The rate of company insolvencies across England and Wales between April and June was down by 23 per cent versus the previous quarter and 33 per cent down year-on-year – with construction, retail and food and accommodation all suffering the most insolvencies; according to The Insolvency Service’s quarterly company insolvency statistics. Creditors’ voluntary liquidations (CVLs) …
An established shoe retailer in south east England has been bought out of administration – saving 66 jobs. Johnsons Shoes Company, which operated stores under the Johnsons Shoes and Bowleys Fine Shoes brands, has been purchased by Newjohn Ltd which is part of the independent retailer, Daniel Footwear. Johnsons Shoe Company’s existing stores in Teddington, …
A study from the Institute for Fiscal Studies (IFS) is reporting that as many as 13 UK colleges and universities could face insolvency as the education industry, like many other sectors, battles to deal with the effects of Covid-19. Experienced insolvency practitioner and CVR Global Partner, Charles Turner, has outlined some of the challenges that the education …
There are reports that UK banks are drawing up an industry-wide code of conduct for pursuing businesses that end up defaulting on government-backed loans relating to the coronavirus pandemic. Repayment of the coronavirus business interruption loan scheme (CBIL) and bounce back loan scheme (BBL) for SMEs are interest-free for the first year, with the first …
David Elliott is a chartered accountant and insolvency practitioner for CVR Global, with over two decades’ worth of experience with corporate recovery, business and personal insolvency. The Covid-19 pandemic has brought previously unseen disruption and closure of businesses – with many now looking to secure cover for losses under business interruption policies. These unprecedented circumstances …
Corporate Insolvency and Governance Bill (‘CIGB’) (‘the Bill’) The CIGB has been keenly anticipated after the Government announced in March 2020 that it intended to introduce further temporary provisions designed to alleviate and mitigate some of the economic damage being wrought by the COVID-19 pandemic.  The insolvency profession and business professionals have been pouring over …
Johnsons Shoes Company, which operates 12 stores under the brands Johnsons Shoes and Bowleys Fine Shoes, has entered administration after succumbing to the impact of the Coronavirus pandemic. The retailer – which first opened its doors over 50 years ago – has stores in Windsor, Newbury, Staines, Teddington, East Sheen, New Malden, Twickenham, Walton-on-Thames, Northwood, …