little or no chance of borrowing its way out of trouble with the most likely outcome being some form of nationalisation. The Government however does not want to inherit that debt with the Chancellor Rachel Reeves trying to cut spending rather than increasing.
Ian Carrotte of ICSM said: “There’s a widely held view in business that when a company gets into trouble it is up to the owners to take responsibility and to sort out the problems rather than crying out for help from the Government. No firm is too big to fail and that includes utilities. If Thames Water goes bust which it effectively is already then the banks and other funders need to take the hit not the tax payers. Suppliers, contractors and workers should be protected while the directors who have brought this sad affair about should be fired.”
 Thames Water is currently in special measures imposed by Ofwat. If it fails to raise new money then the water watchdog and the Government would be likely have to put the utility into a form of renationalisation.



Construction

In the world of construction, the firm ISG who holds or rather held many UK Government contracts has entered administration, making 2,200 workers redundant. Creditors will be wondering if they will be paid as its liabilities are unknown – but have been caused by so-called ‘legacy issues’. As the sixth largest firm in the sector it is the largest collapse since Carillion. It is thought Ernst & Young will be appointed as administrators. Another building company has also gone bust this month. Perthshire firm Hadden Construction has entered administration blaming its failure of on rising materials costs and an increase in labour rates. 66 workers have lost their jobs as joint administrators Ben Cairns and Jonny Marston from Alvarez & Marsal were appointed to sort out the affairs of the collapsed company.
Related to the construction sector the stone firm Levantina (UK) Limited based in Basingstoke has collapsed owing several million pounds to creditors. Administrators of Interpath Advisory are Nick Holloway and Stephen Absolom hope to refloat the firm and retain the staff.



Logistics

Logistics outfit Sunspeed Transport Services have also entered administration in August with FRP Advisory taking control after its demise was blamed on cash flow problems. Motor Transport reported: “The company, which holds an international operator licence for 20 HGVs running out of two bases in Farnborough and Bracknell and undertakes work for Disney, Amazon and Oracle, markets itself as supporting ‘the entire physical IT lifecycle’”.
Chris Tindall of Motor Transport also reported on Alton-based PL Transport Logistics hitting the buffers. He reported that the ‘Hampshire haulage firm had entered administration following a breach in the terms of its company voluntary arrangement (CVA).’
He penned: “PL Transport Logistics was around six months into a five-year agreement, which initially involved making monthly payments of £5,000, when the CVA supervisor was informed by HM Revenue and Customs it had liabilities outstanding.”
He continued: “Office of the traffic commissioner records showed that it was called to a public inquiry in August for consideration of disciplinary action, but that no action was taken and the TC accepted the surrender of its licence instead. Its last set of accounts showed that while money owed within one year to creditors had fallen from £187,000 in 2022 to £39,000 last year, its VAT bill had ballooned from £75,000 to £452,000.”



Late Payment 

By Harry Mottram: The Business Secretary appeared on the BBC’s Breakfast programme on September 19, 2024, to talk about the Government’s New Fair Payment Code aimed at cutting the problem of late payment. But Jonatham Reynolds MP had to defend the new code when quizzed by Charlie Stayt and Naga Munchetty.

Charlie Stayt questioned him on how large firms would show in their annual reports they were paying suppliers on time. He said: “Let’s take this step by step, so what is the time line from when they were asked to pay an invoice to when they paid it. So, what is that time line?”

The business secretary said: “There must be full transparency. It’s not just about giving rights, if you are a small business and have a bigger client, you may have the right but you can’t enforce it as the power balance in that relationship isn’t the same.”

Stayt said: “Suppose it’s supposed to be 30 days, and the company hasn’t paid in 30 days, transparency is one thing but anything changing is another thing. If they haven’t paid what then?”

The minister said: “Transparency is important, but there is already within UK company law significant penalties that can be levied against businesses that are not paying. But because there isn’t transparency some of those enforcement mechanisms are being used where a director could be fined. So, we are going to crack down on enforcement using those powers with the benefit of transparency.”

Naga Munchetty asked: “So you can’t enforce it until the report – so when does that happen?”

He said it would be enforced once the annual report was published and officials could see if the company was in breach of the rules on payment although this has to wait until next year when parliament passes new legislation. There is also a new Fair Payment Code which will reward companies with gold, silver and bronze standards on how they pay smaller firms. Finally, he said there would be a consultation on ‘a bigger legal change’ over the powers of the Small Business Commissioner and things that help audit companies in big public firms can be mandated to provide transparency.

Naga Munchetty asked: “Do you think a gold star is going to be enough? Already 52% of small firms suffer late payment and big companies are continuing to ignore payment rules.”

In reply he brushed off the question saying that the Federation of Small Businesses thought it a ‘brilliant change.” He said this was part of a reform that was needed and had been talked about for years but it would take time to bring about.

Ian Carrotte of ICSM said he welcomed the moves but said that the penalties for late payment such as fines should be far higher and enforced with more resources provided to prevent firms from ignoring the Fair Payment Code. He said: “This is a start but once the consultation takes place, we need rules that have enforceable legal backing so directors cannot wriggle their way out of their responsibilities. Only the threat of legal action, fines and in the case of fraud custodial sentences will force recalcitrant directors to do the right thing and pay what is due.”

The Government’s Business Department published on their website: “Under current laws, responsible directors at non-compliant companies who don’t report their payment practices could face criminal prosecutions including potentially unlimited fines and criminal records.   The consultation which will be launched in the coming months, will also consider a range of further policy measures that could help address poor payment practices. Every quarter, 52% of small firms in the UK suffer from late payments, meaning roughly 2.6 million small firms face this issue, with the Federation of Small Businesses describing it as one of the biggest problems facing SMEs.

“Late payments are just one element of the problem, with some SMEs forced to wait months for contracts to be fulfilled and some are even forced to take out loans against their own homes to manage cash flow. Cracking down on late payments will unlock growth for 5.5 million small firms by enabling them to invest their time hiring more employees, boosting wages, and exporting around the world, rather than chasing down late payments.”
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Below are lists of firms who have hit the buffers recently:

ICSM SECTORS:
1 PRINTING AND ALLIED TRADES
2 LOGISTICS AND COURIERS
3 HOMES AND GARDENS
4 VARIOUS
 
1 PRINTING AND ALLIED TRADES
 
ADMINISTRATORS APPOINTED
COLOUR MARKETING SERVICES LIMITED    05914019
GREENSHIRES GROUP LIMITED    00759321
SEVERNPRINT LIMITED     01317797
VISION MEDIA ONLINE LIMITED     10356435
 
ADMINISTRATION MEETING OF CREDITORS
MONUMENT PAPER BAG CO LIMITED (THE)    00481099
 
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ABACUS PRINT LIMITED
AURORA PRINT AND DESIGN LIMITED    09493944
HICKFORD MARKETING LTD    12809833
 
CVL LIQUIDATORS APPOINTED
APEX PHOTO AGENCY LIMITED    01953308
ARTEMIS CARDS LTD    14094575
CADA DESIGN GROUP LIMITED     02780401
D.G.N. DESIGN LIMITED     02770100
DARWEN DAY CARE FOR DOGS LTD     10935201
LAKELAND HAMPERS LIMITED     10204893
LINEAR PRINT LTD    07814319
MACKMEDIA LTD    10266334
TRUESDALES MEDIA LIMITED     10832443
VISUAL COMMUNICATIONS DESIGN LIMITED    04958228
 
MEMBERS VOLUNTARY LIQUIDATIONS
BIG SKY MARKETING LIMITED     09115742
CHESHIRE DESIGN STUDIO LIMITED    11071051
DAVID DAVIES (WHOLESALE DRAPERS) LIMITED    06484046
HEALTHCARE PRINT AND PACKAGING LIMITED    06603654
INSIGHT PRINT MEDIA LIMITED    06736188
MERMAN MEDIA LTD    10484071
QUAY GRAPHIC LIMITED    04716522
SGM COMMUNICATIONS LIMITED    07138880
SURFACES LIMITED    05435901
 
PETITION DISMISSED
ENSIGN GRAPHIC SOLUTIONS LIMITED    05015222
WELLPACK EUROPE LTD    06398419
 
PETITIONS TO WIND UP
A S A P PUBLISHING LIMITED     03905486
CNM MARKETING LIMITED
JH2 DESIGNS LTD    09390619
LSD SIGNS LIMITED    11751791
 
SECRETARY OF STATE LIQUIDATION APPOINTMENT
IMAGE 2 OUTPUT LIMITED    04899814
UPPER STREET FILM AND TV LIMITED    13112324
 
WINDING UP ORDERS
A & S PRINTERS    05745694
DIGITAL MEDIA DIRECT LIMITED    10441274
MONSTER PACKAGING LTD     11869235
OKAMI MEDIA LIMITED    11677301
VISION MARKETING AND DISPLAYS LTD    SC612226
 
2 LOGISTICS AND COURIERS
 
ADMINISTRATORS APPOINTED
CROYDON LOGISTICS LIMITED     00574704
DRIVER 8 LTD    09896972
GWYNEDD TRANSPORT LIMITED    03291941
TRUST DISTRIBUTION LTD    05354872
LOGISTICS GROUP LIMITED     07950784
Q DELIVERY SERVICES LIMITED    08372300
 
ADMINISTRATION CREDITORS MEETING   
FLYBE LIMITED    12875147
 
COMPULSORY LIQUIDATOR APPOINTED   
EAST COAST HAULAGE LTD    12616560
 
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AVONLINE TRANSPORT LIMITED    04929810
KRIS COURIERS LIMITED    10077355
MCP COURIERS LIMITED    13947515
UK FREIGHT & LOGISTICS LTD     12813675
 
CVL LIQUIDATORS APPOINTED
AD11 TRANSPORT LIMITED    14887473
COVENTRY COURIERS LIMITED    07574759
DEMA COURIERS LTD     10540775
FREIGHTLINE (SOUTH WEST) LIMITED     06819896
LOGISTICS GROUP HOLDINGS LIMITED    08110833
P.A.M. DISTRIBUTION LIMITED     04173431
R N C COURIERS LIMITED    06305659
 
MEMBERS' VOLUNTARY LIQUIDATIONS
CORLETT HOMES LTD    06538931
DEREK HORTON TRANSPORT LIMITED    02363258
EXECUTIVE JET CHARTER MANAGEMENT LTD    08961161
INSIGHT PRINT MEDIA LIMITED    06736188
JMT LOGISTICS LIMITED    06760338
S A H TRANSPORT LIMITED    04994708
S J POLLARD TRANSPORT LIMITED    03776900
TOTTENHAM HAULAGE LIMITED    04228012
 
PETITIONS TO WIND UP
ABBY LOGISTICS LIMITED    08415228
BLUE CIRCLE EXPRESS LTD     10228943
COMPLETE LOGISTICS GROUP LIMITED    13406811
CONNELL HAULAGE AND PLANT LTD    12194167
LP LOGISTICAL TRANSPORT SERVICES LTD    10738994
NGAMAL’S LOGISTICS LTD    12083939
SOUTH LOGISTICS LTD    12621181
UK TRANSLOGISTICS LTD    11665467
 
PETITION DISMISSED
HAPS LOGISTICS LIMITED     11620973
 
SECRETARY OF STATE LIQUIDATION APPOINTMENT
GXO UK LOGISTICS LTD    13302161
T & N MIXERS LIMITED    09091999
 
WINDING UP ORDERS
NATIONAL SAMEDAY LIMITED     02845774
NGAMAL’S LOGISTICS LTD    12083939
UK TRANSPORT 2019 LTD     12240964
 
3 HOMES AND GARDENS
 
ADMINISTRATORS APPOINTED
CLOVER CONSERVATORIES & CONSTRUCTION LIMITED     06292029
FOURPURE LIMITED    07777184
FOLKESTONE FIXINGS LIMITED    05668753
HOLLINS HOMES (LOVECLOUGH) LIMITED     12813434
INTERNATIONAL DECORATIVE SURFACES LIMITED    13620105
MATCHESFASHION LIMITED    02717838
MARDEN HOMES LIMITED    02769286
 
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
29 HIGH STREET EAST GRINSTEAD LTD    12301134
ALL SEASONS GROUNDS & LANDSCAPING CONTRACTORS LTD    13544186
BETA HEATING & BATHROOM SUPPLIES LTD    07999225
CARPET CRAFT NW LIMITED    08413485
FARMSHOP LONDON LTD     11446695
FLEUR DE LYS FLOWERS LIMITED    11433268
KINGFISHER CARPETS & ARTIFICIAL GRASS LIMITED     14621385
MOUNT ROAD SUPER STORE LTD    13777301
PETS ANIMAL HOTEL LIMITED    10025679
PRESTIGE LONDON LOFTS LTD    11802296
ROSEWOOD HOUSE PETS LIMITED    09364940
SPN LIFESTYLE LIMITED     10152601
WALSALL REPAIR CENTRE LIMITED    11100330
WEMBLEY RUGS LIMITED     11313025
WEST LANCS COFFEE LTD    14874487
 
CVL LIQUIDATORS APPOINTED
CAMBRIDGE RARE BOOKS LIMITED     09623443
CANNOCK OUTLET SHOPPING LIMITED    13260850
CLASSIC KITCHENS DIRECT LTD     07217448
BETA HEATING & BATHROOM SUPPLIES LTD     07999225
EASTMAN BESPOKE HOMES LIMITED    09990840
ETON FINE WINES LIMITED    05820598
DOVECOTE WINDOWS AND DOORS LIMITED    12178685
GEMS ARTS AND CRAFTS LTD     10067032
GH LEISURE LTD    11091703
HAMER`S CARPETS LIMITED    06442295
JOHN WILLIES COUNTRY KITCHENS LIMITED     03286592
LAKELAND HAMPERS LIMITED    10204893
PRIMROSE HILL BOUTIQUE LTD    07514933
THE CRANNY TENBY LIMITED    10044108
THE HONEST WINE COMPANY LTD    12300728
THE NATURAL TILE & STONE COMPANY LIMITED    07033928
 
MEMBERS VOLUNTARY LIQUIDATIONS
ADAMMS WHOLESALE CARPETS LIMITED    03940357
A. YOUNG (WHOLESALE JEWELLERS 1981) LIMITED    01576438
CARNYX COTTAGES LIMITED    6856225
CHURCH UK RETAIL LIMITED    00420853
CIDER SOLUTIONS LTD    05900770
COCO FASHION STORES LIMITED    04806474
EYECATCHERS (HARROGATE) LTD    04916699
FINE FRAGRANCES AND COSMETICS LIMITED    01967340
FUTURE PERFECT PROPERTIES LIMITED    02614563
HARTS' FOOTWEAR LIMITED.    00218914
K & E J CRUMP & SON LIMITED    06979573
JOHN BROWN FUNERAL SERVICES LTD    09137110
LIFETIME HOMES (SOUTH WEST) LTD    12915915
LION AND LAMB CAFE LTD    08049647
LICHFIELD HOMES LIMITED    08388971
MERGOVE HOMES LIMITED    10209022
OAKMORE HOMES LIMITED    04469857
PERFECTION BEAUTY BRANDS LIMITED    05517070
SAHARA WINDOWS(UK) LTD    12087297
SOLENT ADVENTURE SAILING LIMITED    03817194
TESSA LAM DESIGNS LIMITED    01941572
WOOD & RESIN PRODUCTS (MIDLANDS) LIMITED    01553053
 
PETITION DISMISSED
GRINDSMITH COFFEE ROASTERS LIMITED    10613074
SOUTHEND UNITED FOOTBALL CLUB LIMITED (THE)    00089767
STERLING ROSE HOMES LIMITED    10444573
 
PETITIONS TO WIND UP
A CANCAO DE LISBOA LIMITED    09665841
DUBAI SUPERSTORE LTD    11123674
HIRA CASH & CARRY LTD    12624652
MIDSUMMER GARDEN LTD    14145361
NAPOLITAN SUPPLIES LIMITED    11906982
POWERZONE GYM EQUIPMENT LTD    13837646
WYCLIFFE OF WARWICKSHIRE LIMITED    07691126
 
SECRETARY OF STATE LIQUIDATION APPOINTMENT
BRIT HOME IMPROVEMENTS LIMITED    09589380
NEW BEGINNINGS HOUSING COMMUNITY INTEREST COMPANY    09642338
OCEANIC BATHROOMS LIMITED    07661464
 
WINDING UP ORDERS
123 RETAIL LIMITED    10535440
AB DESIGN & BUILD LTD    11489342
LOVE IS LINGERIE LTD     08161388
NEW ROOMS EXTENSIONS LTD    11397138
SPRINGFIELD MANOR GARDENS LTD    11780239
UNIVERSALGADGETS LIMITED    06951650
 
4 VARIOUS
 
ADMINISTRATORS APPOINTED
BELGRAVIA MEWS HOTEL LIMITED     05202031
BUILDERS' MERCHANT COMPANY LTD     05256255
HAVANA LEISURE (SOUTHERN) LIMITED    04256404
LONDON COCKTAIL BARS LIMITED    05121204
LUNA HOTELS LIMITED    11014036
SALTIRE MOTORCYCLES LTD    12682894
STRUDEL LIMITED    06845333
THE LYNDEN COURT HOTEL LIMITED     05889765
TSP ENGINEERING LIMITED    12373971
 
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
ALLWELL CARE COMPANY LTD    10768798
FANCY DRESS (CRAWLEY) LIMITED    08523058
GALAXY CURRY & SWEET CENTRE LIMITED    07553693
INSPIRATION TOURISM & CONSULTANCY LTD     11429565
MASUKU FASHION LIMITED    11882925
MISSION MENSWEAR LIMITED    02475138
SEW ME SOMETHING LTD    13433772
VINCENZO FOOD LIMITED    07504973
 
CVL LIQUIDATORS APPOINTED
BETTERIDGES SOLICITORS LTD    07556597
BILLINGTONS (KENDAL) LIMITED    07078307
DEVON & CORNWALL AUTISTIC COMMUNITY TRUST    01662611
ITALIAN PIZZA CO (LEEDS) LTD    13332570
LITTLE STACKS DAY NURSERY LIMITED    10345044
POWERCHORD LIMITED    09476145
THE CHILDREN'S GARDEN    04189604
THE WINDMILL INN & RESTAURANT LIMITED     12225994
YOUR PLACE HOME FROM HOME LTD    10787844
 
MEMBERS VOLUNTARY LIQUIDATIONS
ALAN AND VICKI MOWAT LIMITED    08035874
DESTINATION EUROPE LIMITED     10698265
EASINGTON GREYHOUND STADIUM LIMITED    03055346
EDUCATIONAL TRAVEL LTD    05595096
GOLDSAND HOTELS LIMITED     05080310
WOODSIDE CONFERENCE CENTRE LIMITED    03428525
 
PETITION DISMISSED
AVIV COMP LTD    13788824
CHILTERN HOTEL LTD    08242343
 
PETITIONS TO WIND UP
ABC INNS GROUP LTD     12064978
ACCURATE CEILINGS & INTERIORS LTD    12003821
MUNSELL SPORTS LIMITED    12460087
NEW BEGINNINGS HOUSING COMMUNITY INTEREST COMPANY     09642338
UK2 TRAVEL LTD    07687592
WAVES HOTELS GROUP LIMITED     13517914
 
SECRETARY OF STATE LIQUIDATION APPOINTMENT
BLETCHLEY AND FENNY STRATFORD WORKING MEN'S SOCIAL CLUB    
NO LIMITS PRODUCTIONS LIMITED     10735318
HODDERS LAW LIMITED     07221841
M & L RESTAURANT SERVICES LIMITED    06764309
WESTGARTH WORKING MEN'S SOCIAL CLUB  
 
WINDING UP ORDERS
HIGHBURY LEISURE LIMITED     05608531
PRESTON GUILD HALL LIMITED    09065223
THE GEORGE & DRAGON (DRAGONS GREEN) LIMITED    08008892
UK & CO SOLICITORS LTD    09905419
WEST SUSSEX LOFTS LTD    12260776

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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.
Secretary of State
The Secretary of State may appoint an insolvency practitioner as liquidator or trustee as an alternative to holding a meeting of creditors in certain circumstances.

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