
Welcome to ICSM Credit’s July 2020 newsletterIn this issue; news in brief; print industry news; Post Office and RBS scandals; Judge takes into account new Insolvency Law giving protection to failing firms; and those runners and riders – who has gone bust recently. We have to live with Covid-19 There are some serious questions that must be raised about the business shutdown and the furlough scheme. A worldwide hysteria over the Covid-19 pandemic has cost hundreds of thousands of lives and even more businesses. Sweden did not shut down businesses as the UK did and has a lower death rate per million than us, so perhaps having the lock down was not needed. Sweden resisted lock down Sweden’s Public Health Authority decided common sense and the civic duty of social distancing would be enough. It was not a carry-on-as-before policy as bars only served out doors and there were queues of shoppers spaced 1m apart. It meant their economy largely avoided the economic collapse the UK has experienced. We must live with Covid-19 There was and is only one solution (until a jab has been created) and that is to live with it. Covid-19 will return at some stage – just like flu. By unlocking much of the economy this month the Prime Minister Boris Johnson has effectively admitted the lock down didn’t work – and he should have gone a lot further. It was an opportunity missed because as adults we can all make our own risk assessments – especially in business. Damaged economy The result is the Government will have forked out £337bn to fund the crisis (according to their own leaked report), April’s monthly GDP was down 20% compared to 1% down at the height of the Credit Crunch in 2008, there are at least 600,000 permanent job losses (and probably far more eventually), and 51,000 businesses went bust in March alone. As usual it is businesses and the self-employed who have to pick up the pieces. What type of recession? The Bank of England are predicting a V-shaped recession – quick in and quick out – back to normal by Christmas. I hope they are right – but with local lock downs to come and the damage done to business my guess it will take longer to recover. In the meantime we must (as they say) keep on keeping on. Do stay in touch and follow our insolvency and business news on the website and on Twitter, Facebook and LinkedIn – to get an early warning on which companies you should avoid. Let’s hope it’s a V and not an L-shaped recession. Best wishes 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 ![]() ICSM Credit, the Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR Not a member? Join for less than a tank of diesel and protect yourself from late payers.For a video on how to send a FREE LEGAL LETTER visit:https://youtu.be/AIycysoFhYo News briefing Warning to suppliers: When fashion brand Autonomy went into administration in March it owed suppliers £940,000 reports Drapers, and just as alarming the firm was ordering stock right up to when they went bust.“It’s a warning to all suppliers,” said ICSM Credit’s Ian Carrotte, “as many go on trading with firms who are showing all the signs of being in trouble but blindly supply them with goods and services which will never be paid for. There are a lot of companies in all industries that are struggling to survive but as long as they are paying suppliers, or have a repayment plan in place or another arrangement that guarantees payment then fine. But if a client airily dismisses concerns without addressing them then the rule is DO NOT SUPPLY THEM.” ![]() ![]() ![]() ![]() ![]() Construction woes: Dave Rogers in Construction reports that failed building firm Simons owed 600 creditors a total of £13m last year once the claims were added up. He wrote: “Administrator’s progress report unable to say how much out-of-pocket firms will get back. An update from the administrator of collapsed contractor Simons Group has said around 600 creditors have sent in claims totalling more than £13m. But the figure is around a quarter of what FRP Advisory said was owed by the Lincoln firm to unsecured creditors in January – suggesting many have given up on getting back anything they are owed.” The firm collapsed last October. ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Ian Carrotte said: “This provides a glimmer of hope for many businesses who will gain some protection from landlords in particular who cannot seem to accept the impact of the Covid-19 crisis on their tenants.”He said that in the anonymous retailer case the judge indicated that post June when the protection ends the new law could be seen as an equivalent to Chapter 11 protection in the USA where the directors of an insolvent firm retain control and can restructure the business so as to trade their way out of trouble.“That happened when Kodak went bust,” Ian Carrote said, “and that would have an impact on pre-packs which have been controversial to say the least. Hopefully the new CIG Bill will give clarity in the world of company insolvency.” SCANDALS: how the Royal Bank of Scotland and the Post Office forced SMEs into insolvency ![]() ![]() Managers knew there were faultsThe BBC reported that thousands of pages of internal Post Office documents were disclosed in the civil trial and Panorama spent months investigating previously unseen evidence.The investigation reveals how Post Office managers ignored reports of multiple faults with the Horizon computer system. Now all 900 convictions could be overturned with the Post Office facing a billion pound bill in order to compensate the postmasters.Ian Carrotte of ICSM Credit said: “It is hard enough to run a successful local business at the best of times but to have your accounts manipulated by a third party suggesting you are a criminal – is in my opinion criminal. Some Post Offices may have seen a decline in trade with some services moved on line but they are still a vital local asset especially in small towns and villages and without this scandal far fewer would have closed.” ![]() WhitewashThe all-party parliamentary group on fair business banking and finance Kevin Hollinrake MP said: “This report is another complete whitewash and another demonstrable failure of the regulator to perform its role.”Ian Carrotte of ICSM Credit said: “It appears that banks are a law unto themselves. Now those hit by the scandal and lost their businesses have taken legal action to claim millions of pounds from the bank after the parliamentary group published the report in full disclosing damning evidence this year. I wish them luck as the nation needs SMEs like never before.” ![]() Use ICSM’s Debt Collection Service ICSM Debt Collection Service is fast, efficient and highly experienced with an impressive record of securing debts their clients had long given up on. Paul Carrotte heads up the division. He said: “The court system has remained open throughout the lock down and we have managed to recover tens of thousands of pounds for businesses that desperately needed the cash to ensure they can continue trading. Whether the debts are here in the UK or overseas we have the expertise and global reach.” Contact Paul Carrotte on 0844 854 1850 MORE STORIES FROM ICSM’s WEBSITE SEE THE WEBSITE FOR THE FULL STORIES – AND MUCH MORE ![]() Swimwear firms collapses https://www.icsmcredit.com/news/viewpost.php?id=244 ![]() Print Show is pulled https://www.icsmcredit.com/news/viewpost.php?id=238 ![]() Gastropub owner ‘heartbroken’ by insolvency https://www.icsmcredit.com/news/viewpost.php?id=237 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. Ones that catch the eye include Fox Marketing Services in the print industry that has raised a few eyebrows, while in retail the high profile name of Victoria’s Secret has gained national headlines, and in the travel the Shearings Group known for coach travel holidays went under. Administrators Appointed Adelie Foods Bidco Limited 43980 Adelie Foods Foods Group Limited 43980 Adelie Foods Limited 43980 Adelie Holdco UK Limited 43980 AHS Commercial Limited 43980 Admedo Limited 43985 Arlington Management Services Limited 43980 Brambles Foods Group Limited 43980 Centre For Dentistry Limited 43991 Cutthorpe Developments Limited 43980 Dawson Books Limited 44007 Drive Force (UK) Limited 43991 Eddison Books Limited 43987 Education Umbrella Limited 44007 Envirolec Smart Energy Solutions Limited 43986 Fox Marketing Services MC Limited 43984 Go Outdoors Limited 44007 Grove Farm Park Limited 43985 I.N.A. Homes Limited 43980 North River Resources Plc 43994 Propcom Limited 43991 Prodoto Photogaphic Studios Limited 43991 W Potter & Sons (Poultry) Limited 43991 Seafood Pub Company Ltd 44007 Shepherd Cox Hotels (Bicester) Limited 43984 Shepherd Cox Hotels (Chesterfield) Limited 43984 Shepherd Cox Hotels (Darlington) Limited 43984 Shepherd Cox Hotels (Hartlepoo) Limited 43984 Shepherd Cox Hotels (Manchester North) Limited 43984 Shepherd Cox Hotels (Sedgefield) Limited 43984 Stylex Auto Products Limited 44001 Utilitywise plc 43993 Victoria’s Secret UK Limited 43991 Administrators Meetings Para 51 Flame Heating Spares Limited 43986 Lucinda Jane Limited 43987 Compulsory Liquidators Appointed s 136 Arrow Distribution Limited 43980 Darren Mccormick Jewellery Limited 43984 Synergy Leisure Entertainment Ltd 43984 Creditors’ Voluntary Liquidation Deemed in Consent Meetings A1 Autoglaze Nationwide Limited 43992 (The) Angel Inn (Long Ashton) Limited 44001 Alan Davies Automatics 44012 Atkinson Peck Limited 44012 Automania Garage Services (Gatwick) Limited 44012 Auto-Plas (International) Limited 43985 Accure 123 Limited 43991 Atlantic Design Group Ltd 44001 Brandnew Future Limited 43991 Charles Roc Flooring Limited 43985 CMA Tools (Burnley) Limited 43984 Chiswick Self Drive Limited 43980 Famous Trimmings Limited 43980 Foot Heaven Limited 43980 Fibreglass UK Limited 44012 J.B.D. Construction Limited 44012 Hades Trading Limited 43985 Kura Consultancy Limited previously known as Kura Aviation Services Limited 43987 Laser Graphics Digital Limited 43986 Manor House (St Bees) Limited 43998 Media Therapy Limited 43987 MEM Consultants Limited 43985 Newbury Printers (NW) Limited 43987 Saber Systems Limited 43985 S Clift Foods Limited 43980 Stunning Maintenance Ltd 43991 The George (RLM) Limited 43980 The Print Foundry Limited 43994 The Stair Company UK Limited 43980 Noble CSS Limited 43984 Roof Solutions (Yorkshire) Limited 43984 Winchcombe One Limited 43984 Zapro Digital Limited 43985 Liquidators Appointed A1 Autoglaze Nationwide Limited 44012 Accure 123 Limited 43986 Affordable home Furnishings Limited 43986 Alpha Waste Solutions Limited 43980 Amce Construction Limited 43984 Appex Developments & Sons Limited 43991 Apex Shelter Systems Limited 43991 Brand Impression Limited 43987 Baconinflate (UK) Limited 43984 Bisham Van Hire Limited 44008 Boon Building Services Limited 43984 BQC (Crawley) Limited 43987 BQC Coventry Road Limited 43987 Caledonian Travel Limited 43986 Charles Holden Limited 43986 Coach Holiday Group Limited 43986 Coast & Country Hotels Limited 43986 Clockhouse Marketing Limited 43984 Delex Logistics Limited 43992 DJM Print Finishing Limited 43985 Discovery Yachts Group Limited 43984 D & R Blinds And Awnings Limited 43987 DV Euro Logistics Limited 43991 Ellwood Windows and Conservatories Limited 43980 Feverpitch Limited 43987 Flat Cap Marketing Limited 44007 Fun Time (Liverpool) Ltd 43984 FootballCV Academy Limited 43980 Finn Tours Limited 43993 Foot Heaven Ltd 43993 Gary Pearce Landscapes Limited 43980 Ganton Greyhound (Yorkshire) Limited 43987 G T W Design Limited 43993 Harcastle Holdings Limited 43980 Harrison Brothers (Furniture) Limited 43984 Industrial Storage Group Limited 43998 Inklink Limited 43984 IAB Media Limited 44001 I-Guardit UK Limited 43980 Inn Chairs Limited 43991 IVEX Plastics Limited 43987 Joe Collins Limited 43987 Karl King Transport Limited 43980 Kings Road Tyres and Repairs Limited 43993 LMT Haulage Limited 43994 LY Realisations Limited 43984 Mack Transport Limited 44008 Metamorphosis Productions Limited 43984 MGN Builders Merchants Limited 43984 M A Exterior Cleaning Limited 43986 Magenta Travel Limited 43986 Marlborough Enterprises (Yorkshire) Ltd 43993 Mills Media Limited 43986 Market Table New London Limited 43991 North London Property Services Limited 43980 N E V Storage Equipment Limited 43993 Playdays Design & Installation Limited 43987 Product Mania Ltd 43985 Pushh Construction Limited 43985 Roalco Limited 43985 Rugeley Environmental Waste Services Limited 43984 Roof Solutions (Yorkshire) Limited 43993 S Clift Foods Limited 43993 Safeway Contractors Ltd 43984 Severn Group Limited 43984 Smash Retail Limited 43985 Seamless Coatings Limited 43980 Shaun Clarkson Design Limited 43986 Shoestring Music Productions Limited 43980 Soft Furnishings Limited 43980 Stays to Remember Limited 43993 Supply My Kitchens & Interiors Limited 43980 Shearings Leisure Group Limited 43986 Taylor Morris Eyewear Ltd 43986 Torbeth Holdings Limited 43986 The Challenge Network 43984 The Hive Circle Limited 43984 The Titanium Partnership Ltd 43985 The Stair Company UK Ltd 43993 Twenty Twenty Displays Limited 43993 Urbanscape Designs Limited 43985 Venture Packaging Supplies Limited 43985 Ultraglaze UPVC Windows Limited 43980 WA Shearings Group Employee Benefit Trust Limited 43986 Wallace Arnold Tours Limited 43986 Z And Z Design And Build Limited 43998 Members Voluntary Liquidations 786 Foods Limited 43985 Aimbrain Solutions Limited 43991 Ard Sonas Limited 43986 Ascent Scientific Ltd 43993 AT Energy Limited 43986 Brecon Properties Limited 43985 CEM Press Holdings Limited 44007 Chapelfield Property Management Ltd 43991 Claypenny Hotels Limited 43986 Cre8 With Limited 43986 Design Marine Limited 43987 Duraflex Limited 43986 Derby Business Management Limited 43991 Derby Investments Trustee Limited 43991 Egremont International Limited 43991 Electrical Assessment Services – UK Limited 43991 Envisage Media Consultants Limited 44012 Eyecomm Limited 43991 Garden Centre Property Development Trading Limited 43984 GRM Creative Limited 44008 Helfet Design Limited 43992 H-Square Limited 43991 John Martinson Plant Hire Limited 43991 Logicford Limited 43991 Lissajous Energy LLP 43980 Linksted Limited 43980 Magi Design Limited 44001 Market Reactive Limited 44001 MJS Eyecare Limited 43980 Montreux Living Limited 43980 Manchester Countrywide Limited 43984 Milanovic Consulting Limited 43984 Magellan Aerospace (Blackpool) Limited 43986 Modern Housing (Leicester) 43986 Metrocentre Lancaster No. 2 Limited 43991 PCT Consulting Ltd 43991 Pizza’s at 35 Limited 43980 Roding Consultancy Limited 43984 Senior Business Development Ltd 43984 S C Resurfacing Limited 43980 Skybridge UK Limited 43991 The Royal Bank of Scotland Invoice Discounting Limited 43998 Triglia Holdings Limited 43998 Unicorn Events Limited 44012 Upfront Retail Limited 43991 URS Luxembourg LLP 43991 Wyevale Garden Centres Holdings Limited 43984 Wyevale Garden Centres Limited 43984 Wheaton Europe Limited 43991 Petitions to Wind Up Debenhams plc 43999 Cove Construction (SW) Limited 44012 ER Constructions Limited 43986 Future Way Homes Ltd 44012 Green Creation Limited 43986 GMP (UK) Limited 43991 Roquebrook Limited 43983 K Spence Building Services Limited 43987 Longway Leisure Limited 43991 Playtherm Limited 43987 Project 4 Home Developments 43992 Perrin Construction Limited 43992 Sids Home Improvements Limited 43991 Somerset Mechanical Limited 43991 United Dairy (Bishopsgate) Limited 44008 Winding up orders The Viridis Group Ltd 43984 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 ![]() ![]() |
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